<SEC-DOCUMENT>0001213900-24-064999.txt : 20240805
<SEC-HEADER>0001213900-24-064999.hdr.sgml : 20240805
<ACCEPTANCE-DATETIME>20240805080030
ACCESSION NUMBER:		0001213900-24-064999
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240805
DATE AS OF CHANGE:		20240805

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Top Wealth Group Holding Ltd
		CENTRAL INDEX KEY:			0001978057
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS FOOD PREPARATIONS & KINDRED PRODUCTS [2090]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-280654
		FILM NUMBER:		241173139

	BUSINESS ADDRESS:	
		STREET 1:		118 CONNAUGHT ROAD WEST, HONG KONG PLAZA
		STREET 2:		UNIT 714 & 715, 7F
		CITY:			HONG KONG
		STATE:			K3
		ZIP:			999077
		BUSINESS PHONE:		85236158567

	MAIL ADDRESS:	
		STREET 1:		118 CONNAUGHT ROAD WEST, HONG KONG PLAZA
		STREET 2:		UNIT 714 & 715, 7F
		CITY:			HONG KONG
		STATE:			K3
		ZIP:			999077
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>ea0210483-424b3_topwealth.htm
<DESCRIPTION>PROSPECTUS
<TEXT>
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<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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 424(b)(3)<BR>
Registration No. 333-280654</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"><B>Prospectus </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>6,840,000 Ordinary Shares to be sold by the
Selling Shareholders</I></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>Top Wealth Group Holding Limited</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus relates to the offer and resale,
by the Selling Shareholders identified in this prospectus, of up to 6,840,000 ordinary shares with US$0.0001 par value per share (&ldquo;Ordinary
Shares&rdquo;) of Top Wealth Group Holding Limited (&ldquo;Top Wealth&rdquo; or the &ldquo;Company&rdquo;), a Cayman Islands exempted
company with limited liability. Our Ordinary Shares trade on the Nasdaq Stock Market under the symbol &ldquo;TWG.&rdquo; On August 2,
2024, the closing price of our Ordinary Shares was $0.7990 per share.<FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholders are identified in the
table commencing on page 72 of this prospectus. The Selling Shareholders may offer, sell or distribute all or a portion of the securities
hereby registered publicly or through private transactions at prevailing market prices. No underwriter or other person has been engaged
to facilitate the sale of the Ordinary Shares in this offering. The Selling Shareholders may be deemed underwriters of the Ordinary Shares
that it is offering. We will not receive any of the proceeds from such sales of the Ordinary Shares. We will bear all costs, expenses,
and fees in connection with the registration of these securities, including with regard to compliance with state securities or &ldquo;blue
sky&rdquo; laws. The Selling Shareholders will bear all commissions and discounts, if any, attributable to their sale of Ordinary Shares.
See &ldquo;Plan of Distribution&rdquo; beginning on page 73.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in our Ordinary Shares involves
a high degree of risk, including the risk of losing your entire investment. See &ldquo;<I>Risk Factors</I>&rdquo; beginning on page 16
to read about factors you should consider before buying our Ordinary Shares.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an &ldquo;Emerging Growth Company&rdquo;
and a &ldquo;Foreign Private Issuer&rdquo; under applicable U.S.&nbsp;federal securities laws and are, therefore, eligible for reduced
public company reporting requirements. Please read &ldquo;Emerging Growth Company Status&rdquo; beginning on page 8 and &ldquo;Foreign
Private Issuer Status&rdquo; beginning on page 9 for more information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a &ldquo;controlled company&rdquo; as
defined under the Nasdaq Listing Rules, because Winwin Development Group Limited, our controlling shareholder who beneficially owns approximately
69.52% of the aggregate voting power of our issued and outstanding Ordinary Shares, will continue to own more than a majority of the
voting power of our outstanding Ordinary Shares. As a result, Winwin Development Group Limited can control the outcome of matters submitted
to the shareholders for approval. Additionally, we may elect to take advantage of certain exemptions from certain corporate governance
requirements that could adversely affect our public shareholders. For a more detailed discussion of the risk of the Company being a controlled
company, see &ldquo;Risk Factors &mdash; <I>Our corporate actions will be substantially controlled by our Controlling Shareholder, Winwin
Development Group Limited, which has the ability to control or exert significant influence over important corporate matters that require
approval of shareholders, which may deprive you of an opportunity to receive a premium for your Ordinary Shares and materially reduce
the value of your investment. Additionally, we are deemed to be a &ldquo;controlled company and may follow certain exemptions from certain
corporate governance requirements that could adversely affect our public shareholders</I>&rdquo; on page 47 and &ldquo;Prospectus Summary
&mdash; Implication of Being a Controlled Company&rdquo; on page 9 of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Top Wealth Group Holding Limited is not a
PRC or Hong Kong operating company, but a holding company incorporated in the Cayman Islands. As a holding company with no material operations,
Top Wealth Group Holding Limited conducts all of its operations in Hong Kong through its subsidiary, Top Wealth Group (International
Limited) (the &ldquo;Operating Subsidiary&rdquo;), which was incorporated in Hong Kong. Investors are cautioned that you are not buying
shares of a Hong&nbsp;Kong-based operating company but instead are buying shares of a Cayman Islands holding company with operations
conducted by our subsidiary based in Hong&nbsp;Kong. This structure involves unique risks to the investors, and the PRC regulatory authorities
could disallow this structure, which would likely result in a material change in our operations and/or a material change in the value
of our Ordinary Shares, including that such event could cause the value of such securities to significantly decline or become worthless.
For more details, see &ldquo;Risk Factors&nbsp;&mdash;&nbsp;Risks Related to Doing Business in the Jurisdictions in which we Operate&nbsp;&mdash;&nbsp;<I>Investors
are cautioned that you are buying shares of a Cayman Islands holding company with operations conducted in Hong&nbsp;Kong by its subsidiary</I>&rdquo;
on page 23 of this prospectus.</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We are subject to certain legal and operational
risks associated with having all business operations in Hong&nbsp;Kong, a Special Administrative Region of the PRC, as well as the risks
associated with having clients who are Mainland China individuals or companies that have shareholders or directors that are Mainland
China individuals. We are also subject to the risks of uncertainty about any future actions the PRC government or authorities in Hong
Kong may take in this regard.&nbsp;Such risks may include changes in the legal, political, and economic policies of the Chinese government,
the relations between China and the United&nbsp;States, and Chinese or United&nbsp;States regulations that may materially and adversely
affect our business, financial condition, results of operations and the market price of the Ordinary Shares. Any such changes could significantly
limit or completely hinder our ability to offer or continue to offer securities to investor and could cause the value of offered securities
to significantly decline or become worthless. PRC laws and regulations governing our current business operations are sometimes vague
and uncertain. Recently, the PRC government initiated a series of regulatory actions and made statements to regulate business operations
in China with little advance notice, including cracking down on illegal activities in the securities market, adopting new measures to
extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Since these statements and regulatory
actions are new, it is highly uncertain how soon legislative or administrative regulation making bodies will respond and what existing
or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, and the potential
impact such modified or new laws and regulations will have on the daily business operation of our HK subsidiary. Should the PRC government
choose to exercise significant oversight and discretion over the conduct of our business, or in the event that we or the Operating Subsidiary
were to become subject to PRC laws and regulations, we could incur material costs to ensure compliance, and we or the Operating Subsidiary
might be subject to fines, experience devaluation of securities or delisting, no longer be permitted to conduct offerings to foreign
investors, and/or no longer be permitted to continue business operations as presently conducted. See &ldquo;Risk Factors&nbsp;&mdash;&nbsp;Risks
Related to Doing Business in the Jurisdictions in which the We Operate&rdquo; beginning on page 16.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Ordinary Shares may be prohibited from trading
on a national exchange or &ldquo;over-the-counter&rdquo; markets under the Holding Foreign Companies Accountable Act (the &ldquo;HFCAA&rdquo;)
if the Public Company Accounting Oversight Board (&ldquo;PCAOB&rdquo;) determines that it is unable to inspect or fully investigate our
auditor and as a result the exchange where our securities are traded may delist our securities. Furthermore, on June 22, 2021, the U.S.
Senate passed the Accelerating Holding Foreign Companies Accountable Act (the &ldquo;AHFCAA&rdquo;), which was signed into law on December
29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer&rsquo;s securities from trading on any U.S. stock exchange if
its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years. Pursuant to the HFCAA,
the PCAOB issued a Determination Report on December 16, 2021, which found that the PCAOB was unable to inspect or investigate completely
certain named registered public accounting firms headquartered in Mainland China and Hong Kong.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our auditor, Onestop Assurance PAC, the independent
registered public accounting firm that issues the audit report for the fiscal year ended December 31, 2023 and 2022, is currently subject
to PCAOB inspections and the PCAOB is able to inspect our auditor. Onestop Assurance PAC, headquartered in Singapore, has been inspected
by the PCAOB on a regular basis. Our auditor is not headquartered in mainland China or Hong Kong and was not identified in this report
as a firm subject to the PCAOB&rsquo;s determination. Therefore, we believe that, as of the date of this prospectus, our auditor is not
subject to the PCAOB determinations. Notwithstanding the foregoing, in the future, if there is any regulatory change or step taken by
PRC regulators that does not permit Onestop Assurance PAC to provide audit documentations located in China or Hong Kong to the PCAOB
for inspection or investigation, or the PACOB expands the scope of the Determination so that we are subject to the HFCAA, as the same
may be amended, you may be deprived of the benefits of such inspection which could result in limitation or restriction to our access
to the U.S. capital markets and trading of our securities, including trading on the national exchange. See &ldquo;Prospectus Summary
&mdash; Implications of the Holding Foreign Companies Accountable Act (the &ldquo;HFCAA&rdquo;)&rdquo; on page 14 of this prospectus
and &ldquo;Risk Factors &mdash; Risks Related to Our Ordinary Shares &mdash; <I>The PCAOB may be unable to inspect or fully investigate
our auditors as required under the Holding Foreign Companies Accountable Act, or the HFCAA, as amended. If the PCAOB is unable to conduct
such inspections for two consecutive years, the SEC will prohibit the trading of our shares. The delisting of our shares, or the threat
of their being delisted, may materially and adversely affect the value of your investment. Additionally, the inability of the PCAOB to
conduct inspections of our auditors would deprive our investors of the benefits of such inspections</I>&rdquo; on page 47 of this prospectus.
We cannot assure you whether Nasdaq or other regulatory authorities will apply additional or more stringent criteria to us. Such uncertainty
could cause the market price of our Ordinary Shares to be materially and adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management monitors the cash position of
each entity within our organization regularly and prepares budgets on a monthly basis to ensure each entity has the necessary funds to
fulfill its obligation for the foreseeable future and to provide adequate liquidity. In the event that there is a need for cash or a
potential liquidity issue, it will be reported to our Chief Financial Officer and subject to approval by our board of directors, we will
enter into an intercompany loan for the applicable subsidiary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TW Cayman is permitted under the laws of the
Cayman Islands to provide funding to TW BVI through loans or capital contributions without restrictions on the amount of the funds. TW
BVI is permitted under the respective laws of BVI to provide funding to TW HK through dividend distribution without restrictions on the
amount of the funds. There are no restrictions on dividend transfers from BVI to Hong&nbsp;Kong.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a holding company, TW Cayman may rely on dividends
and other distributions on equity paid by its subsidiaries for its cash and financing requirements. As of the date of this prospectus,
TW Cayman and its subsidiaries do not have any plans to distribute earnings or settle amounts in the foreseeable future. During the fiscal&nbsp;years
ended December&nbsp;31, 2023 and 2022, no dividends or distribution have been made to date by our subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange Commission
nor any state securities commission nor any other regulatory body has approved or disapproved of these securities or determined if this
prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></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">The date of this prospectus is August 5, 2024.<FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: bottom">
    <TD STYLE="padding-bottom: 1.5pt; width: 92%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 8%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">ii</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">THE OFFERING</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">SPECIAL NOTE REGARDING FORWARD-LOOKING
    STATEMENTS</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">ENFORCEABILITY OF CIVIL LIABILITIES</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">DIVIDEND POLICY</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_009"><FONT STYLE="font-size: 10pt">EXCHANGE RATE INFORMATION</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_010"><FONT STYLE="font-size: 10pt">CORPORATE HISTORY AND STRUCTURE</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">62</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_011"><FONT STYLE="font-size: 10pt">MANAGEMENT DISCUSSION AND ANALYSIS
    OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">64</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_012"><FONT STYLE="font-size: 10pt">SELLING SHAREHOLDERS</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">72</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_013"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">73</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SHARE CAPITAL</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">75</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">EXPENSES RELATED TO THIS OFFERING</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">88</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">88</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_017"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">88</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_018"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND ADDITIONAL INFORMATION</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">89</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_019"><FONT STYLE="font-size: 10pt">INCORPORATION OF CERTAIN INFORMATION
    BY REFERENCE</FONT></A></TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">90</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information provided
in this prospectus and any applicable prospectus supplement. Neither we nor the Selling Shareholders have authorized anyone to provide
you with different information. Neither we nor the Selling Shareholders are making an offer of these securities in any jurisdiction where
the offer is not permitted. You should not assume that the information in this prospectus and any applicable prospectus supplement is
accurate as of any date other than the date of the applicable document. Since the respective dates of this prospectus, our business,
financial condition, results of operations, and prospects may have changed.</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is part of a registration statement
on Form&nbsp;F-1 that we file with the SEC using a continuous offering process. Under this continuous offering process, the Selling Shareholders
may, from time to time, offer and sell up to an aggregate of 6,840,000 Ordinary Share as described in the section titled &ldquo;Plan
of Distribution.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should read this prospectus, exhibits filed
as part of the registration statement, and the information and documents incorporated by reference carefully. Such documents contain
important information you should consider when making your investment decision. See &ldquo;Where You Can Find Additional Information&rdquo;
in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information provided
in this prospectus, exhibits filed as part of the registration statement, or documents incorporated by reference into this prospectus.
We have not authorized anyone to provide you with different information. This prospectus covers offers and sales of our Ordinary Shares
only in jurisdictions in which such offers and sales are permitted. The information contained in this prospectus is accurate only as
of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of our Ordinary Shares. You should
not assume that the information contained in this prospectus is accurate as of any date other than the date on the front cover of this
prospectus, or that the information contained in any document incorporated by reference is accurate as of any date other than the date
of the document incorporated by reference, regardless of the time of delivery of this prospectus or any sale of a security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus may be supplemented from time
to time to add, update, or change information in this prospectus. Any statement contained in this prospectus will be deemed to be modified
or superseded for purposes of this prospectus to the extent that a statement contained in a prospectus supplement modifies or supersedes
such statement. Any statement so modified will be deemed to constitute a part of this prospectus only as so modified, and any statement
so superseded will be deemed not to constitute a part of this prospectus.</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>Conventions Which Apply to this Prospectus</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except where the context otherwise requires and
for purposes of this prospectus only the term:</P>

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<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">&ldquo;China&rdquo; or &ldquo;PRC&rdquo;
                                            refers to the People&rsquo;s Republic of China, excluding, for the purpose of this prospectus
                                            only, Taiwan region, Hong&nbsp;Kong, and Macau;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">&ldquo;Controlling Shareholder&rdquo;
                                            or &ldquo;Winwin Development (BVI)&rdquo; refers to Winwin Development Group Limited, a company
                                            incorporated under the laws of British Virgin Islands;</TD></TR></TABLE>

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<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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">&ldquo;Frost&nbsp;&amp; Sullivan&rdquo;
                                            refers to Frost&nbsp;&amp; Sullivan Limited, an independent market research agency, which
                                            is an independent third party;</TD></TR></TABLE>

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<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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">&ldquo;HK$&rdquo; or &ldquo;Hong&nbsp;Kong
                                            dollars&rdquo; refers to the legal currency of Hong&nbsp;Kong;</TD></TR></TABLE>

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<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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">&ldquo;Hong&nbsp;Kong&rdquo;
                                            refers to Hong&nbsp;Kong Special Administrative Region of the People&rsquo;s Republic of
                                            China;</TD></TR></TABLE>

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

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<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">&ldquo;Industry Report&rdquo;
                                            refers to the market research report commissioned by us and prepared by Frost&nbsp;&amp;
                                            Sullivan on the overview of the industry in which we operate;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">&ldquo;Mainland China&rdquo;
                                            refers to the mainland of the People&rsquo;s Republic of China; excluding Taiwan and the
                                            special administrative regions of Hong Kong and Macau for the purposes of this prospectus
                                            only;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">&ldquo;Ordinary Shares&rdquo;
                                            refers to the Company&rsquo;s ordinary shares, par value US$0.0001 per share;</TD></TR></TABLE>

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

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<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">&ldquo;our Group&rdquo;, &ldquo;the
                                            Group&rdquo;, &ldquo;the Company&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;or &ldquo;our&rdquo;
                                            refers to Top Wealth Group Holding Limited and its subsidiaries;</TD></TR></TABLE>

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

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<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">&ldquo;SEC&rdquo; refers to the
                                            United&nbsp;States Securities and Exchange Commission;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">&ldquo;TW BVI&rdquo; refers to
                                            Top Wealth (BVI) Holding Limited;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">&ldquo;TW Cayman&rdquo; refers
                                            to Top Wealth Group Holding Limited, a Cayman Islands exempted company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">&ldquo;TW HK&rdquo; or &ldquo;Operating
                                            Subsidiary&rdquo; refers to Top Wealth Group (International) Limited; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">&ldquo;US$&rdquo; or &ldquo;U.S.&nbsp;dollars&rdquo;
                                            refers to the legal currency of the United&nbsp;States.</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>PROSPECTUS SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This summary highlights selected information
that is presented in greater detail elsewhere, or incorporated by reference, in this prospectus. It does not contain all of the information
that may be important to you and your investment decision. In addition to this summary, we urge you to read the entire prospectus carefully,
especially the risks of investing in our Ordinary Shares, discussed under &ldquo;Risk Factors,&rdquo; &ldquo;Cautionary Note Regarding
Forward-Looking Statements,&rdquo; and the financial statements and related notes and other information that we incorporate by reference
herein, including, but not limited to, our 2023 Annual Report and other SEC reports before deciding whether to buy our Ordinary Shares.</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our mission is to become a world-renowned supplier
of caviar products and offer our caviar-based gourmet products around the globe with unparalleled gastronomical experience.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Headquartered in Hong&nbsp;Kong, we are a fast-growing
supplier of caviar products. We are currently specialized in supplying high-quality sturgeons caviar. Our caviar is endorsed with the
Convention on International Trade in Endangered Species of Wild Fauna and Flora (&ldquo;CITES&rdquo;) permits, which certifies that our
caviar is legally traded. We are one of the major suppliers of caviar in Hong&nbsp;Kong. We have secured a long-term and exclusive supply
of caviar raw products from a PRC sturgeon farm.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since we established our caviar business in August&nbsp;2021,
we had supplied caviar to our customers under their brand labels (i.e. private labeling) or without brand labels. Subsequently in November&nbsp;2021,
we established our own caviar brand, &ldquo;<I>Imperial Cristal Caviar</I>&rdquo;, and started selling caviar under our own brand as
well. With its exquisite package design, our branded caviar is ideal to be presented as both culinary delights and festive gifts. Imperial
Cristal Caviar has continuously achieved tremendous sales growth since its launch in the market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March&nbsp;2023, as the addition to the gastronomical
experience of our caviar, we have commenced our wine trading business line, to complement our caviar business. For the fiscal year ended
December&nbsp;31, 2023, our wine trading business line contributed revenue of US$4,460,092, compared to Nil for the fiscal year ended
December&nbsp;31, 2022. The fine wine we distribute include white wine, red wine, and Champagne, from various countries including France,
Greek, and Spain, etc. Our wine trading business only involves the distribution of fine wine within Hong&nbsp;Kong on business-to-business
(B2B) sales, primarily to our F&amp;B related distributor customers, in particular, the F&amp;B related distributor customers who we
supply our caviar product. We do not import or manufacture the wine we distribute, instead, we source the wines from our wine suppliers
in Hong&nbsp;Kong on an as-demand per order basis. Therefore, we are not subject to the relevant licensing requirements that apply to
sale of alcoholic beverages in Hong&nbsp;Kong.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We take pride in our well-tested, reliable caviar
supply chain management module, which helps ensure the palatability and freshness of our products when they reach our customers. We are
among one of the few Hong&nbsp;Kong caviar suppliers being able to secure a long-term and exclusive supply of caviar raw products from
a PRC sturgeon farm. In April&nbsp;2022, we entered into an exclusive supply agreement with the agent and sole distributor of a well-established
sturgeon farm in Fujian, the PRC, which appointed us as its exclusive distributor in Hong&nbsp;Kong and Macau for conducting overseas
distribution and granted us the rights to procure caviar directly from it for a term of 10&nbsp;years. This sturgeon farm is one of the
six existing PRC sturgeon farms which are officially permitted to export locally-bred roe. We have engaged a Hong&nbsp;Kong-based supply
chain management company to handle the logistics, warehousing and packaging workflows in our supply chain, so we can strategically focus
on brand-building and product quality assurance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are dedicated to enhancing our brand awareness.
As part of our sales and marketing efforts, we have proactively participated in food expo and set up pop-up stores across the world.
We have also collaborated with famous food bloggers and used different online platforms and media coverage to promote and strengthen
the publicity of our products. We regularly invite chefs of notable hotels and restaurants to our tasting events. Currently, our caviar
are served on the menus of various 5-star and Michelin-star restaurants in Hong&nbsp;Kong.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We generate all of our revenues, through our
Operating Subsidiary, from trading of caviar products and wine. Our revenues for the&nbsp;years ended December&nbsp;31, 2023 and 2022
were US$16.9&nbsp;million and US$8.5&nbsp;million, respectively. We had a profit before tax of approximately US$2.3&nbsp;million for
the year ended December&nbsp;31, 2022, and we have maintained a profit before tax of approximately US$3.3&nbsp;million for the year ended
December&nbsp;31, 2023.</P>

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

</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our top five customers accounted for 92.0% and
91.1% of our total revenues for the&nbsp;years ended December&nbsp;31, 2023 and 2022. Our customers, including our top five customers,
primarily include food and beverage (&ldquo;F&amp;B&rdquo;) related distributors. We have strategically focused on business-to-business
sales (B2B) which would allow us access to our customers&rsquo; sales network and consumer base that helps us maximize the reach of our
products swiftly and effectively. As our caviar products gain popularity worldwide, our customer base has continuously expanded as a
result of customers&rsquo; referral and our marketing efforts. Our caviar products are mainly sold to customers based in Hong&nbsp;Kong
and a substantial portion are exported overseas by our customers. As our products gradually become more well-known in the international
market, we aspire to expand our sales channels from only selling through distributors to selling our products directly to overseas customers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our major suppliers include (i)&nbsp;a sole distributor
and agent of a sturgeon farm in the PRC, Fujian Aoxuanlaisi Biotechnology Co., Ltd (&ldquo;Fujian Aoxuanlaisi&rdquo;), which supplies
caviar raw product to us; (ii)&nbsp;a Hong&nbsp;Kong supply chain management company, Sunfun (China) Limited (&ldquo;Sunfun China&rdquo;),
which handles the logistics, warehousing and packaging workflows in our supply chain; (iii)&nbsp;a Hong&nbsp;Kong wine distributor, which
supplies fine wine to us; and (iv)&nbsp;other suppliers which supply packaging materials and printing services to us. We solely and materially
rely on Fujian Aoxuanlaisi as our supplier for caviar raw product. Fujian Aoxuanlaisi is the agent and sole appointed distributor of
a well-established PRC sturgeon farm, operated by Fujian Longhuang Biotech Co. Limited (&ldquo;Fujian Longhuang&rdquo;). Fujian Aoxuanlaisi
and Fujian Longhuang currently maintain a long-term exclusive sales agreement for 15&nbsp;years, from December&nbsp;2020 to December&nbsp;2035.
Historically, before April&nbsp;2022, we obtained the supply of caviar raw product from Fujian Aoxuanlaisi on an as-demand per order
basis, without any long-term agreements. In April&nbsp;2022, our Operating Subsidiary, Top Wealth Group (International) Limited, has
entered into the Caviar Sales Agreement with Fujian Aoxuanlaisi, appointed us as its exclusive distributor in Hong&nbsp;Kong and Macau.
We do not have any direct supply agreement with Fujian Longhuang, the PRC sturgeon farm.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the&nbsp;years ended December&nbsp;31, 2023
and 2022, our procurement from Fujian Aoxuanlaisi amounted to approximately US$6.2&nbsp;million and US$5.3&nbsp;million, respectively,
representing approximately 64.3% and 90% of our total purchases for the corresponding year. Our material reliance on Fujian Aoxuanlaisi
as the sole supplier of our caviar raw product exposes us to unique and significant risk, for detailed discussion, please see &ldquo;Risk
Factors&nbsp;<I>&mdash;&nbsp;</I>Risks related to our Business and Industry&nbsp;<I>&mdash;&nbsp;We solely and materially rely on Fujian
Aoxuanlaisi Biotechnology Co., Ltd (&ldquo;Fujian Aoxuanlaisi&rdquo;), the exclusive distributor of a PRC sturgeon farm, as our sole
supplier for the supply of caviar raw product. Such arrangement materially and adversely exposes us to unique risk. Any disruption in
the supplier&rsquo;s relationships, either between Fujian Aoxuanlaisi and the PRC sturgeon farm, or between Fujian Aoxuanlaisi and us,
could have a material adverse effect on our business. Any disruption in the provision of caviar from Fujian Aoxuanlaisi or PRC sturgeon
farm and our inability to identify alternative caviar supplier may materially and adversely affect our business operations and financial
results</I>.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A fast-growing luxury caviar products supplier
with a premier brand image</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We position ourselves as a luxury caviar products
supplier aiming to supply the finest selection of luxury caviar products and offer gourmet products around the globe with unparalleled
gastronomical experience.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>An extensive distribution network which
allows us to stay abreast of the latest trend and development of consumers&rsquo; taste</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have access to an extensive distribution network
which allows us to connect with a broad range of consumers around the world and to stay abreast of the latest trend and development of
consumers&rsquo; taste.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A strict and comprehensive quality control
system to effectively control our product safety and quality</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Food safety and quality control are of paramount
importance to our reputation and business. To ensure food safety and quality, we have established a comprehensive set of standards and
requirements covering each facet of our supply chain, ranging from procurement, logistics, warehousing to packaging.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A stable and exclusive procurement source
of caviar</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We take pride in our well-tested, reliable caviar
supply chain management module, which helps ensure the palatability and freshness of our products when they reach our customers. We are
among one of the few Hong&nbsp;Kong caviar suppliers being able to secure a long-term and exclusive supply of caviar raw products from
sturgeon farm.</P>



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

</DIV>

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

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

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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We strive to strengthen our global market presence
in developed markets with a strong consumer base, such as Europe, the United&nbsp;States, Japan, Dubai, Australia and Southeast Asia.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Strengthen our sales and marketing activities</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We plan to strengthen our sales and marketing
activities and increase our market exposure and brand awareness by participating in food-expo and collaborating with luxurious restaurants,
hotels and private clubs to host tasting events in different countries and regions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Expand our procurement source and broaden
our product portfolio</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are committed to sourcing top-quality caviar
from the best sturgeon farms around the world. We currently plan to expand our procurement source and broaden our product portfolio by
exploring potential co-operations with sturgeon farms located in Europe and/or the United&nbsp;States.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Top Wealth Group Holding Limited is a holding
company with no operations of its own. We conduct our operations in Hong&nbsp;Kong primarily through, Top Wealth Group (International
Limited), our Operating Subsidiary in Hong&nbsp;Kong. The ordinary shares offered in this prospectus are those of Top Wealth Group Holding
Limited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following diagram illustrates the corporate
structure of our Group as of the date of this prospectus.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">As of the date
                                            of the prospectus, there are 6 (six) shareholders of record that have shareholding less than
                                            5%.</TD>
</TR></TABLE>



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

</DIV>

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

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

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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Top Wealth Group Holding Limited was incorporated
as a limited liability company on February&nbsp;1, 2023 under law of the Cayman Islands. It is a holding company and is not actively
engaged in any business. Under its memorandum of association, Top Wealth Group Holding Limited is authorized to issue 500,000,000&nbsp;Ordinary
Shares, par value US$0.0001 per share. The registered office of Top Wealth Group Holding Limited is at the office of Ogier Global (Cayman)
Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Top Wealth (BVI) Holding Limited was incorporated
under the law of the British Virgin Islands as the intermediate holding company of Top Wealth Group (International) Limited, on January&nbsp;18,
2023 as part of the reorganization. Top Wealth (BVI) Holding Limited is wholly-owned&nbsp;by Top Wealth Group Holding Limited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Top Wealth Group (International) Limited was
incorporated on September&nbsp;22, 2009 under the laws of Hong&nbsp;Kong. Top Wealth Group (International) Limited is our operating entity
and is indirectly wholly-owned by Top Wealth Group Holding Limited through Top Wealth (BVI) Holding Limited.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February&nbsp;1, 2023, the date of the incorporation
of Top Wealth Group Holding Limited, 1 Ordinary Share was issued to Ogier Global Subscriber (Cayman) Limited. On March&nbsp;1, 2023,
the 1 Ordinary Share was transferred from Ogier Global Subscriber (Cayman) Limited to Winwin Development Group Limited and the Top Wealth
Group Holding Limited further issued 99&nbsp;Ordinary Shares to Winwin Development Group Limited on the same date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April&nbsp;18, 2023, 650&nbsp;Ordinary Shares
were further issued to Winwin Development Group Limited, whereby Top Wealth Group Holding Limited was then solely owned by Winwin Development
Group Limited as to 750&nbsp;Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, on the same date, April&nbsp;18,
2023, Winwin Development Group Limited entered into Sale and Purchase Agreements with: Keen Sky Global Limited, State Wisdom Holdings
Limited, Beyond Glory Worldwide Limited, Snow Bear Capital Limited and Mercury Universal Investment Limited, respectively. Pursuant to
the Sales and Purchase Agreements, Winwin Development Group Limited is to sell, and Beyond Glory Worldwide Limited, Keen Sky Global Limited,
State Wisdom Holdings Limited, Snow Bear Capital Limited, and Mercury Universal Investment Limited are to acquire, 6.40%, 6.53%, 6.53%,
3.33%, 2.53% equity interests in Top Wealth Group Holding Limited, at the consideration of HK$1,424,000 (approximately US$182,564), HK$1,453,000
(approximately US$186,282), HK$1,453,000 (approximately US$186,282), HK$742,000 (approximately US$95,128), and HK$565,000(approximately
US$72,436), respectively. On the same date, Winwin Development Group Limited executed the instrument of transfers whereby Winwin Development
Group Limited have transferred&nbsp;48,&nbsp;49,&nbsp;49,&nbsp;25, and 19&nbsp;Ordinary Shares, out of its 750&nbsp;Ordinary Shares,
to Beyond Glory Worldwide Limited, Keen Sky Global Limited, State Wisdom Holdings Limited, Snow Bear Capital Limited and Mercury Universal
Investment Limited, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October&nbsp;12, 2023, in contemplation of
Company&rsquo;s initial public offering, Top Wealth Group Holding Limited further issued 26,999,250&nbsp;Ordinary Shares in aggregate
to its shareholders at par value, on a pro rata basis proportional to the shareholders&rsquo; existing equity interests (collectively
refers as the &ldquo;Pro Rata Share Issuance&rdquo;), which has been treated as a share split. All references to the number of ordinary
shares and per-share data in the accompanying consolidated financial statements have been retroactively adjusted to reflect such issuance
of shares. After the Pro Rata Share Issuance, 27,000,000&nbsp;Ordinary Shares were issued and outstanding. The following table sets forth
the breakdown of the Pro Rata Share Issuance to each shareholder:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Shareholders</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of <BR> Ordinary <BR> Shares<BR>
    Issued</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt">Winwin Development Group Limited</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">20,159,440</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Beyond Glory Worldwide Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,727,952</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Keen Sky Global Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,763,951</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">State Wisdom Holdings Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,763,951</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Snow Bear Capital Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">899,975</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Mercury Universal Investment Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">683,981</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>



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

</DIV>

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

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

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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent to the Pro Rata Share Issuance, Top
Wealth Group Holding Limited was 74.67% (representing 20,160,000&nbsp;Ordinary Shares) owned by Winwin Development Group Limited, 6.40%
(representing 1,728,000&nbsp;Ordinary Shares) owned by Beyond Glory Worldwide Limited, 6.53% (representing 1,764,000&nbsp;Ordinary Shares)
owned by Keen Sky Global Limited, 6.53% (representing 1,764,000&nbsp;Ordinary Shares) owned by State Wisdom Holdings Limited, 3.33% (representing
900,000&nbsp;Ordinary Shares) owned by Snow Bear Capital Limited, and 2.53% (representing 684,000&nbsp;Ordinary Shares) owned by Mercury
Universal Investment Limited, respectively. The percentage of the ownership of equity interests held by the shareholders remained the
same before and after the Pro Rata Share Issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October&nbsp;16, 2023, State Wisdom Holdings
Limited and Keen Sky Global Limited transferred 432,000 and 432,000&nbsp;Ordinary Shares to Greet Harmony Global Limited at the consideration
of HK$314,685 (approximately US$40,344) and HK$314,685 (approximately US$40,344), respectively. On the same&nbsp;day, Beyond Global Worldwide
Limited transferred 540,000&nbsp;Ordinary Shares to Mercury Universal Investment Limited at the consideration of HK$393,356 (approximately
US$50,430).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 18, 2024, the Company closed its initial
public offering of 2,000,000 Ordinary Shares at a public offering price of US$4.00 per Ordinary Share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus, 29,000,000
Ordinary Shares were issued and outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the breakdown
of equity ownership of the Company as of the date of the prospectus:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Shareholders</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number&nbsp;of <BR> Ordinary <BR>
    Shares<BR>
    Owned</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Percentage&nbsp;of <BR> Ordinary
    <BR> Shares<BR>
    Owned</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt">Winwin Development Group Limited</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">20,160,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">69.52</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Beyond Glory Worldwide Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,188,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.10</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Keen Sky Global Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,332,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.59</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">State Wisdom Holdings Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,332,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.59</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Snow Bear Capital Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">900,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.10</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Mercury Universal Investment Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,224,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.22</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Greet Harmony Global Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">864,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.98</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management monitors the cash position of
each entity within our organization regularly and prepare budgets on a monthly basis to ensure each entity has the necessary funds to
fulfill its obligation for the foreseeable future and to ensure adequate liquidity. In the event that there is a need for cash or a potential
liquidity issue, it will be reported to our Chief Financial Officer and subject to approval by our board of directors, we will enter
into an intercompany loan for the subsidiary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For TW Cayman to transfer cash to its subsidiaries,
TW Cayman is permitted under the laws of the Cayman Islands and its memorandum and articles of association to provide funding to our
subsidiaries incorporated in the British Virgin Islands and Hong&nbsp;Kong through loans or capital contributions without restrictions
on the amount of the funds. TW Cayman&rsquo;s subsidiary, TW BVI, formed under the laws of the British Virgin Islands is permitted under
the laws of the British Virgin Islands to provide funding to its Operating Subsidiary, TW HK, formed in Hong&nbsp;Kong through loans
or capital contributions without restrictions on the amount of the funds. For the subsidiaries to transfer cash to TW Cayman, according
to the BVI Business Companies Act&nbsp;2004 (as amended), a British Virgin Islands company may make dividends distribution to the extent
that immediately after the distribution, such company&rsquo;s assets do not exceed its liabilities and that such company is able to pay
its debts as they fall due. According to the Companies Ordinance of Hong&nbsp;Kong, a Hong&nbsp;Kong company may only make a distribution
out of profits available for distribution. Other than the above, we did not adopt or maintain any cash management policies and procedures
as of the date of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TW Cayman has not made any dividends or distributions
to U.S.&nbsp;investors as of the date of this prospectus. During the fiscal&nbsp;years ended December&nbsp;31, 2023 and 2022, no dividends
or distribution have been made to date by our subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the current practice of the Inland Revenue
Department of Hong&nbsp;Kong, no tax is payable in Hong&nbsp;Kong in respect of dividends paid by us. The laws and regulations of the
PRC on currency conversion control do not currently have any material impact on the transfer of cash from TW Cayman to TW HK from TW
HK to TW Cayman. There are no restrictions or limitations under the laws of Hong&nbsp;Kong imposed on the conversion of HK dollar into
foreign currencies and the remittance of currencies out of Hong&nbsp;Kong, nor is there any restriction on any foreign exchange to transfer
cash between TW Cayman and its subsidiaries, across borders and to U.S.&nbsp;investors, nor there is any restrictions and limitations
to distribute earnings from the subsidiaries, to TW Cayman and U.S.&nbsp;investors and amounts owed.</P>


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

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

</DIV>

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

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

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<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For TW Cayman to make dividends to its shareholders,
subject to the Companies Act (Revised) of the Cayman Islands, which we refer to as the Companies Act below, and our Memorandum and Articles
of Association, our board of directors may authorize and declare a dividend to shareholders from time to time out of the profits from
the Company, realized or unrealized, or out of the share premium account, provided that the Company will remain solvent, meaning the
Company is able to pay its debts as they come due in the ordinary course of business. There is no further Cayman Islands statutory restriction
on the amount of funds which may be distributed by us in the form of dividends.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April&nbsp;18, 2024, the Company completed
its initial public offering on the National Association of Securities Dealers Automated Quotations (&ldquo;Nasdaq&rdquo;). In this offering,
2,000,000&nbsp;Ordinary Shares were issued at a price of US$4.00 per share. The gross proceeds received from the initial public offering
totaled US$8&nbsp;million. The Initial Public Offering closed on April&nbsp;18, 2024 and the Ordinary Shares began trading on April&nbsp;16,
2024 on The Nasdaq Capital Market under the ticker symbol &ldquo;TWG.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hong&nbsp;Kong is a special administrative region
of the PRC and the basic policies of the PRC regarding Hong&nbsp;Kong are reflected in the Basic Law of the Hong&nbsp;Kong Special Administrative
Region, or the Basic Law, which is a national law of the PRC and the constitutional document for Hong&nbsp;Kong. The Basic Law provides
Hong&nbsp;Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including that of final adjudication
under the principle of &ldquo;one country, two systems.&rdquo; However, there is no assurance that there will not be any changes in the
economic, political and legal environment in Hong&nbsp;Kong in the future. If there is a significant change to current political arrangements
between Mainland China and Hong&nbsp;Kong, companies operating in Hong&nbsp;Kong may face similar regulatory risks as those operated
in the PRC, including their ability to offer securities to investors, list their securities on a U.S.&nbsp;or other foreign exchange,
and conduct their business or accept foreign investment. In light of PRC government&rsquo;s recent expansion of authority in Hong&nbsp;Kong,
there are risks and uncertainties which we cannot foresee for the time being, and rules, regulations and the enforcement of laws in the
PRC can change quickly with little or no advance notice. The PRC government may intervene or influence the current and future operations
in Hong&nbsp;Kong at any time or may exert more oversight and control over offerings conducted overseas and/or foreign investment in
issuers like us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are aware that, recently, the PRC government
initiated a series of regulatory actions and statements to regulate business operations in certain areas in Mainland China with little
advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over Mainland China-based
companies listed overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews,
and expanding the efforts in anti-monopoly enforcement. For example, on June&nbsp;10, 2021, the Standing Committee of the National People&rsquo;s
Congress enacted the PRC Data Security Law, which took effect on September&nbsp;1, 2021. The law requires data collection to be conducted
in a legitimate and proper manner, and stipulates that, for the purpose of data protection, data processing activities must be conducted
based on data classification and hierarchical protection system for data security. On July&nbsp;6, 2021, the General Office of the Communist
Party of China Central Committee and the General Office of the State Council jointly the Opinions on Strictly Cracking Down on Illegal
Securities Activities in Accordance with the Law, which, among other things, requires the relevant governmental authorities to accelerate
rulemaking related to the overseas issuance and listing of securities, and update the existing laws and regulations related to data security,
cross-border data flow, and management of confidential information, and to strengthen cross-border oversight of law-enforcement and judicial
cooperation, to enhance supervision over Mainland China-based companies listed overseas, and to establish and improve the system of extraterritorial
application of the PRC securities laws.</P>

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

</DIV>

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

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

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<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August&nbsp;20, 2021, the 30<SUP>th</SUP>
meeting of the Standing Committee of the 13<SUP>th</SUP> National People&rsquo;s Congress voted and passed the &ldquo;Personal Information
Protection Law of the People&rsquo;s Republic of China,&rdquo; or &ldquo;PRC Personal Information Protection Law,&rdquo; or &ldquo;PIPL&rdquo;,
which became effective on November&nbsp;1, 2021. The PIPL stipulates the rules for cross-border provision of personal information and
applies to the processing of personal information of natural persons within the territory of Mainland China that is carried out outside
of Mainland China where (1)&nbsp;such processing is for the purpose of providing products or services for natural persons within Mainland
China, (2)&nbsp;such processing is to analyze or evaluate the behavior of natural persons within Mainland China, or (3)&nbsp;there are
any other circumstances stipulated by related laws and administrative regulations. Prior to the cross-border provision of personal information
of the natural persons, personal information processors shall obtain the approval of the corresponding natural persons and advise them
of the overseas receiver&rsquo;s name, contact information, processing purpose and methods, classification of personal information and
information reception procedures, etc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December&nbsp;24, 2021, the China Securities
Regulatory Commission (&ldquo;CSRC&rdquo;), together with other relevant PRC government authorities issued the Provisions of the State
Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) and the Measures
for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) (collectively to be referred as
the &ldquo;Draft Overseas Listing Regulations&rdquo;). The Draft Overseas Listing Regulations require that a Mainland China domestic
enterprise seeking to issue and list its shares overseas (&ldquo;Overseas Issuance and Listing&rdquo;) shall complete the filing procedures
of and submit the relevant information to CSRC.&nbsp;The Overseas Issuance and Listing include direct and indirect issuance and listing.
Where an enterprise whose principal business activities are conducted in Mainland China seeks to issue and list its shares in the name
of an overseas enterprise (&ldquo;Overseas Issuer&rdquo;) on the basis of the equity, assets, income or other similar rights and interests
of the relevant Mainland China domestic enterprise, such activities shall be deemed an indirect overseas issuance and listing (&ldquo;Indirect
Overseas Issuance and Listing&rdquo;) under the Draft Overseas Listing Regulations. On December&nbsp;28, 2021, the CAC jointly with the
relevant authorities formally published the Measures for Cybersecurity Review (2021)&nbsp;which took effect on February&nbsp;15, 2022
and replace the former Measures for Cybersecurity Review (2020)&nbsp;issued on July&nbsp;10, 2021. The Measures for Cybersecurity Review
(2021)&nbsp;provide that operators of critical information infrastructure purchasing network products and services, and online platform
operators (together with the operators of critical information infrastructure, the &ldquo;Operators&rdquo;) carrying out data processing
activities that affect or may affect national security, shall conduct a cybersecurity review, any online platform operator who controls
more than one million users&rsquo; personal information must go through a cybersecurity review by the cybersecurity review office if
it seeks to be listed in a foreign country.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February&nbsp;17, 2023, the CSRC released
the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Administrative Measures,
and five supporting guidelines, which came into effect on March&nbsp;31, 2023. The Trial Administrative Measures further stipulate the
rules and requirements for overseas offering and listing conducted by PRC domestic companies. The Overseas Listing Regulations require
that a PRC domestic enterprise seeking to issue and list its shares overseas shall complete the filing procedures of and submit the relevant
information to CSRC, failing which we may be fined between RMB 1&nbsp;million and RMB&nbsp;10&nbsp;million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus, we and our
subsidiaries do not have any business operation or maintain any office or personnel in mainland China. We and our subsidiaries have not
collected, stored, or managed any personal information in mainland China. Based on our inquiry with the China Cybersecurity Review Technology
and Certification Center (the &ldquo;CCRC&rdquo;) and the assessment conducted by the management, we believe that we and our subsidiaries
are not currently required to proactively apply to a cybersecurity review for this offering or other future offerings conducted overseas,
on the basis that (i)&nbsp;our subsidiaries are incorporated in Hong&nbsp;Kong, the British Virgin Islands, and other jurisdictions outside
of mainland China and operate in Hong&nbsp;Kong without any subsidiary or variable interest entities (&ldquo;VIE&rdquo;) structure in
mainland China, and we do not maintain any office or personnel in mainland China; (ii)&nbsp;except for the Basic Law, the National Laws
do not apply in Hong&nbsp;Kong unless they are listed in Annex&nbsp;III of the Basic Law and applied locally by promulgation or local
legislation, and National Laws that may be listed in Annex&nbsp;III are currently limited under the Basic Law to those which fall within
the scope of defense and foreign affairs as well as other matters outside the limits of the autonomy of Hong&nbsp;Kong, and PRC laws
and regulations relating to data protection and cyber security have not been listed in Annex&nbsp;III as the date of this Prospectus;
(iii)&nbsp;our data processing activities are solely carried out by our overseas entities outside of mainland China for the purpose of
offering products or services in Hong&nbsp;Kong and other jurisdictions outside of mainland China; (iv)&nbsp;we and our subsidiaries
do not control more than one millions users&rsquo; personal information as of the date of this Prospectus; (v)&nbsp;as of the date of
this Prospectus, we and our subsidiaries have not received any notice of identifying us as critical information infrastructure from any
relevant PRC governmental authorities; (vi)&nbsp;as of the date of this Prospectus, none of us or our subsidiaries have been informed
by any PRC governmental authority of any requirement for a cybersecurity review; and (vii)&nbsp;based on our inquiry with the CCRC, the
officer who provides cybersecurity review consultation service under CCRC believes that we are currently not required to apply to a cybersecurity
review for our public offerings on a foreign stock exchange with the CAC because we neither currently have any operation in mainland
China nor control more than one millions users&rsquo; personal information as of the date of this Prospectus. Additionally, we believe
that we and our subsidiaries are compliant with the regulations and policies that have been issued by the CAC to date and there was no
material change to these regulations and policies since our IPO.&nbsp;However, regulatory requirements on cybersecurity and data security
in the mainland China are constantly evolving and can be subject to varying interpretations or significant changes, which may result
in uncertainties about the scope of our responsibilities in that regard, and there can be no assurance that the relevant PRC governmental
authorities, including the CAC, would reach the same conclusion as our PRC counsel. We will closely monitor and assess the implementation
and enforcement of the Cybersecurity Review Measures. If the Cybersecurity Review Measures mandates clearance of cybersecurity and/or
data security regulators and other specific actions to be completed by companies like us, we may face uncertainties as to whether we
can meet such requirements timely, or at all.</P>

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

</DIV>

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

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

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<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have no operations in Mainland China. Our
operating subsidiary, TW HK, is located and operate in Hong&nbsp;Kong, a special administrative region of the PRC.&nbsp;As of the date
of this prospectus, the PRC government currently does not exert direct influence and discretion over the manner in which we conduct our
business activities in Hong&nbsp;Kong, outside of Mainland China. Based on our understanding of the mainland China laws and regulations
currently in effect as of the date of this prospectus, as TW HK is located in Hong&nbsp;Kong, we are not currently required to obtain
permission from the PRC government to list on a U.S.&nbsp;securities exchange and consummate this Offering. However, there is no guarantee
that this will continue to be the case in the future in relation to the continued listing of our securities on a securities exchange
outside of the PRC, or even when such permission is obtained, it will not be subsequently denied or rescinded. It remains uncertain as
to the enactment, interpretation and implementation of regulatory requirements related to overseas securities offering and other capital
markets activities and due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future, it remains
uncertain whether the PRC government will adopt additional requirements or extend the existing requirements to apply to our operating
subsidiary located in Hong&nbsp;Kong. It is also uncertain whether the Hong&nbsp;Kong government will be mandated by the PRC government,
despite the constitutional constraints of the Basic Law, to control over offerings conducted overseas and/or foreign investment of entities
in Hong&nbsp;Kong, including our operating subsidiary. Any actions by the PRC government to exert more oversight and control over offerings
(including businesses whose primary operations are in Hong&nbsp;Kong) that are conducted overseas and/or foreign investments in Hong&nbsp;Kong-based
issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the
value of our securities to significantly decline or be worthless.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a company with less than US$1.235&nbsp;billion
in revenue for our last fiscal year, we qualify as an &ldquo;emerging growth company&rdquo; pursuant to the Jumpstart Our Business Startups
Act&nbsp;of&nbsp;2012, as amended, or the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and
other requirements compared to those that are otherwise applicable generally to public companies. These provisions include exemption
from the auditor attestation requirement under Section&nbsp;404 of the Sarbanes-Oxley Act&nbsp;of&nbsp;2002 in the assessment of the
emerging growth company&rsquo;s internal control over financial reporting. The JOBS Act also provides that an emerging growth company
does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required
to comply with such new or revised accounting standards. Pursuant to the JOBS Act, we have elected to take advantage of the benefits
of this extended transition period for complying with new or revised accounting standards. As a result, our operating results and financial
statements may not be comparable to the operating results and financial statements of other companies who have adopted the new or revised
accounting standards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will remain an emerging growth company until
the earliest of (i)&nbsp;the last&nbsp;day of the fiscal year during which we have total annual gross revenues of at least US$1.235&nbsp;billion;
(ii)&nbsp;the last&nbsp;day of our fiscal year following the fifth anniversary of the completion of our IPO; (iii)&nbsp;the date on which
we have, during the preceding three-year period, issued more than US$1.0&nbsp;billion in non-convertible debt; or (iv)&nbsp;the date
on which we are deemed to be a &ldquo;large accelerated filer&rdquo; under the Securities Exchange&nbsp;Act&nbsp;of&nbsp;1934, as amended,
or the Exchange&nbsp;Act, which would occur if the market value of our Ordinary Shares that are held by non-affiliates exceeds US$700&nbsp;million
as of the last business&nbsp;day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company,
we will not be entitled to the exemptions provided in the JOBS Act discussed above.</P>

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

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

</DIV>

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

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

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<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are incorporated in the Cayman Islands, and
more than 50 percent of our outstanding voting securities are not directly or indirectly held by residents of the United&nbsp;States.
Therefore, we are a &ldquo;foreign private issuer,&rdquo; as defined in Rule&nbsp;405 under the Securities Act and Rule&nbsp;3b-4(c)&nbsp;under
the Exchange&nbsp;Act. As a result, we are not subject to the same requirements as U.S.&nbsp;domestic issuers. Under the Exchange&nbsp;Act,
we will be subject to reporting obligations that, to some extent, are more lenient and less frequent than those of U.S.&nbsp;domestic
reporting companies. For example, we will not be required to issue quarterly reports or proxy statements. We will not be required to
disclose detailed individual executive compensation information. Furthermore, our directors and executive officers will not be required
to report equity holdings under Section&nbsp;16 of the Exchange&nbsp;Act and will not be subject to the insider short-swing profit disclosure
and recovery regime. In addition, as a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices
in relation to corporate governance matters that differ significantly from the Nasdaq Stock Market corporate governance requirements.
These practices may afford less protection to shareholders than they would enjoy if we complied fully with the Nasdaq Stock Market corporate
governance requirements Currently, we do not plan to rely on home country practice with respect to our corporate governance. However,
to the extent we choose to follow home country practice in the future, our shareholders may be afforded less protection than they otherwise
would under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Controlled companies are exempt from the majority
of independent director requirements. Controlled companies are subject to an exemption from the Nasdaq standards requiring that the board
of a listed company consist of a majority of independent directors within one year of the listing date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public companies that qualify as a &ldquo;Controlled
Company&rdquo; with securities listed on the Nasdaq, must comply with the exchange&rsquo;s continued listing standards to maintain their
listings. Nasdaq has adopted qualitative listing standards. Companies that do not comply with these corporate governance requirements
may lose their listing status. Under the Nasdaq rules, a &ldquo;controlled company&rdquo; is a company with more than 50% of its voting
power held by a single person, entity or group. A controlled company is exempt from certain corporate governance requirements including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">the requirement that a majority
                                            of the board of directors consist of independent directors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">the requirement that a listed
                                            company have a nominating and governance committee that is composed entirely of independent
                                            directors with a written charter addressing the committee&rsquo;s purpose and responsibilities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">the requirement that a listed
                                            company have a compensation committee that is composed entirely of independent directors
                                            with a written charter addressing the committee&rsquo;s purpose and responsibilities; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">the requirement for an annual
                                            performance evaluation of the nominating and governance committee and compensation committee.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Controlled companies must still comply with the
exchange&rsquo;s other corporate governance standards. These include having an audit committee and the special meetings of independent
or non-management directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Controlling Shareholder, WinWin Development
Group Limited, will own a majority of our total issued and outstanding Ordinary Shares following this offering. As a result, we will
be a &ldquo;controlled company&rdquo; as defined under Nasdaq Listing Rule 5615(c). As a &ldquo;controlled company,&rdquo; we are permitted
to elect not to comply with certain corporate governance requirements. Although we do not intend to rely on the controlled company exemptions
under the Nasdaq listing standards even if we are deemed a controlled company, we could elect to rely on these exemptions in the future,
and if so, you would not have the same protection afforded to shareholders of companies that are subject to all of the corporate governance
requirements of the Nasdaq Capital Market.</P>


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

</DIV>

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

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

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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Impact of Russia&rsquo;s Invasion of Ukraine
and Related Supply Chain Issues</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Russia launched a large-scale invasion of Ukraine
on February&nbsp;24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions,
including volatilities in stock markets, disruption to global supply chain and worsening of global inflation, are impossible to predict,
but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage)
or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in
consumer or purchaser preferences, sanctions, tariffs or cyberattacks, may have significant collateral impact on global economy and our
business model and revenue stream. Nevertheless, as of the date of this document, since (i)&nbsp;we principally operate in Hong&nbsp;Kong
and do not have business presence in Russia and Ukraine; and (ii)&nbsp;our industry has been less dependent on oil, natural resources
or global supply chain which have been disrupted significantly by Russia&rsquo;s invasion of Ukraine, there is no material impact on
our cash flows, liquidity, capital resources, cash requirements, financial position, or results of operations arising from, related to,
or caused by the global disruption from Russia&rsquo;s invasion of Ukraine.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our principal executive offices are located at
Units&nbsp;714&nbsp;&amp; 715, 7F, Hong&nbsp;Kong Plaza, 188 Connaught Road West, Hong&nbsp;Kong. Our telephone number at this address
is +852 36158567. Our registered office in the Cayman Islands is located at the office of Ogier Global (Cayman) Limited, 89 Nexus Way,
Camana Bay, Grand Cayman, KY1-9009, Cayman Islands. Our agent for service of process in the United&nbsp;States is Cogency Global Inc.
located at 122 East 42<SUP>nd</SUP> Street, 18<SUP>th</SUP> Floor, New&nbsp;York, NY&nbsp;10168.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors should contact us for any inquiries
through the address and telephone number of our principal executive offices. We have maintained our website at <I>https://www.imperialcristalcaviar.com/
and https://ir.imperialcristalcaviar.com. </I>The information contained on our website is not a part of this this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investing in our Ordinary Shares involves significant
risks. Below is a summary of material factors that make an investment in our Ordinary Shares speculative or risky. Importantly, this
summary does not address all of the risks that we face. For a detailed description of the risk factors we may face, see our Annual Report
on Form 20-F for the year ended December 31, 2023 on file with the SEC, which is incorporated by reference into this prospectus and &ldquo;Risk
Factors&rdquo; on page 16 of this prospectus. These risks include, but are not limited to, the following:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">All of our operations are in
                                            Hong&nbsp;Kong. However, due to the long arm application of the current PRC laws and regulations,
                                            the PRC government may exercise significant direct oversight and discretion over the conduct
                                            of our business and may intervene or influence our operations, which could result in a material
                                            change in our operations and/or the value of our Ordinary Shares. Our Operating Subsidiary
                                            in Hong&nbsp;Kong may be subject to laws and regulations of the Mainland China, which may
                                            impair our ability to operate profitably and result in a material negative impact on our
                                            operations and/or the value of our Ordinary Shares. Furthermore, the changes in the policies,
                                            regulations, rules, and the enforcement of laws of the PRC may also occur quickly with little
                                            advance notice and our assertions and beliefs of the risk imposed by the PRC legal and regulatory
                                            system cannot be certain. (See page 16)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">We may become subject to a variety
                                            of PRC laws and other obligations regarding data security in relation to offerings that are
                                            conducted overseas and/or foreign investment in Mainland China-based issuers, and any failure
                                            to comply with applicable laws and obligations could have a material and adverse effect on
                                            our business, financial condition and results of operations and may hinder our ability to
                                            offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary
                                            Shares to significantly decline or be worthless. (See page 18)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">If the PRC government chooses
                                            to extend the oversight and control over offerings that are conducted overseas and/or foreign
                                            investment in Mainland China-based issuers to Hong Kong-based issuers, such action may significantly
                                            limit or completely hinder our ability to offer or continue to offer Ordinary Shares to investors
                                            and cause the value of our Ordinary Shares to significantly decline or be worthless. (See
                                            page 21)</TD></TR></TABLE>



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

</DIV>

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

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

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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">The enforcement of laws and rules
                                            and regulations in the PRC can change quickly with little advance notice. Additionally, the
                                            PRC laws and regulations and the enforcement of such that apply or are to be applied to Hong
                                            Kong can change quickly with little or no advance notice. As a result, the Hong Kong legal
                                            system embodies uncertainties which could limit the availability of legal protections, which
                                            could result in a material change in our Operating Subsidiary&rsquo;s operations and/or the
                                            value of the securities we are offering. (See page 21)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">There are political risks associated
                                            with conducting business in Hong Kong. (See page 22)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Uncertainties with respect to
                                            the PRC legal system, including uncertainties regarding the enforcement of laws, and sudden
                                            or unexpected changes in laws and regulations in China could adversely affect us and limit
                                            the legal protections available to you and us. (See page 22)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">If we and/or our subsidiaries
                                            were to be required to obtain any permission or approval from or complete any filing procedure
                                            with the China Securities Regulatory Commission (the &ldquo;CSRC&rdquo;), the CAC, or other
                                            PRC governmental authorities in connection with the initial public offering (&ldquo;IPO&rdquo;)
                                            or future follow-on offerings under PRC laws, we and/or our subsidiaries may be fined or
                                            subject to other sanctions, and our subsidiaries&rsquo; business and our reputation, financial
                                            condition, and results of operations may be materially and adversely affected. (See page
                                            23)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Our Hong Kong Operating Subsidiary
                                            may be subject to restrictions on paying dividends or making other payments to us, which
                                            may restrict their ability to satisfy liquidity requirements, conduct business and pay dividends
                                            to holders of our ordinary shares. (See page 25)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">The Chinese government may intervene
                                            or influence our Chinese supplier and its exclusive overseas agent&rsquo;s operations at
                                            any time, or may exert more control over how our PRC-based supplier operate their business
                                            or cooperate with us. This could result in a material change in our PRC-based supplier&rsquo;s
                                            operations and indirectly the value of our Ordinary Shares. (See page 25)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">The enactment of Law of the PRC
                                            on Safeguarding National Security in the Hong Kong Special Administrative Region (the &ldquo;Hong
                                            Kong National Security Law&rdquo;) could impact our Hong Kong Operating Subsidiary. (See
                                            page 26)</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">You may face difficulties in
                                            protecting your interests, and your ability to protect your rights through U.S.&nbsp;courts
                                            may be limited, because we are incorporated in the Cayman Islands. (See page 44)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">We rely on dividends and other
                                            distributions on equity paid by our subsidiary to fund any cash and financing requirements
                                            we may have. In the future, funds may not be available to fund operations or for other use
                                            outside of Hong&nbsp;Kong, due to interventions in, or the imposition of restrictions and
                                            limitations on, our ability or our subsidiary by the PRC government to transfer cash. Any
                                            limitation on the ability of our subsidiary to make payments to us could have a material
                                            adverse effect on our ability to conduct our business and might materially decrease the value
                                            of our Ordinary Shares or cause them to be worthless. (See page 46)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Our corporate actions will be
                                            substantially controlled by our controlling shareholder, Winwin Development Group Limited,
                                            which has the ability to control or exert significant influence over important corporate
                                            matters that require approval of shareholders, which may deprive you of an opportunity to
                                            receive a premium for your Ordinary Shares and materially reduce the value of your investment.
                                            Additionally, we are deemed to be a &ldquo;controlled company and may follow certain exemptions
                                            from certain corporate governance requirements that could adversely affect our public shareholders.
                                            (See page 47)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Cayman Islands economic substance
                                            requirements may have an effect on our business and operations. (See page 46)</TD></TR></TABLE>



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

</DIV>

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

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

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

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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the risks described above, we
are subject to general risks relating to our Ordinary Shares, including, but not limited to, the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Our Ordinary Shares may be prohibited
                                            from being traded on a national exchange under the Holding Foreign Companies Accountable
                                            Act if the PCAOB is unable to inspect our auditor. . The delisting of our Ordinary Shares,
                                            or the threat of their being delisted, may materially and adversely affect the value of your
                                            investment. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding
                                            Foreign Companies Accountable Act, which was signed into law on December 29, 2022, amending
                                            the HFCAA to require the SEC to prohibit an issuer&rsquo;s securities from trading on any
                                            U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive
                                            years instead of three. (See page 47)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">The trading price of our Ordinary
                                            Shares may be volatile, which could result in substantial losses to you. (See page 49)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Our Ordinary Shares may be thinly
                                            traded and you may be unable to sell at or near ask prices or at all if you need to sell
                                            your shares to raise money or otherwise desire to liquidate your shares. (See page 51)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">If securities or industry analysts
                                            do not publish or publish inaccurate or unfavorable research about our business, or if they
                                            adversely change their recommendations regarding our Ordinary Shares, the market price for
                                            our Ordinary Shares and trading volume could decline. (See page 51)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">As a public company, we are subject
                                            to the reporting requirements under the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank
                                            Wall Street Reform and Consumer Protection Act, the listing requirements of Nasdaq, and other
                                            applicable securities rules and regulations. As such, meeting these requirements may strain
                                            our resources and divert management&rsquo;s attention. (See page 51)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">If we cannot satisfy, or continue
                                            to satisfy, the continued listing requirements and other rules of the Nasdaq Capital Market,
                                            our securities may be delisted, which could negatively impact the price of our securities
                                            and your ability to sell them. (See page 52)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Our Board of Directors may refuse
                                            or delay the registration of the transfer of Ordinary Shares in certain circumstances. (See
                                            page 52)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">The sale or availability for
                                            sale of substantial amounts of our Ordinary Shares in the public market could adversely affect
                                            their market price. (See page 52)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Because the amount, timing, and
                                            whether or not we distribute dividends at all is entirely at the discretion of our Board
                                            of Directors, you must rely on price appreciation of our Ordinary Shares for return on your
                                            investment. (See page 53)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Because we are a foreign private
                                            issuer and are exempt from certain Nasdaq corporate governance standards applicable to U.S.&nbsp;issuers,
                                            you will have less protection than you would have if we were a domestic issuer. (See page
                                            53)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">As a company incorporated in
                                            the Cayman Islands, we are permitted to adopt certain Cayman Islands&rsquo; practices in
                                            relation to corporate governance matters that differ significantly from the Nasdaq Capital
                                            Market listing standards; these practices may afford less protection to shareholders than
                                            they would enjoy if we complied fully with the Nasdaq Capital Market listing standards. (See
                                            page 55)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">We are an &ldquo;emerging growth
                                            company&rdquo; within the meaning of the Securities Act, and if we take advantage of certain
                                            exemptions from disclosure requirements available to emerging growth companies, this could
                                            make it more difficult to compare our performance with other public companies. (See page
                                            56)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">We will incur increased costs
                                            as a result of being a public company, particularly after we cease to qualify as an &ldquo;emerging
                                            growth company.&rdquo; (See page 57)</TD></TR></TABLE>



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<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">We have a short operating history
                                            and are subject to risks and uncertainties associated with operating in a rapidly developing
                                            and evolving industry. Our limited operating history makes it difficult to evaluate our business
                                            and prospects. We may not be able to maintain our historical growth rates or gross profit
                                            margins, and our operating results may fluctuate significantly. If our results fall below
                                            market expectations, the trading price of our Ordinary Shares may be affected. (See page
                                            26)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">We solely and materially rely
                                            on Fujian Aoxuanlaisi Biotechnology Co., Ltd (&ldquo;Fujian Aoxuanlaisi&rdquo;), the exclusive
                                            distributor of a PRC sturgeon farm, as our sole supplier for the supply of caviar raw product.
                                            Such arrangement materially and adversely exposes us to unique risk. Our business is affected
                                            by the quality and quantity of the caviar that is harvested by the PRC sturgeon farm. Furthermore,
                                            any disruption in the supplier&rsquo;s relationships, either between Fujian Aoxuanlaisi and
                                            the PRC sturgeon farm, or between Fujian Aoxuanlaisi and us, could have a material adverse
                                            effect on our business. Any disruption in the provision of caviar from Fujian Aoxuanlaisi
                                            or PRC sturgeon farm and our inability to identify alternative caviar supplier may materially
                                            and adversely affect our business operations and financial results. (See page 27)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Adverse weather conditions, natural
                                            disasters, disease, pests and other natural conditions, or shutdown, interruption, and damage
                                            to the PRC sturgeon farm, or lack of availability of power, fuel, oxygen, eggs, water, or
                                            other key components needed for the operations of the PRC sturgeon farm, could result a loss
                                            of a material percentage of our caviar raw product supply and a material adverse effect on
                                            our operations, business results, reputation, and the value of our brands.&nbsp;Climate change
                                            may also have a long-term adverse impact on our business and operations. (See page 28)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">We operate in a highly regulated
                                            industry.&nbsp;Our operations, revenue and profitability could be adversely affected if we
                                            fail to adhere to Hong&nbsp;Kong and international regulations to which we are subject to,
                                            or due to the changes in laws and regulations in the countries where we do business. We also
                                            are subject to the risks associated with sourcing and manufacturing products from, and conducting
                                            business operations outside of Hong&nbsp;Kong, which could adversely affect our business.
                                            Product contamination and the failure to maintain food safety and consistent quality could
                                            have a material and adverse effect on our brand, business and financial performance. (See
                                            page 34)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">We rely on third-party distributors
                                            to place our products into the market and we may not be able to control our distributors.
                                            (See page 33)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Our business depends to a significant
                                            extent upon general economic conditions, consumer demand, preferences and discretionary spending
                                            patterns. Furthermore, our business depends significantly on the market recognition of our
                                            trademarks and brand names. Any damage to our trademarks, brand names or reputation, or any
                                            failure to effectively promote our brands, could materially and adversely impact our business
                                            and results of operations. (See page 35)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">We currently rely on third-party
                                            supply chain management company to operate the food processing factory and provision of labor
                                            for product packaging. Any failure to adequately store, maintain and deliver our products
                                            could materially adversely affect our business, reputation, financial condition, and operating
                                            results. Failure by the supply chain service or transportation providers or distributors
                                            to deliver our raw materials to us or our products to customers on time or at all could result
                                            in lost sales. (See page 38)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">We have limited insurance to
                                            cover our potential losses and claims.&nbsp;We are subject to risks relating to litigation
                                            and disputes, product liability claims, litigation, complaints or adverse publicity in relation
                                            to our products, which could adversely affect our business, prospects, results of operations
                                            and financial conditions, and may face significant liabilities as a result. (See page 40)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Acts of God, acts of war, epidemics
                                            and other disasters could materially and adversely affect our business. Any future occurrence
                                            of force majeure events, natural disasters or outbreaks of contagious diseases, including
                                            the COVID-19 outbreak, may materially and adversely affect our business, financial conditions
                                            and results of operations. (See page 42)</TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Implications of the Holding Foreign Companies
Accountable Act (the &ldquo;HFCAA&rdquo;)</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March&nbsp;24, 2021, the SEC adopted interim
final rules relating to the implementation of certain disclosure and documentation requirements of the HFCA Act. A company will be required
to comply with these rules if the SEC identifies it as having a &ldquo;non-inspection&rdquo; year under a process to be subsequently
established by the SEC.&nbsp;The SEC is assessing how to implement other requirements of the HFCA Act, including the listing and trading
prohibition requirements described above. Furthermore, on June&nbsp;22, 2021, the U.S.&nbsp;Senate passed the Accelerating Holding Foreign
Companies Accountable Act (the &ldquo;AHFCAA&rdquo;), which was signed into law on December&nbsp;29, 2022, amending the HFCAA and requiring
the SEC to prohibit an issuer&rsquo;s securities from trading on any U.S.&nbsp;stock exchange if its auditor is not subject to PCAOB
inspections for two consecutive&nbsp;years instead of three consecutive&nbsp;years. On September&nbsp;22, 2021, the PCAOB adopted a final
rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether
the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because
of a position taken by one or more authorities in that jurisdiction. On December&nbsp;2, 2021, the SEC issued amendments to finalize
rules implementing the submission and disclosure requirements in the HFCA Act. The rules apply to registrants that the SEC identifies
as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction
and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions. On
December&nbsp;16, 2021, the PCAOB issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely
registered public accounting firms headquartered in: (i)&nbsp;China, and (ii)&nbsp;Hong&nbsp;Kong.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August&nbsp;26, 2022, the PCAOB announced
and signed a Statement of Protocol (the &ldquo;Protocol&rdquo;) with the China Securities Regulatory Commission and the Ministry of Finance
of the People&rsquo;s Republic of China. The Protocol provides the PCAOB with: (1)&nbsp;sole discretion to select the firms, audit engagements
and potential violations it inspects and investigates, without any involvement of Chinese authorities; (2)&nbsp;procedures for PCAOB
inspectors and investigators to view complete audit work papers with all information included and for the PCAOB to retain information
as needed; (3)&nbsp;direct access to interview and take testimony from all personnel associated with the audits the PCAOB inspects or
investigates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December&nbsp;15, 2022, the PCAOB issued a
new Determination Report which: (1)&nbsp;vacated the December&nbsp;16, 2021 Determination Report; and (2)&nbsp;concluded that the PCAOB
has been able to conduct inspections and investigations completely in the PRC in 2022. The December&nbsp;15, 2022 Determination Report
cautions, however, that authorities in the PRC might take positions at any time that would prevent the PCAOB from continuing to inspect
or investigate completely. As required by the HFCAA, if in the future the PCAOB determines it no longer can inspect or investigate completely
because of a position taken by an authority in the PRC, the PCAOB will act expeditiously to consider whether it should issue a new determination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our auditor, Onestop Assurance PAC, the independent
registered public accounting firm that issues the audit report for the fiscal year ended December&nbsp;31, 2023 and 2022, is currently
subject to PCAOB inspections and the PCAOB is able to inspect our auditor. Onestop Assurance PAC, headquartered in Singapore, has been
inspected by the PCAOB on a regular basis. Our auditor is not headquartered in mainland China or Hong&nbsp;Kong and was not identified
in this report as a firm subject to the PCAOB&rsquo;s determination. Therefore, we believe that, as of the date of this prospectus, our
auditor is not subject to the PCAOB determinations. Notwithstanding the foregoing, in the future, if there is any regulatory change or
step taken by PRC regulators that does not permit Onestop Assurance PAC to provide audit documentations located in China or Hong&nbsp;Kong
to the PCAOB for inspection or investigation, or the PACOB expands the scope of the Determination so that we are subject to the HFCAA,
as the same may be amended, you may be deprived of the benefits of such inspection which could result in limitation or restriction to
our access to the U.S.&nbsp;capital markets and trading of our securities, including trading on the national exchange. See &ldquo;Risk
Factors&nbsp;&mdash;&nbsp;Risks Related to Our Ordinary Shares &mdash; <I>The PCAOB may be unable to inspect or fully investigate our
auditors as required under the Holding Foreign Companies Accountable Act, or the HFCAA, as amended. If the PCAOB is unable to conduct
such inspections for two consecutive&nbsp;years, the SEC will prohibit the trading of our shares. The delisting of our shares, or the
threat of their being delisted, may materially and adversely affect the value of your investment. Additionally, the inability of the
PCAOB to conduct inspections of our auditors would deprive our investors of the benefits of such inspections.</I>&rdquo; We cannot assure
you whether Nasdaq or other regulatory authorities will apply additional or more stringent criteria to us. Such uncertainty could cause
the market price of our Ordinary Shares to be materially and adversely affected.</P>



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</DIV>

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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>THE OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 STYLE="text-indent: -0.125in; padding-left: 0.125in; width: 39%"><FONT STYLE="font-size: 10pt"><B>Securities that may be offered
    and sold from&nbsp;time to time by the Selling Shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 60%; text-align: left"><FONT STYLE="font-size: 10pt">6,840,000 Ordinary Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-size: 10pt"><B>Terms of the offering</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Selling Shareholders will determine when and how he will dispose
    of the Ordinary Shares registered under this prospectus for resale.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-size: 10pt"><B>Ordinary Shares outstanding prior to the
    offering</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">29,000,000 Ordinary Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-size: 10pt"><B>Ordinary Shares outstanding after the offering</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">29,000,000 Ordinary Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-size: 10pt"><B>Listing</B>&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Ordinary Shares are listed on the Nasdaq Capital Market under the
    symbol &ldquo;TWG.&rdquo;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-size: 10pt"><B>Use of proceeds</B>&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We will not receive any proceeds from the sale of Ordinary Shares by
    the Selling Shareholders.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-size: 10pt"><B>Risk factors</B>&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Any investment in the Ordinary Shares offered hereby is speculative
    and involves a high degree of risk. You should carefully consider the information set forth under &ldquo;Risk Factors&rdquo; beginning
    on page 16 of this prospectus<I>.</I>&nbsp;</FONT></TD></TR>
  </TABLE>

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

</DIV>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_004"></A>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>An investment in our Ordinary Shares involves
a high degree of risk. Before deciding whether to invest in our Ordinary Shares, you should consider carefully the risks set forth in
our Annual Report on Form 20-F for the year ended December 31, 2023 on file with the SEC, which is incorporated by reference into this
prospectus, as well as the risk factors described below, together with all of the other information set forth in this prospectus, including
the section titled &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operation&rdquo; and our consolidated
financial statements and related notes. If any of these risks actually occurs, our business, financial condition, results of operations
or cash flow could be materially and adversely affected, which could cause the trading price of our Ordinary Shares to decline, resulting
in a loss of all or part of your investment.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The following disclosure is intended to highlight,
update or supplement previously disclosed risk factors facing the Company set forth in the Company&rsquo;s public filings. These risk
factors should be carefully considered along with any other risk factors identified in the Company&rsquo;s other filings with the SEC.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Such risks are not exhaustive. We may face
additional risks that are presently unknown to us or that we believe to be immaterial as of the date of this prospectus. Known and unknown
risks and uncertainties may significantly impact and impair our business operations primarily through our subsidiaries in Hong Kong.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>All of our operations are in Hong&nbsp;Kong.
However, due to the long arm application of the current PRC laws and regulations, the PRC government may exercise significant direct
oversight and discretion over the conduct of our business and may intervene or influence our operations, which could result in a material
change in our operations and/or the value of our Ordinary Shares. Our Operating Subsidiary in Hong&nbsp;Kong may be subject to laws and
regulations of the Mainland China, which may impair our ability to operate profitably and result in a material negative impact on our
operations and/or the value of our Ordinary Shares. Furthermore, the changes in the policies, regulations, rules, and the enforcement
of laws of the PRC may also occur quickly with little advance notice and our assertions and beliefs of the risk imposed by the PRC legal
and regulatory system cannot be certain.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Operating Subsidiary is located and operates
its business in Hong&nbsp;Kong, a special administrative region of the PRC.&nbsp;The Operating Subsidiary, or TW HK does not have operation
in Mainland China and is not regulated by any regulator in Mainland China.&nbsp;As a result, the laws and regulations of the Mainland
China do not currently have any material impact on our business, financial condition and results of operation. Furthermore, except for
the Basic Law of the Hong&nbsp;Kong Special Administrative Region of the People&rsquo;s Republic of China (&ldquo;Basic Law&rdquo;),
national laws of the Mainland China do not apply in Hong&nbsp;Kong unless they are listed in Annex&nbsp;III of the Basic Law and applied
locally by promulgation or local legislation. National laws that may be listed in Annex&nbsp;III are currently limited under the Basic
Law to those which fall within the scope of defense and foreign affairs as well as other matters outside the limits of the autonomy of
Hong&nbsp;Kong. National laws and regulations relating to data protection, cybersecurity and the anti-monopoly have not been listed in
Annex&nbsp;III and so do not apply directly to Hong&nbsp;Kong.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, due to long arm provisions under the
current Mainland China laws and regulations, there remain regulatory and legal uncertainty with respect to the implementation of laws
and regulations of Mainland China to Hong&nbsp;Kong. As a result, there is no guarantee that the PRC government may not choose to implement
the laws of the Mainland China to Hong&nbsp;Kong and exercise significant direct influence and discretion over the operation of our Operating
Subsidiary in the future and, it will not have a material adverse impact on our business, financial condition and results of operations,
due to changes in laws, political environment or other unforeseeable reasons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that we or our Hong&nbsp;Kong Operating
Subsidiary were to become subject to laws and regulations of Mainland China, the legal and operational risks associated in Mainland China
may also apply to our operations in Hong&nbsp;Kong, and we face the risks and uncertainties associated with the legal system in the Mainland
China, complex and evolving Mainland China laws and regulations, and as to whether and how the recent PRC government statements and regulatory
developments, such as those relating to data and cyberspace security and anti-monopoly concerns, would be applicable to companies like
our Operating Subsidiary and us, given the substantial operations of our Operating Subsidiary in Hong&nbsp;Kong and the PRC government
may exercise significant oversight over the conduct of business in Hong&nbsp;Kong.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The laws and regulations in the Mainland China
are evolving, and their enactment timetable, interpretation, enforcement, and implementation involve significant uncertainties, and may
change quickly with little advance notice, along with the risk that the PRC government may intervene or influence our Operating Subsidiary&rsquo;s
operations at any time could result in a material change in our operations and/or the value of our securities. Moreover, there are substantial
uncertainties regarding the interpretation and application of Mainland China laws and regulations including, but not limited to, the
laws and regulations related to our business and the enforcement and performance of our arrangements with customers in certain circumstances.
The laws and regulations are sometimes vague and may be subject to future changes, and their official interpretation and enforcement
may involve substantial uncertainty. The effectiveness and interpretation of newly enacted laws or regulations, including amendments
to existing laws and regulations, may be delayed, and our business may be affected if we rely on laws and regulations which are subsequently
adopted or interpreted in a manner different from our understanding of these laws and regulations. New laws and regulations that affect
existing and proposed future businesses may also be applied retroactively. We cannot predict what effect the interpretation of existing
or new PRC laws or regulations may have on our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The laws, regulations, and other government directives
in the Mainland China may also be costly to comply with, and such compliance or any associated inquiries or investigations or any other
government actions may:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">delay or impede our development;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">result in negative publicity
                                            or increase our operating costs;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"></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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">require significant management
                                            time and attention;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">cause devaluation of our securities
                                            or delisting; and,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">subject us to remedies, administrative
                                            penalties and even criminal liabilities that may harm our business, including fines assessed
                                            for our current or historical operations, or demands or orders that we modify or even cease
                                            our business operations.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are aware that recently, the PRC government
initiated a series of regulatory actions and statements to regulate business operations in certain areas in Mainland China with little
advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over Mainland China-based
companies listed overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews,
and expanding the efforts in anti-monopoly enforcement. We have no operations in Mainland China. Based on our understanding of the PRC
laws and regulations currently in effect as of the date of this prospectus, as our Operating Subsidiary is located in Hong Kong, we are
not currently required to obtain permission from the PRC government to list on a U.S. securities exchange and consummate this offering.
However, there is no guarantee that this will continue to be the case in the future in relation to the continued listing of our securities
on a securities exchange outside of the PRC, or even when such permission is obtained, it will not be subsequently denied or rescinded.
The PRC government may intervene or influence our operations at any time or may exert control over offerings conducted overseas and foreign
investment in Hong Kong-based issuers, which may result in a material change in our operations and/or the value of our Ordinary Shares.
For example, there is currently no restriction or limitation under the laws of Hong Kong on the conversion of HK dollar into foreign
currencies and the transfer of currencies out of Hong Kong and the laws and regulations of the PRC on currency conversion control do
not currently have any material impact on the transfer of cash between the ultimate holding company and the Operating Subsidiary in Hong
Kong. The PRC government may, in the future, impose restrictions or limitations on our ability to move money out of Hong Kong to distribute
earnings and pay dividends to and from the other entities within our Group or to reinvest in our business outside of Hong Kong. Such
restrictions and limitations, if imposed in the future, may delay or hinder the expansion of our business to the outside of Hong Kong
and may affect our ability to receive funds from our Operating Subsidiary in Hong Kong. The promulgation of new laws or regulations,
or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact the ability or
way we conduct our business, could require us to change certain aspects of our business to ensure compliance, which could decrease demand
for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject
us to additional liabilities. To the extent any new or more stringent measures are required to be implemented, our business, financial
condition and results of operations could be adversely affected and such measured could materially decrease the value of our Ordinary
Shares, potentially rendering it worthless.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Recently, the PRC government
                                            initiated a series of regulatory actions and statements to regulate business operations in
                                            certain areas in Mainland China with little or no advance notice, including a cracking down
                                            on illegal activities in the securities market, enhancing supervision over Mainland China-based
                                            companies listed overseas using the variable interest entity structure, adopting new measures
                                            to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly
                                            enforcement. In the future, we may become subject to a variety of PRC laws and other obligations
                                            regarding the data security and the Draft Overseas Listing Regulations, and any failure to
                                            comply with applicable laws and obligations could have a material and adverse effect on our
                                            business, financial condition and results of operations and could result in a material change
                                            in such operations and/or the value of the securities we are registering for sale. See &ldquo;Risk
                                            Factors &mdash; Risks Related to Doing Business in the Jurisdictions in which We Operate
                                            &mdash; <I>We may become subject to a variety of the PRC laws and other obligations regarding
                                            data security in relation to offerings that are conducted overseas by Mainland China-based
                                            issuers, and any failure to comply with applicable laws and obligations could have a material
                                            and adverse effect on our business, financial condition and results of operations and may
                                            hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the
                                            value of our Ordinary Shares to significantly decline or be worthless</I>&rdquo; on page
                                            18.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may become subject to a variety of PRC
laws and other obligations regarding data security in relation to offerings that are conducted overseas and/or foreign investment in
Mainland China-based issuers, and any failure to comply with applicable laws and obligations could have a material and adverse effect
on our business, financial condition and results of operations and may hinder our ability to offer or continue to offer Ordinary Shares
to investors and cause the value of our Ordinary Shares to significantly decline or be worthless.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 10, 2021, the Standing Committee of the
National People&rsquo;s Congress enacted the PRC Data Security Law, which took effect on September 1, 2021. The law requires data collection
to be conducted in a legitimate and proper manner, and stipulates that, for the purpose of data protection, data processing activities
must be conducted based on data classification and hierarchical protection system for data security. On July 6, 2021, the General Office
of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down
on illegal activities in the securities market and promote the high-quality development of the capital market, which, among other things,
requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance
supervision over China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the
PRC securities laws. On August 20, 2021, the 30th meeting of the Standing Committee of the 13th National People&rsquo;s Congress voted
and passed the &ldquo;Personal Information Protection Law of the People&rsquo;s Republic of China&rdquo;, or &ldquo;PRC Personal Information
Protection Law (PIPL)&rdquo;, which became effective on November 1, 2021. The PIPL stipulates the rules for cross-border provision of
personal information and applies to the processing of personal information of natural persons within the territory of Mainland China
that is carried out outside of Mainland China where (1) such processing is for the purpose of providing products or services for natural
persons within Mainland China, (2) such processing is to analyze or evaluate the behavior of natural persons within Mainland China, or
(3) there are any other circumstances stipulated by related laws and administrative regulations. Pursuant to the PIPL, personal data
processors (&ldquo;data processors&rdquo;) shall meet one of the conditions in order to transmit personal information overseas for their
business operations: (i) passing the security evaluation organized by the Cyberspace Administration of China (the &ldquo;CAC&rdquo;);
(ii) acquiring personal information protection certification from the professional organizations regulated by the CAC; (iii) adopting
the standard contract forms stipulated by the CAC when entering into contracts with overseas information receivers, setting forth the
rights and obligations of the parties; and (iv) other conditions regulated by laws, regulations and the CAC. Prior to the cross-border
provision of personal information of the natural persons, personal information processors shall obtain the approval of the corresponding
natural persons and advise them of the overseas receiver&rsquo;s name, contact information, processing purpose and methods, classification
of personal information and information reception procedures, etc.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 24, 2021, the China Securities Regulatory
Commission (&ldquo;CSRC&rdquo;), together with other relevant government authorities in China issued the Provisions of the State Council
on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) and the Measures for the
Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) (collectively to be referred as the &ldquo;Draft
Overseas Listing Regulations&rdquo;). The Draft Overseas Listing Regulations requires that a PRC domestic enterprise seeking to issue
and list its shares overseas (&ldquo;Overseas Issuance and Listing&rdquo;) shall complete the filing procedures of and submit the relevant
information to CSRC. The Overseas Issuance and Listing includes direct and indirect issuance and listing. Where a company whose principal
business activities are conducted in Mainland China seeks to issue and list its shares in the name of an overseas enterprise (&ldquo;Overseas
Issuer&rdquo;) on the basis of the equity, assets, income or other similar rights and interests of the relevant PRC domestic enterprise,
such activities shall be deemed an indirect overseas issuance and listing (&ldquo;Indirect Overseas Issuance and Listing&rdquo;) under
the Draft Overseas Listing Regulations. On February 17, 2023, the CSRC released the Trial Administrative Measures of Overseas Securities
Offering and Listing by Domestic Companies, or the Trial Administrative Measures, and five supporting guidelines, which came into effect
on March 31, 2023. The Trial Administrative Measures further stipulate the rules and requirements for overseas offering and listing conducted
by PRC domestic companies. The Overseas Listing Regulations require that a PRC domestic enterprise seeking to issue and list its shares
overseas shall complete the filing procedures of and submit the relevant information to CSRC, failing which we may be fined between RMB
1 million and RMB 10million. On December 28, 2021, the CAC jointly with the relevant authorities formally published Measures for Cybersecurity
Review (2021) which took effect on February 15, 2022 and replace the former Measures for Cybersecurity Review (2020) issued on July 10,
2021. Measures for Cybersecurity Review (2021) stipulates that operators of critical information infrastructure purchasing network products
and services, and online platform operator (together with the operators of critical information infrastructure, the &ldquo;Operators&rdquo;)
carrying out data processing activities that affect or may affect national security, shall conduct a cybersecurity review, any online
platform operator who controls more than one million users&rsquo; personal information must go through a cybersecurity review by the
cybersecurity review office if it seeks to be listed in a foreign country.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Operating Subsidiary may collect and store
certain data (including certain personal information) from our clients, who may be Mainland China individuals, in connection with our
business and operations and for &ldquo;Know Your Customers&rdquo; purposes (to combat money laundering). As advised by our PRC counsel,
the Measures for Cybersecurity Review (2021), PRC Data Security Law, the PIPL, and the Draft Overseas Listing Regulations currently does
not have an impact on our business, operations or this offering, nor do we or our Hong Kong subsidiaries are covered by permission requirements
from the CAC that is required to approve our Hong Kong subsidiaries&rsquo; operations and our Offering, as our Hong Kong Operating Subsidiary
will not be deemed to be an &ldquo;Operator&rdquo; or a &ldquo;data processor&rdquo; that required to file for cybersecurity review before
listing in the United States. Because: (i) our Hong Kong Operating Subsidiary was incorporated in Hong Kong and operate only in Hong
Kong without any subsidiary or VIE structure in Mainland China and each of the Measures for Cybersecurity Review (2021), the PIPL and
the Draft Overseas Listing Regulations do not clearly provide whether it shall be applied to a company based in Hong Kong; (ii) as of
date of this prospectus, we and our subsidiaries have not collected, stored, or managed any personal information in mainland China. Our
data processing activities are solely carried out by our overseas entities outside of mainland China for the purpose of offering products
or services in Hong Kong and other jurisdictions outside of mainland China. We and our Operating Subsidiary do not control more than
one millions users&rsquo; personal information as of the date of this Prospectus. Therefore, we believe that the Measures is not applicable
to us; (iii) all of the data our Operating Subsidiary has collected is stored in servers located in Hong Kong, and we do not place any
reliance on collection and processing of any personal information to maintain our business operation; (iv) as of the date of this prospectus,
our Operating Subsidiary has not been informed by any PRC governmental authority of any requirement that it files for a CSRC review,
nor received any inquiry, notice, warning, or sanction in such respect initiated by the CAC or related governmental regulatory authorities;
and (v) data processed in our business should not have a bearing on national security nor affect or may affect national security, and
we have not been notified by any authorities of being classified as an Operator. Moreover, as advised by our PRC counsel, pursuant to
the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which
is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy). Therefore,
based on the PRC laws and regulations effective as of the date of this prospectus and subject to interpretations of these laws and regulations
that may be adopted by Mainland China authorities, as advised by our PRC counsel, neither we, nor our Operating Subsidiary in Hong Kong
are currently required to obtain any permission or approval from the Mainland China authorities, including the CSRC and CAC, to operate
our business or to offer the securities being registered to foreign investors. As of the date of this prospectus, neither we nor our
Operating Subsidiary have ever applied for any such permission or approval.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, as further advised by our PRC counsel,
given the uncertainties arising from the legal system in Mainland China and Hong Kong, including uncertainties regarding the interpretation
and enforcement of the PRC laws and regulations and the significant authority of the PRC government to intervene or influence the offshore
holding company headquartered in Hong Kong, there remains significant uncertainty in the interpretation and enforcement of Draft Overseas
Listing Regulations, Trial Administrative Measures, PIPL, relevant Mainland China data privacy, cybersecurity laws and other regulations.
It is highly uncertain how soon the legislative or administrative regulation-making bodies will respond and what existing or new laws
or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what
the potential impact such modified or new laws and regulations will have on the daily business operations of our Operating Subsidiary
and the listing of our Ordinary Shares on the U.S. or other foreign exchanges.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the PIPL becomes applicable to the companies
headquartered in Hong Kong, our business, or the operation of our Operating Subsidiary, there can be no assurance that we or our Operating
Subsidiary will be able to comply with the PIPL. The Operating Subsidiary&rsquo;s current practice of collecting and processing personal
information may be required to be rectified or terminated by regulatory authorities. Failure to comply with any applicable requirements
may subject the Company to fines and other penalties which may have a material adverse effect on its business, operations, and financial
condition. Furthermore, if the Trial Administrative Measures become applicable to our Operating Subsidiary in Hong Kong, if any of our
Operating Subsidiary is deemed to be an &ldquo;Operator&rdquo;, or if the Measures for Cybersecurity Review (2021) or the PIPL become
applicable to our Operating Subsidiary in Hong Kong, the business operation of our Operating Subsidiary and the listing of our Ordinary
Shares in the United States could be subject to the CAC&rsquo;s cybersecurity review or the CSRC Overseas Issuance and Listing review
in the future. If the applicable laws, regulations, or interpretations change and our Operating Subsidiary become subject to the CAC
or CSRC review, we cannot assure you that our Operating Subsidiary will be able to comply with the regulatory requirements in all respects
and our current practice of collecting and processing personal information may be ordered to be rectified or terminated by regulatory
authorities. Compliance with these laws and regulations could significantly increase the cost to us of providing our service offerings,
require significant changes to our operations or even prevent us from providing certain service offerings in jurisdictions in which we
currently operate or in which we may operate in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, as we are based in Hong Kong without
Mainland China operation and subsidiaries, under the currently effective PRC laws and regulations, we are not required to seek approval
from the CSRC, or any other PRC governmental authorities for our overseas listing plan, nor have we received any inquiry, notice, warning
or sanctions regarding our planned overseas listing from the CSRC or any other PRC governmental authorities as of the date of this prospectus.
However, since the Trial Administrative Measures was newly promulgated, its interpretation, application and enforcement remain unclear
and there also remains significant uncertainty as to the enactment, interpretation and implementation of other regulatory requirements
related to overseas securities offerings and other capital markets activities. If there is a significant change to the current political
arrangements between Mainland China and Hong Kong, or the applicable laws, regulations, or interpretations change, and/or if we were
required to obtain such permissions or approvals in the future in connection with the listing or continued listing of our securities
on a stock exchange outside of the PRC, it is uncertain how long it will take for us to obtain such approval, and, even if we obtain
such approval, the approval could be rescinded. Any failure to obtain or a delay in obtaining the necessary permissions from the PRC
authorities to conduct offerings or list outside of the PRC may subject us to sanctions imposed by the CSRC, CAC, or other PRC regulatory
authorities. It could include fines and penalties, proceedings against us, and other forms of sanctions, and our ability to conduct our
business, invest into the Mainland China as foreign investments or accept foreign investments, ability to offer or continue to offer
Ordinary Shares to investors or list on the U.S. or other overseas exchange may be restricted, and the value of our Ordinary Shares may
significantly decline or be worthless, our business, reputation, financial condition, and results of operations may be materially and
adversely affected. The CSRC, the CAC, or other PRC regulatory agencies also may take actions requiring us, or making it advisable for
us, to halt this offering before settlement and delivery of our Ordinary Shares. Consequently, if you engage in market trading or other
activities in anticipation of and prior to settlement and delivery, you do so at the risk that settlement and delivery may not occur.
In addition, if the CSRC, the CAC, or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals
for this offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain
such a waiver. Any uncertainties and/or negative publicity regarding such an approval requirement could have a material adverse effect
on the trading price of our securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If the PRC government chooses to extend
the oversight and control over offerings that are conducted overseas and/or foreign investment in Mainland China-based issuers to Hong
Kong-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares
to investors and cause the value of our Ordinary Shares to significantly decline or be worthless.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recent statements, laws, and regulations by the
PRC government, including the Measures for Cybersecurity Review (2021), the PRC Personal Information Protection Law and the Draft Rules
on Overseas Listing published by CSRC on December 24, 2021 also have indicated an intent to exert more oversight and control over offerings
that are conducted overseas and/or foreign investments in Mainland China-based issuers. It remains uncertain as to the enactment, interpretation,
and implementation of regulatory requirements related to overseas securities offering and other capital markets activities and due to
the possibility that laws, regulations, or policies in the PRC could change rapidly in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It remains uncertain whether the PRC government
will adopt additional requirements or extend the existing requirements to apply to our Operating Subsidiary. It is also uncertain whether
the Hong Kong government will be mandated by the PRC government, despite the constitutional constraints of the Basic Law, to control
over offerings conducted overseas and/or foreign investment of entities in Hong Kong, including our Operating Subsidiary. Any actions
by the PRC government to exert more oversight and control over offerings (including of businesses whose primary operations are in Hong
Kong) that are conducted overseas and/or foreign investments in Hong Kong-based issuers could significantly limit or completely hinder
our ability to offer or continue to offer securities to investors. If there is a significant change to current political arrangements
between Mainland China and Hong Kong, or the applicable laws, regulations, or interpretations change, and, in such event, if we are required
to obtain such approvals in the future and we do not receive or maintain the approvals or is denied permission from Mainland China or
Hong Kong authorities, we will not be able to list our Ordinary Shares on a U.S. exchange, or continue to offer securities to investors,
which would materially affect the interests of the investors and cause significant the value of our Ordinary Shares significantly decline
or be worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The enforcement of laws and rules and regulations
in the PRC can change quickly with little advance notice. Additionally, the PRC laws and regulations and the enforcement of such that
apply or are to be applied to Hong Kong can change quickly with little or no advance notice. As a result, the Hong Kong legal system
embodies uncertainties which could limit the availability of legal protections, which could result in a material change in our Operating
Subsidiary&rsquo;s operations and/or the value of the securities we are offering.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As one of the conditions for the handover of
the sovereignty of Hong Kong to China, China accepted conditions such as Hong Kong&rsquo;s Basic Law. The Basic Law ensured Hong Kong
will retain its currency (the Hong Kong Dollar), legal system, parliamentary system, and people&rsquo;s rights and freedom for fifty
years from 1997. This agreement has given Hong Kong the freedom to function with a high degree of autonomy. The Special Administrative
Region of Hong Kong is responsible for its domestic affairs, including, but not limited to, the judiciary and courts of last resort,
immigration, and customs, public finance, currencies, and extradition. Hong Kong continues using the English common law system. However,
if the PRC government attempts to alter its agreement to allow Hong Kong to function autonomously, this could potentially impact Hong
Kong&rsquo;s common law legal system and may in turn bring about uncertainty in, for example, the enforcement of our contractual rights.
This could, in turn, materially and adversely affect our Operating Subsidiary&rsquo;s business and operations. Additionally, intellectual
property rights and confidentiality protections in Hong Kong may not be as effective as in the United States or other countries. Accordingly,
we cannot predict the effect of future developments in the Hong Kong legal system, including the promulgation of new laws, changes to
existing laws or the interpretation or enforcement thereof, or the pre-emption of local regulations by national laws. These uncertainties
could limit the legal protections available to us, including the ability to enforce agreements with the customers.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There are political risks associated with
conducting business in Hong Kong.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of our operations are in Hong Kong. Accordingly,
the business operations and financial conditions of our Operating Subsidiary will be affected by the political and legal developments
in Hong Kong. Any adverse economic, social and/or political conditions, material social unrest, strike, riot, civil disturbance or disobedience,
as well as significant natural disasters, may affect the market and may adversely affect our operations. Given the relatively small geographical
size of Hong Kong, any of such incidents may have a widespread effect on our business operations, which could in turn adversely and materially
affect our business, results of operations and financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hong Kong is a special administrative region
of the PRC and the basic policies of the PRC regarding Hong Kong are reflected in the Basic Law, namely, Hong Kong&rsquo;s constitutional
document, which provides Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers, including
that of final adjudication under the principle of &ldquo;one country, two systems&rdquo;. However, there is no assurance that there will
not be any changes in the political arrangement between PRC and Hong Kong and the economic, political and legal environment in Hong Kong
in the future. Since all of our operations are based in Hong Kong, any change of such political arrangements may pose an immediate threat
to the stability of the economy in Hong Kong, thereby directly and adversely affecting our results of operations and financial positions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on certain recent development including
the Law of the People&rsquo;s Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region issued
by the Standing Committee of the PRC National People&rsquo;s Congress in June 2020, the U.S. State Department has indicated that the
United States no longer considers Hong Kong to have significant autonomy from China and President Trump signed an executive order and
Hong Kong Autonomy Act, or HKAA, to remove Hong Kong&rsquo;s preferential trade status and to authorize the U.S. administration to impose
blocking sanctions against individuals and entities who are determined to have materially contributed to the erosion of Hong Kong&rsquo;s
autonomy. The United States may impose the same tariffs and other trade restrictions on exports from Hong Kong that it places on goods
from Mainland China. These and other recent actions may represent an escalation in political and trade tensions involving the U.S, China
and Hong Kong, which could potentially harm our business. It is difficult to predict the full impact of the HKAA on Hong Kong and companies
with operations in Hong Kong like us. Furthermore, legislative or administrative actions in respect of China-U.S. relations could cause
investor uncertainty for affected issuers, including us, and the market price of our Ordinary Shares could be adversely affected.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The HK subsidiary was formed under and are governed
by the laws of the HK, however, we may be subject to the uncertainties of PRC legal system. The PRC legal system is based on written
statutes. Prior court decisions may be cited for reference, but have limited precedential value. In 1979, the PRC government began to
promulgate a comprehensive system of laws and regulations governing economic matters in general, such as foreign investment, corporate
organization and governance, commerce, taxation and trade. As a significant part of our business is conducted in HK, our operations may
be governed by PRC laws and regulations. However, since the PRC legal system continues to evolve rapidly, the interpretations of many
laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involves uncertainties, which
may limit legal protections available to us. In addition, some regulatory requirements issued by certain PRC government authorities may
not be consistently applied by other PRC government authorities (including local government authorities), thus making strict compliance
with all regulatory requirements impractical, or in some circumstances impossible. For example, we may have to resort to administrative
and court proceedings to enforce the legal protection that we enjoy either by law or contract. However, since PRC administrative and
court authorities have discretion in interpreting and implementing statutory and contractual terms, it may be more difficult to predict
the outcome of administrative and court proceedings and the level of legal protection we enjoy than in more developed legal systems.
Furthermore, the PRC legal system is based in part on government policies and internal rules, some of which are not published on a timely
basis or at all and may have retroactive effect. As a result, we may not be aware of our violation of these policies and rules until
sometime after the violation. Such uncertainties, including uncertainty over the scope and effect of our contractual, property (including
intellectual property) and procedural rights, could materially and adversely affect our business and impede our ability to continue our
operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, if China adopts more stringent standards
with respect to environmental protection or corporate social responsibilities, we may incur increased compliance costs or become subject
to additional restrictions in our operations. Intellectual property rights and confidentiality protections in China may also not be as
effective as in the United&nbsp;States or other countries. In addition, we cannot predict the effects of future developments in the PRC
legal system on our business operations, including the promulgation of new laws, or changes to existing laws or the interpretation or
enforcement thereof. These uncertainties could limit the legal protections available to us and our investors, including you. Moreover,
any litigation in China may be protracted and result in substantial costs and diversion of our resources and management attention.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we and/or our subsidiaries were to be
required to obtain any permission or approval from or complete any filing procedure with the China Securities Regulatory Commission (the
&ldquo;CSRC&rdquo;), the CAC, or other PRC governmental authorities in connection with the initial public offering (&ldquo;IPO&rdquo;)
or future follow-on offerings under PRC laws, we and/or our subsidiaries may be fined or subject to other sanctions, and our subsidiaries&rsquo;
business and our reputation, financial condition, and results of operations may be materially and adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Cybersecurity Review Measures jointly promulgated
by the CAC and other relevant PRC governmental authorities on December&nbsp;28, 2021 required that, among others, &ldquo;critical information
infrastructure&rdquo; or network platform operators holding over one million users&rsquo; personal information to apply for a cybersecurity
review before any public offering on a foreign stock exchange. However, this regulation is recently issued and there remain substantial
uncertainties about its interpretation and implementation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this Prospectus, we and our
Operating Subsidiary do not have any business operation or maintain any office or personnel in mainland China. We and our Operating Subsidiary
have not collected, stored, or managed any personal information in mainland China. Based on our inquiry with the China Cybersecurity
Review Technology and Certification Center (the &ldquo;CCRC&rdquo;) and the assessment conducted by the management, we believe that we
and our Operating Subsidiary are not currently required to proactively apply to a cybersecurity review for our this offering or other
future offerings conducted overseas, on the basis that (i)&nbsp;our Operating Subsidiary is incorporated in Hong&nbsp;Kong, the British
Virgin Islands, and other jurisdictions outside of mainland China and operates in Hong&nbsp;Kong without any subsidiary or variable interest
entities (&ldquo;VIE&rdquo;) structure in mainland China, and we do not maintain any office or personnel in mainland China; (ii)&nbsp;except
for the Basic Law, the National Laws do not apply in Hong&nbsp;Kong unless they are listed in Annex&nbsp;III of the Basic Law and applied
locally by promulgation or local legislation, and National Laws that may be listed in Annex&nbsp;III are currently limited under the
Basic Law to those which fall within the scope of defense and foreign affairs as well as other matters outside the limits of the autonomy
of Hong&nbsp;Kong, and PRC laws and regulations relating to data protection and cyber security have not been listed in Annex&nbsp;III
as the date of this Prospectus; (iii)&nbsp;our data processing activities are solely carried out by our overseas entities outside of
mainland China for the purpose of offering products or services in Hong&nbsp;Kong and other jurisdictions outside of mainland China;
(iv)&nbsp;we and our Operating Subsidiary do not control more than one millions users&rsquo; personal information as of the date of this
Prospectus; (v)&nbsp;as of the date of this Prospectus, we and our Operating Subsidiary have not received any notice of identifying us
as critical information infrastructure from any relevant PRC governmental authorities; (vi)&nbsp;as of the date of this Prospectus, neither
of us or our Operating Subsidiary has been informed by any PRC governmental authority of any requirement for a cybersecurity review;
and (vii)&nbsp;based on our inquiry with the CCRC, the officer who provides cybersecurity review consultation service under CCRC believes
that we are currently not required to apply to a cybersecurity review for our public offerings on a foreign stock exchange with the CAC
because we neither currently have any operation in mainland China nor control more than one millions users&rsquo; personal information
as of the date of this Prospectus. Additionally, we believe that we and our subsidiaries are compliant with the regulations and policies
that have been issued by the CAC to date and there was no material change to these regulations and policies since our initial public
offering.&nbsp;However, regulatory requirements on cybersecurity and data security in the mainland China are constantly evolving and
can be subject to varying interpretations or significant changes, which may result in uncertainties about the scope of our responsibilities
in that regard, and there can be no assurance that the relevant PRC governmental authorities, including the CAC, would reach the same
conclusion as our PRC counsel. We will closely monitor and assess the implementation and enforcement of the Cybersecurity Review Measures.
If the Cybersecurity Review Measures mandates clearance of cybersecurity and/or data security regulators and other specific actions to
be completed by companies like us, we may face uncertainties as to whether we can meet such requirements timely, or at all.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February&nbsp;17, 2023, the CSRC promulgated
the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the &ldquo;Trial Measures&rdquo;)
and five supporting guidelines, which took effect on March&nbsp;31, 2023. The Trial Measures requires companies in mainland China that
seek to offer and list securities overseas, both directly and indirectly, to fulfill the filing procedures with the CSRC.&nbsp;According
to the Trial Measures, the determination of the &ldquo;indirect overseas offering and listing by companies in mainland China&rdquo; shall
comply with the principle of &ldquo;substance over form&rdquo; and particularly, an issuer will be required to go through the filing
procedures under the Trial Measures if the following criteria are met at the same time: (i)&nbsp;50% or more of the issuer&rsquo;s operating
revenue, total profits, total assets or net assets as documented in its audited consolidated financial statements for the most recent
accounting year are accounted for by companies in mainland China; and (ii)&nbsp;the main parts of the issuer&rsquo;s business activities
are conducted in mainland China, or its main places of business are located in mainland China, or the senior managers in charge of its
business operation and management are mostly Chinese citizens or domiciled in mainland China. On the same&nbsp;day, the CSRC held a press
conference for the release of the Trial Measures and issued the Notice on Administration for the Filing of Overseas Offering and Listing
by Domestic Companies, which clarifies that (i)&nbsp;on or prior to the effective date of the Trial Measures, companies in mainland China
that have already submitted valid applications for overseas offering and listing but have not obtained approval from overseas regulatory
authorities or stock exchanges shall complete the filing before the completion of their overseas offering and listing; and (ii)&nbsp;companies
in Mainland China which, prior to the effective date of the Trial Measures, have already obtained the approval from overseas regulatory
authorities or stock exchanges and are not required to re-perform the regulatory procedures with the relevant overseas regulatory authority
or stock exchange, but have not completed the indirect overseas listing, shall complete the overseas offering and listing before September&nbsp;30,2023,
and failure to complete the overseas listing within such six-month period will subject such companies to the filing requirements with
the CSRC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the assessment conducted by the management,
we are not subject to the Trial Measures, because we are incorporated in the Cayman Islands and our subsidiaries are incorporated in
Hong&nbsp;Kong, the British Virgin Islands and other regions outside of mainland China and operate in Hong&nbsp;Kong without any subsidiary
or VIE structure in mainland China, and we do not have any business operations or maintain any office or personnel in mainland China.
However, as the Trial Measures and the supporting guidelines are newly published, there exists uncertainty with respect to the implementation
and interpretation of the principle of &ldquo;substance over form&rdquo;. As of the date of this Prospectus, there was no material change
to these regulations and policies since our IPO. If our offering, including the IPO and future follow-on offerings, and listing were
later deemed as &ldquo;indirect overseas offering and listing by companies in mainland China&rdquo; under the Trial Measures, we may
need to complete the filing procedures for our offering, including the IPO, this Offering, and future follow-on offerings, and listing.
If we are subject to the filing requirements, we cannot assure you that we will be able to complete such filings in a timely manner or
even at all.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since these statements and regulatory actions
are new, it is also highly uncertain in the interpretation and the enforcement of the above cybersecurity and overseas listing laws and
regulation. There is no assurance that the relevant PRC governmental authorities would reach the same conclusion as us. If we and/or
our subsidiaries are required to obtain approval or fillings from any governmental authorities, including the CAC and/or the CSRC, in
connection with the listing or continued listing of our securities on a stock exchange outside of Hong&nbsp;Kong or mainland China, it
is uncertain how long it will take for us and/or our subsidiaries to obtain such approval or complete such filing, and, even if we and
our subsidiaries obtain such approval or complete such filing, the approval or filing could be rescinded. Any failure to obtain or a
delay in obtaining the necessary permissions from or complete the necessary filing procedure with the PRC governmental authorities to
conduct offerings or list outside of Hong&nbsp;Kong or mainland China may subject us and/or our subsidiaries to sanctions imposed by
the PRC governmental authorities, which could include fines and penalties, suspension of business, proceedings against us and/or our
subsidiaries, and even fines on the controlling shareholder and other responsible persons, and our subsidiaries&rsquo; ability to conduct
our business, our ability to invest into mainland China as foreign investments or accept foreign investments, or our ability to list
on a U.S.&nbsp;or other overseas exchange may be restricted, and our subsidiaries&rsquo; business, and our reputation, financial condition,
and results of operations may be materially and adversely affected.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our Hong&nbsp;Kong Operating Subsidiary
may be subject to restrictions on paying dividends or making other payments to us, which may restrict their ability to satisfy liquidity
requirements, conduct business and pay dividends to holders of our ordinary shares.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a holding company incorporated in the
Cayman Islands with the majority of our operations in Hong&nbsp;Kong. Accordingly, most of our cash is maintained in Hong&nbsp;Kong dollars.
We rely in part on dividends from our Hong&nbsp;Kong Operating Subsidiary for our cash and financing requirements, such as the funds
necessary to service any debt we may incur.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is currently no restriction or limitation
under the laws of Hong&nbsp;Kong on the conversion of Hong&nbsp;Kong dollars into foreign currencies and the transfer of currencies out
of Hong&nbsp;Kong and the foreign currency regulations of mainland China do not currently have any material impact on the transfer of
cash between us and our Hong&nbsp;Kong Operating Subsidiary. However, there is a possibility that certain PRC laws and regulations, including
existing laws and regulations and those enacted or promulgated in the future were to become applicable to our Hong&nbsp;Kong Operating
Subsidiary in the future and the PRC government may prevent our cash maintained in Hong&nbsp;Kong from leaving or restrict the deployment
of the cash into our business or for the payment of dividends in the future. Any such controls or restrictions, if imposed in the future
and to the extent cash is generated in our Hong&nbsp;Kong Operating Subsidiary and to the extent assets (other than cash) in our business
are located in Hong&nbsp;Kong or held by a Hong&nbsp;Kong entity and may need to be used to fund operations outside of Hong&nbsp;Kong,
may adversely affect our ability to finance our cash requirements, service debt or make dividend or other distributions to our shareholders.
Furthermore, there can be no assurance that the PRC government will not intervene or impose restrictions on our ability to transfer or
distribute cash within our organization, which could result in an inability or prohibition on making transfers or distributions to entities
outside of Hong&nbsp;Kong and adversely affect our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Chinese government may intervene or
influence our Chinese supplier and its exclusive overseas agent&rsquo;s operations at any time, or may exert more control over how our
PRC-based supplier operate their business or cooperate with us. This could result in a material change in our PRC-based supplier&rsquo;s
operations and indirectly the value of our Ordinary Shares.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely on one PRC-based sturgeon farm for our
supply of caviar, with which we entered into supplier agreement through its exclusive overseas agent. The PRC government may choose to
exercise significant oversight and discretion, and the policies, regulations, rules, and the enforcement of laws of the Chinese government
to which our PRC-based supplier and its exclusive overseas agent is subject to may change rapidly and with little advance notice. As
a result, the application, interpretation, and enforcement of new and existing laws and regulations in the PRC are often uncertain. In
addition, these laws and regulations may be interpreted and applied inconsistently by different agencies or authorities, and may be inconsistent
with our supplier or its exclusive overseas agent&rsquo;s current policies and practices. New laws, regulations, and other government
directives in the PRC may also be costly to comply with, and such compliance or any associated inquiries or investigations or any other
government actions may:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Delay or impede our supplier&rsquo;s
                                            development;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">result in negative publicity
                                            or increase our supplier&rsquo;s operating costs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">require significant management
                                            time and attention; and/or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">subject us to remedies, administrative
                                            penalties and even criminal liabilities that may harm our supplier&rsquo;s business, including
                                            fines assessed for our supplier&rsquo;s current or historical operations, or demands or orders
                                            that our supplier modifies or even ceases their business practices.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PRC government initiated a series of regulatory
actions and statements to regulate business operations in certain areas in China with little advance notice, including cracking down
on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using a variable interest
entity (&ldquo;VIE&rdquo;) structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in
anti-monopoly enforcement. These regulatory actions and statements emphasize the need to strengthen the administration over illegal securities
activities and the supervision of China-based companies seeking overseas listings. Additionally, companies are required to undergo a
cybersecurity review if they hold large amounts of data related to issues of national security, economic development or public interest
before carrying our mergers, restructuring or splits that affect or may affect national security. These statements were recently issued
and their official guidance and interpretation remain unclear at this time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Chinese government may intervene or influence
our PRC-based supplier&rsquo;s operations at any time and may exert more control over offerings conducted overseas and foreign investment
in China-based companies, which may result in a material change in our PRC-based operations. Any legal or regulatory changes that restrict
or otherwise unfavorably impact our PRC-based supplier&rsquo;s ability to conduct their business could decrease demand for their services,
reduce revenues, increase costs, require them to obtain more licenses, permits, approvals or certificates, or subject them to additional
liabilities. To the extent any new or more stringent measures are implemented, our supplier&rsquo;s and our business, financial condition
and results of operations could be adversely affected, and the value of our Ordinary Shares could decrease or become worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The enactment of Law of the PRC on Safeguarding
National Security in the Hong&nbsp;Kong Special Administrative Region (the &ldquo;Hong&nbsp;Kong National Security Law&rdquo;) could
impact our Hong&nbsp;Kong Operating Subsidiary.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June&nbsp;30, 2020, the Standing Committee
of the PRC National People&rsquo;s Congress adopted the Hong&nbsp;Kong National Security Law. This law defines the duties and government
bodies of the Hong&nbsp;Kong National Security Law for safeguarding national security and four categories of offences&nbsp;&mdash;&nbsp;secession,
subversion, terrorist activities, and collusion with a foreign country or external elements to endanger national security&nbsp;&mdash;&nbsp;and
their corresponding penalties. On July&nbsp;14, 2020, the former U.S.&nbsp;President Donald Trump signed the Hong&nbsp;Kong Autonomy
Act, or HKAA, into law, authorizing the U.S.&nbsp;administration to impose blocking sanctions against individuals and entities who are
determined to have materially contributed to the erosion of Hong&nbsp;Kong&rsquo;s autonomy. On August&nbsp;7, 2020 the U.S.&nbsp;government
imposed HKAA-authorized sanctions on eleven individuals, including former HKSAR chief executive Carrie Lam. On October14, 2020, the U.S.&nbsp;State
Department submitted to relevant committees of Congress the report required under HKAA, identifying persons materially contributing to
&ldquo;the failure of the Government of China to meet its obligations under the Joint Declaration or the Basic Law.&rdquo; The HKAA further
authorizes secondary sanctions, including the imposition of blocking sanctions, against foreign financial institutions that knowingly
conduct a significant transaction with foreign persons sanctioned under this authority. The imposition of sanctions may directly affect
the foreign financial institutions as well as any third parties or customers dealing with any foreign financial institution that is targeted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March&nbsp;19, 2024, the Legislative Council
of Hong&nbsp;Kong passed the Safeguarding National Security bill. The Safeguarding National Security Ordinance (effective on March&nbsp;23,
2024) was enacted according to the Article&nbsp;23 of the Basic Law of the Hong&nbsp;Kong Special Administrative Region which stipulates
that Hong&nbsp;Kong shall enact laws on its own to prohibit any act of treason, secession, sedition, subversion against the central people&rsquo;s
government, or theft of state secrets. The Safeguarding National Security Ordinance mainly covers five types of offences: treason, insurrection,
offences in connection with state secrets and espionage, sabotage endangering national security and related activities, and external
interference and organizations engaging in activities endangering national security. It is difficult to predict the full impact of the
Hong&nbsp;Kong National Security Law and HKAA and the Safeguarding National Security Ordinance on Hong&nbsp;Kong and companies located
in Hong&nbsp;Kong. If our Hong&nbsp;Kong Operating Subsidiary is determined to be in violation of the Hong&nbsp;Kong National Security
Law or the HKAA or the Safeguarding National Security Ordinance, by competent authorities, our business operations, financial position
and results of operations could be materially and adversely affected.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have a short operating history and are
subject to risks and uncertainties associated with operating in a rapidly developing and evolving industry. Our limited operating history
makes it difficult to evaluate our business and prospects.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We established our caviar business in Hong&nbsp;Kong
in August&nbsp;2021 and have subsequently experienced rapid growth. We expect we will continue to expand as global market presence, broaden
our product portfolio, enlarge our customer bases and explore new market opportunities. However, due to our limited operating history,
our historical growth rate may not be indicative of our future performance. Our future performance may be more susceptible to certain
risks than a company with a longer operating history in a different industry. Many of the factors discussed below could adversely affect
our business and prospects and future performance, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our ability to maintain, expand
                                            and further develop our relationships with customers;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our ability to introduce and
                                            manage new caviar products in response to changes in customer demographics and consumer tastes
                                            and preferences;</TD></TR></TABLE>

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

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

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

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

<P STYLE="margin-top: 0; margin-bottom: 0"></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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">the continued growth and development
                                            of the caviar industry;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our ability to maintain the quality
                                            of our caviar products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our ability to effectively manage
                                            our growth;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our ability to compete effectively
                                            with our competitors in the caviar industry; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our ability to attract and retain
                                            qualified and skilled employees.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should consider our business and prospects
in light of the risks and uncertainties we face as a fast growing company operating in a rapidly developing and evolving market. We may
not be successful in addressing the risks and uncertainties listed above, among others, which may materially and adversely affect our
business and prospects and future performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We solely and materially rely on Fujian
Aoxuanlaisi Biotechnology Co., Ltd (&ldquo;Fujian Aoxuanlaisi&rdquo;), the exclusive distributor of a PRC sturgeon farm, as our sole
supplier for the supply of caviar raw product. Such arrangement materially and adversely exposes us to unique risk. Any disruption in
the supplier&rsquo;s relationships, either between Fujian Aoxuanlaisi and the PRC sturgeon farm, or between Fujian Aoxuanlaisi and us,
could have a material adverse effect on our business. Any disruption in the provision of caviar from Fujian Aoxuanlaisi or PRC sturgeon
farm and our inability to identify alternative caviar supplier may materially and adversely affect our business operations and financial
results.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We solely and materially rely on Fujian Aoxuanlaisi,
the agent and sole distributor of a PRC sturgeon farm, as our supplier for caviar raw product. For&nbsp;years ended December&nbsp;31,
2023 and 2022, our procurement from the PRC sturgeon farm, through Fujian Aoxuanlaisi, amounted to approximately US$6.2&nbsp;million
and US$5.3&nbsp;million, respectively, representing approximately 64.3% and 90% of our total purchases for the corresponding year. Before
April&nbsp;2022, we obtain all of the caviar raw product supply from Fujian Aoxuanlaisi on an as-demand per order basis, without any
long-term agreement. In April&nbsp;2022, our Operating Subsidiary, Top Wealth Group (International) Limited, has entered into the Caviar
Sales Agreement with Fujian Aoxuanlaisi, the agent and the sole distributor of Fujian Longhuang Biotech Co., Limited (&ldquo;Fujian Longhuang&rdquo;),
a PRC sturgeon farm. Pursuant to the Caviar Sales Agreement between Fujian Aoxuanlaisi and Top Wealth Group (International) Limited,
by way of Power of Attorney, Fujian Aoxuanlaisi appointed Top Wealth Group (International) Limited, our Operating Subsidiary, as its
exclusive distributor in Hong&nbsp;Kong and Macau for conducting overseas distribution and granted us the rights to procure caviar directly
from it for a term of 10&nbsp;years, from 30 April&nbsp;2022 to 30 April&nbsp;2032.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Such arrangement materially and adversely exposes
us to unique risk. Our business relies solely and heavily on a stable and adequate supply of caviar from the Fujian Aoxuanlaisi, which
ultimately depends on the stable and adequate supply of caviar from Fujian Longhuang, the PRC sturgeon farm, to Fujian Aoxuanlaisi, the
PRC sturgeon farm&rsquo;s distributor. If our business relationships with Fujian Aoxuanlaisi is interrupted or terminated, or if for
any reason Fujian Aoxuanlaisi became unable or unwilling to continue to provide raw product caviar to us, these would likely lead to
a material interruption of our operation or suspension in our ability to obtain caviar supply or fulfilling customer order, until we
found another supplier that could supply our product. Furthermore, if the business relationships between Fujian Aoxuanlaisi and Fujian
Longhuang are interrupted or terminated, it would also likely lead to a material interruption of our operation or suspension of our ability
to obtain caviar supply or fulfilling customer order. Although Fujian Aoxuanlaisi and Fujian Longhuang maintain a long-term exclusive
sales agreement for 15&nbsp;years, from December&nbsp;2020 to December&nbsp;2035, whether their relationship may be interrupted or terminated
is beyond our control. There are no also assurances that our Caviar Sales Agreement with Fujian Aoxuanlaisi renewed on commercially favorable
terms upon its expiration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any disruption in our supplier relationships,
either between Fujian Aoxuanlaisi and Fujian Longhuang, or between Fujian Aoxuanlaisi and us, could have a material adverse effect on
our business. Events that adversely affect our suppliers could impair our ability to obtain caviar inventory in the quantities that we
desire. Such events include problems with our suppliers&rsquo; businesses, finances, labor relations, ability to obtain caviar, costs,
production, quality control, insurance and reputation, as well as natural disasters, pandemics, or other catastrophic occurrences. A
failure by any current or future supplier to comply with food safety, environmental or other laws and regulations, meet required timelines,
and hire and retain qualified employees may disrupt our supply of products.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of any early termination or non-renewal
of the Caviar Sales Agreement with Fujian Aoxuanlaisi or any early termination or non-renewal of long-term exclusive sales agreement
between Fujian Aoxuanlaisi and Fujian Longhuang, or in the event of any disruption, delay or inability on the part of with Fujian Aoxuanlaisi
in making sufficient and quality supply to us, we cannot assure you that we would be able to identify alternative suppliers on commercially
acceptable terms which may thereby result in material and adverse effects on our business, financial conditions and operating results.
Failure to find a suitable replacement, even on a temporary basis, would have an adverse effect on our brand image, financial conditions,
and the result of operations. Further, should there be any changes in the commercial terms of the Caviar Sales Agreement, especially
to the effect that we could no longer act as the exclusive distributor of Fujian Aoxuanlaisi in Hong&nbsp;Kong and Macau, we may face
an increase in competition, and we may not be able to continue to procure caviar from the PRC sturgeon farm on commercially acceptable
terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Fujian Aoxuanlaisi fails to deliver the caviar
raw product we need on the terms we have agreed, we may be challenged to secure alternative sources at commercially acceptable prices
or on other satisfactory terms, in a timely manner. Any extended delays in securing an alternative source could result in production
delays and late shipments of our products to distributors and end-customers, which could materially and adversely affect our customer
relationships, profitability, results of operations, and financial condition. If we experience significant increased demand for our products,
there can be no assurance that additional supplies of caviar raw product will be available for us when required on acceptable terms,
or at all, or that Fujian Aoxuanlaisi or any supplier would allocate sufficient capacity to us in order to meet our requirements, fill
our orders in a timely manner or meet our strict quality standards. Even if our existing supplier is able to meet our needs or we are
able to find new sources of caviar supply, we may encounter delays in production, inconsistencies in quality, and added costs. We are
not likely to be able to pass increased costs to the customer immediately, if at all, which may decrease or eliminate our profitability
in any period. Any delays or interruption in or increased costs of our supply of caviar could have a material and adverse effect on our
ability to meet consumer demand for our products and result in lower net sales and profitability both in the short and long term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Adverse weather conditions, natural disasters,
disease, pests and other natural conditions, or shutdown, interruption, and damage to the PRC sturgeon farm, or lack of availability
of power, fuel, oxygen, eggs, water, or other key components needed for the operations of the PRC sturgeon farm, could result a loss
of a material percentage of our caviar raw product supply and a material adverse effect on our operations, business results, reputation,
and the value of our brands.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to ensure a continuing supply of
caviar raw product from our suppliers depends on many factors beyond our control. An interruption in the power, fuel, oxygen supply,
water quality systems, or other critical infrastructure of an aquaculture facility for more than a short period of time could lead to
the loss of a large number of sturgeon, hence the caviar supply. A shutdown of or damage to PRC sturgeon farm due to natural disaster,
reduction in water supply, deterioration of water quality, contamination of aquifers, interruption in services, or human interference
could result in a loss of supply of caviar for production. Sturgeon farming of the PRC sturgeon farm is vulnerable to adverse weather
conditions, including severe rains, drought and temperature extremes, typhoon, floods and windstorms, which are quite common but difficult
to predict. Sturgeon farms are vulnerable to disease and pests, which may vary in severity and effect, depending on the stage of production
at the time of infection or infestation, the type of treatment applied and climatic conditions. Unfavorable growing conditions caused
by these factors can reduce both sturgeon populations of our supplier and the quality of the sturgeon, and, in extreme cases, entire
harvests may be lost. Additionally, adverse weather or natural disasters, including earthquakes, winter storms, droughts, or fires, could
impact the manufacturing and business facilities of our supplier, which could result in significant costs and meaningfully reduce our
capacity to fulfill orders and maintain normal business operations. These factors may result in lower sales volume and increased costs
due increased costs of products. Incremental costs, including transportation, may also be incurred if we need to find alternate short-term
supplies of products from alternative areas. These factors can increase costs, decrease revenues and lead to additional charges to earnings,
which may have a material adverse effect on our business, results of operations and financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Climate change may have a long-term adverse
impact on our business and operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Climate change may have an adverse impact on
global temperatures, weather patterns, and the frequency and severity of extreme weather and natural disasters. In the event that climate
change may a negative effect on sturgeon or caviar productivity of our supplier, we may be subject to decreased availability or less
favorable pricing for caviar raw product or other commodities that are necessary for our products. Extreme weather conditions may adversely
impact the sturgeon farm or facilities of our supplier, lead to the disruption of distribution networks or the availability and cost
of key raw materials used by us in production, or the demand for our products. As a result of climate change, our caviar suppliers or
their suppliers are highly rely on the availability and quality of water, and could be materially and adversely impacted by to decreased
availability of water, deteriorated quality of water or less favorable pricing for water, which could adversely impact their production
and thus our operations and sales, profitability, results of operations and financial condition.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our business is affected by the quality
and quantity of the caviar that is harvested by the PRC sturgeon farm.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to successfully sell our product
and the price therefor, is highly dependent on the quality of the caviar supplied by the PRC sturgeon farm operated by Fujian Longhuang.
A number of factors can negatively affect the quality of the caviar sold, including the quality of the broodstock, water conditions in
the farm, the food and additives consumed by the fish, population levels in the farm, and the amount of time that it takes to bring a
sturgeon to harvest, including transportation and processing, all of which are beyond our control. Optimal growing conditions cannot
always be assured. Furthermore, if our caviar product supplied by the PRC sturgeon farm is perceived by the market to be of lower quality
than other available sources, we may experience reduced demand for our product and may not be able to sell our products at the prices
that we expect or at all. As we continue to expand our operations and to establish relationship with new sturgeon farms, we potentially
may face additional challenges with maintaining the quality of our products. We cannot guarantee that we will not face quality issues
in the future, any of which could cause damage to our reputation, and a loss of consumer confidence in our products, which could have
a material adverse effect on our business results and the value of our brands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Caviar as the luxury food items, any real or
perceived quality or food safety concerns or failures to comply with applicable food regulations and requirements, whether or not ultimately
based on fact and whether or not involving us (such as incidents involving our competitors), could cause negative publicity and reduced
confidence in our company, brand or products, which could in turn harm our reputation and sales, and could materially adversely affect
our business, financial condition and results of operations. Although we believe we have a rigorous quality control process, there can
be no assurance that our products will always comply with the standards set for our products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, we have no control over our products
once purchased by consumers. Accordingly, consumers may store our products improperly or for long periods of time, which may adversely
affect the quality and safety of our products. While we have procedures in place to handle consumer questions and complaints, there can
be no assurance that our responses will be satisfactory to consumers, which could harm our reputation. If consumers do not perceive our
products to be safe or of high quality as a result of such actions outside our control or if they believe that we did not respond to
a complaint in a satisfactory manner, then the value of our brand would be diminished, and our reputation, business, financial condition
and results of operations would be adversely affected. Any loss of confidence on the part of consumers in our products or in the safety
and quality of our products would be difficult and costly to overcome. Any such adverse effect c may significantly reduce our brand value.
Issues regarding the safety of any of our products, regardless of the cause, may adversely affect our business, financial condition and
results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We operate in a highly regulated industry.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Wild sturgeon is one the most critically endangered
species worldwide. Since 1998, international trade in all species of sturgeons has been regulated under Convention on International Trade
in Endangered Species of Wild Fauna and Flora (&ldquo;CITES&rdquo;) owing to concerns over the impact of unsustainable harvesting of
and illegal trade in sturgeon populations in the wild. The CITES listing of all species of sturgeon means that caviar, the unfertilized
sturgeon roe, from wild-caught sturgeon can no longer be traded, but caviar from captive bred sturgeon is exempt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a supplier of captive bred caviar, which is
not only a food product intended for human consumption, but also a product that is regulated worldwide under the CITES, we are therefore
subject to extensive governmental regulation. We must comply with various laws and regulations in Hong&nbsp;Kong as well as laws and
regulations administered by government entities and agencies outside Hong&nbsp;Kong. Both the PRC and Hong&nbsp;Kong are parties to CITES.&nbsp;Pursuant
to the Protection of Endangered Species of Animals and Plants Ordinance (Chapter&nbsp;586 of the Laws of Hong&nbsp;Kong) (the &ldquo;PESO&rdquo;),
the importation, introduction from the sea, exportation, re-exportation and possession or control of specified endangered species of
animals and plants, along with parts and derivatives of those species, are regulated under the PESO.&nbsp;Schedule&nbsp;1 to the PESO
sets out a list of species and categorizes them into different appendices which are regulated with varying degrees of control under the
PESO.&nbsp;Sturgeons are included as regulated species under the PESO.&nbsp;For further details on the regulations applicable to us and
our business, please refer to the section titled &ldquo;Regulations&rdquo;.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to our importation of caviar from
the PRC sturgeon farm into Hong&nbsp;Kong, the PRC sturgeon farm is responsible for applying for and obtaining CITES permit from the
relevant regulatory authority in the PRC; whereas the supply chain management company is responsible for applying for and obtaining import
license from the Director of Agriculture, Fisheries and Conservation Department of Hong&nbsp;Kong on our behalf. The CITES permit needs
to be submitted to the customs of HK before the caviar is accepted to HK territories. As of the date of this prospectus, the PRC sturgeon
farm, through its sole appointed distributor for overseas market, possesses the requisite import and export qualification and permit
in the PRC.&nbsp;We have obtained all required CITES permits as well as the export and re-export license in respect of each batch of
caviar exported to Hong&nbsp;Kong. With respect to our exportation of caviar from Hong&nbsp;Kong to foreign countries, we have engaged
the supply chain management company to apply for and obtain re-export license from the Director of Agriculture, Fisheries and Conservation
Department of Hong&nbsp;Kong on our behalf.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that the PRC sturgeon farm or we
were found to be in violation of the relevant laws and regulations in respect of CITES, and such violations materially impacted the ability
of the PRC sturgeon farm or us to continue to export caviar, our business operation will be significantly disturbed, and our business,
financial conditions, results of operations and prospects could be materially and adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We confirm that all the required CITES permits
and export and re-export licenses required for our business operation have been received. To ensure third party compliance with the applicable
permitting and licensing requirements, we have employed the following control measures:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">We require the PRC sturgeon farm
                                            or its agent to provide the requisite import and export qualification and permit in the PRC
                                            for our confirmation each year;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">We examine the required CITES
                                            permit in respect of each batch of caviar exported by the PRC sturgeon farm or its agent
                                            passed through its distributor to us. If we discover that the distributor has failed to obtain
                                            the required CITES permit, we reject the respective batch of caviar exported to us; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">We examine the re-export license
                                            obtained by the supply chain management company on our behalf and ensure the supply chain
                                            management company obtain all the required licenses.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that that the PRC sturgeon farm
fails to obtain the required CITES permits, the shipment may experience delay in clearance, seized by authorities or returned. In the
event that the supply chain management company fails to obtain the required re-export license on our behalf, we may face prosecution,
fine and forfeiture of our products. In such events our business, financial conditions, our results of operations and prospects could
be materially and adversely affected by the disruption of supply and the failure to export. Furthermore, the relevant laws, regulations
and rules are subject to modification and change. We cannot predict the impact that any such change would have on the caviar industry
generally or on our business in particular. Any legislative or regulatory change that imposes further restriction on, among other things,
the production, processing, import or export of caviar, could disrupt our supply of caviar or increase our compliance costs, which could
materially and adversely affect our business, financial condition, results of operations and prospects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to PESO and CITES, as a food supplier,
we are also subject to law and regulations regarding product manufacturing, food safety, required testing, and appropriate labeling and
marketing of our products in Hong&nbsp;Kong or overseas. It is possible that such laws and regulations the governing bodies or the interpretation
thereof may change over time. As such, there is a risk that our products could become non-compliant with the relevant governing bodies
laws or regulations and any such non-compliance could harm our business. The failure to comply with applicable regulatory requirements
could result in, among other things, administrative, civil, or criminal penalties or fines, mandatory or voluntary product recalls, warning,
cease orders against operations, closure of facilities or operations, the loss, revocation, or modification of any existing licenses,
permits, registrations, or approvals or the failure to obtain additional licenses, permits, registrations, or approvals in new jurisdictions
where we intend to do business, any of which could negatively affect our business, reputation, financial condition, and results of operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are subject to the risks associated
with sourcing and manufacturing products from, and selling our product outside of Hong&nbsp;Kong, which could adversely affect our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our direct purchases from non-Hong&nbsp;Kong
suppliers represented substantially all of our raw material purchases in the fiscal&nbsp;years 2023 and 2022, and we expect we will continue
to do so. Furthermore, although substantially all of our distributors are in Hong&nbsp;Kong, from our understanding, significant portion
of our product are sold overseas by our distributors. We may also in the future enter into agreements with distributors in foreign countries
to sell our products. All of these activities are subject to the uncertainties associated with international sales and distribution,
including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">difficulties with foreign and
                                            geographically dispersed operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">having to comply with various
                                            Hong&nbsp;Kong and international laws;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">changes and uncertainties relating
                                            to foreign rules and regulations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">tariffs, export or import restrictions,
                                            restrictions on remittances abroad, imposition of duties or taxes that limit our ability
                                            to import necessary materials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">limitations on our ability to
                                            enter into cost-effective arrangements with distributors overseas, or at all;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">fluctuations in foreign currency
                                            exchange rates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">imposition of limitations on
                                            production, sale, or export in foreign countries, including due to COVID-19 or other epidemics,
                                            pandemics, outbreaks and quarantines;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">imposition of limitations on
                                            or increase of withholding and other taxes on remittances and other payments by foreign processors
                                            or joint ventures;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">economic, political, environmental,
                                            health-related or social instability in foreign countries and regions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">an inability, or reduced ability,
                                            to protect our intellectual property;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">availability of government subsidies
                                            or other incentives that benefit competitors in their local markets that are not available
                                            to us;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">difficulties in recruiting and
                                            retaining personnel, and managing international operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">difficulties in enforcing contracts
                                            and legal decisions; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">less developed infrastructure.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect each market to have particular regulatory
and funding hurdles to overcome, and future developments in these markets, including the uncertainty relating to governmental policies
and regulations, could harm our business. If we expend significant time and resources on expansion plans that fail or are delayed, our
reputation, business and financial condition may be adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our operations, revenue and profitability
could be adversely affected if we fail to adhere to Hong&nbsp;Kong and international regulations to which we are subject to, or due to
the changes in laws and regulations in the countries where we do business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We source the caviar from the sturgeon farm in
the PRC.&nbsp;Furthermore, we substantially rely on the third-party distributors to place and export our products into the overseas market
from Hong&nbsp;Kong. Therefore, we along with our suppliers and distributors may be subject to a variety of Hong&nbsp;Kong and foreign
laws and government regulations applicable to food products and caviar trade, including numerous licensing requirements, trade and pricing
practices, tax, environmental matters, food safety and other laws and regulations relating to the sourcing, manufacturing, storing, labeling,
marketing, advertising, selling, displaying, transporting, distributing and usage of our products in in Hong&nbsp;Kong and outside the
Hong&nbsp;Kong in markets in which we source caviar or which our products may be stored, distributed, marketed, transported or sold.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The governments of countries into which we source
raw product or our distributors sell our caviar products, from time to time, may consider regulatory proposals relating to raw materials,
tax, food safety and quality, markets, and environmental regulations, which, if adopted, could lead to disruptions in distribution of
our products, which, in turn, could affect our profitability. Furthermore, we are not able to control or monitor the markets or jurisdictions
where our distributors place or sell our products, and we do not have any agreements or understandings with our distributors regarding
the distribution of our product in the foreign market. Therefore, there are significant uncertainty as to the foreign laws and regulations
in markets or jurisdictions where we, or our product, may be subject to. The compliance with these highly uncertain, new, evolving, or
revised tax, environmental, food quality and safety, labeling or other laws or regulations, or new, evolving, or changed interpretations
or enforcement of existing laws or regulations, may have a material adverse effect on our business, financial condition or operating
results.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Changes in legal or regulatory requirements,
such as new food safety requirements and revised labeling regulations, or evolving interpretations, of existing legal or regulatory requirements,
may result in increased compliance costs, capital expenditures, and other financial obligations that could adversely affect our business
or financial results. If we are found in violation of the applicable laws and regulations in markets where our distributors sell our
product, we could be subject to civil remedies, including fines, injunctions, termination of necessary licenses or permits, or recalls,
as well as potential criminal sanctions, any of which could have a material adverse effect on our business. Even if regulatory agency
review does not result in these types of determinations, it could potentially create negative publicity or perceptions which could harm
our business or reputation. Further, modifications to international trade policy, including the imposition of increased or new tariffs,
quotas, or trade barriers, could have a negative impact on us or the industries we serve, including as a result of related uncertainty,
and could materially and adversely impact our business, financial condition, operating results, and cash flows.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, our international sales could be
adversely affected by violations of the anti-money laundering and trade sanction laws and similar anti-corruption and international trade
laws. Misconducts, including illegal, fraudulent or collusive activities, by our distributors, suppliers, business partners, or our agent
may harm our brand and reputation and adversely affect our business and results of operations. It is not always possible to identify
and deter such misconduct, and the precautions we take to detect and prevent these activities may not be effective. Violations of laws
or allegations of such violations, regardless in Hong&nbsp;Kong or in foreign countries where our suppliers are located or our distributors
operate, could materially and adversely affect our reputation, disrupt our business and result in a material adverse effect on our results
of operations, cash flows, and financial condition. Our growth strategy depends in part on our ability to expand our operations globally.
Competition in various markets is increasing as our competitors grow their global operations and low-cost local manufacturers expand
and improve their production capacities. However, certain markets may have greater political, economic, and currency volatility and greater
vulnerability to infrastructure and labor disruptions than more established markets. If we cannot successfully manage associated political,
economic, and regulatory risks, our product sales, financial condition, and results of operations could be materially and adversely affected.&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There is no assurance that our customers
will continue to place purchase orders with us.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of our customers place purchase orders with
us on an as-needed basis. We normally enter into distributorship agreement with our F&amp;B related distributor customers for a term
of one year. During the contract term, our F&amp;B related distributor customers are entitled to place purchase orders with us for each
of our products at the unit price, which is typically agreed at a fixed price per kilogram, set forth in the distributorship agreement.
There is no assurance that our F&amp;B related distributor customers will renew the framework sales agreement with us with similar terms
and conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, all of our customers place purchase
orders with us on an as-needed basis. There is no assurance that our major customers will continue to place purchase orders with us in
the future. In the event that any of our major customers ceases to place purchase orders with us, reduces the amount of their purchase
orders with us, or requests for more favorable terms and conditions, our business, results of operations, financial conditions and future
prospects may be adversely affected.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our four and three largest customers accounted
for a significant portion of our total revenue for the year ended December&nbsp;31, 2023 and 2022, respectively.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We derive a substantial portion of our revenue
from a limited number of major customers, all of which are our distributors. For the year ended December&nbsp;31, 2022, there were four
customers each generated over 10% of our total revenue for the year, and they in aggregate accounted for approximately 82.6% of our total
revenue for the year. One of these four customers is our related party and all of our transactions with such related party have been
ceased after December&nbsp;31, 2022. Our top five customers are Sunfun (China) Limited, accounting for 37.4% of our sales volume, Channel
Power Limited, accounting for 17.7% of sales volume, Beauty and Health International Company Limited, accounting for 15% of sales volume,
Beauty and Health International E-Commerce Limited, accounting for 12.5% of our sales volume, and Mother Nature Health (HK) Limited,
accounting for 9.4% of our sales volume. For the year ended December&nbsp;31, 2023, there were three customers each generating over 10%
of our total revenue for the period, and they in aggregate accounted for approximately 75.5% of our sales volume. Our top three customers
for the year ended December&nbsp;31, 2023 are, Mother Nature Health (HK) Limited, accounting for 34.5% of our sales volume in the period,
Sunfun (China) Limited, accounting for 25.0% of our sales volume, A One Marketing Limited accounting for 16.5% of our sales volume.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no assurance that any of our major customers
will continue to place purchase orders with us in the future. These distributors or any other large customers in the future, may take
actions that affect us for reasons it cannot anticipate or control, such as their financial condition, changes in their business strategy
or operations, the perceived quality of our products and the availability of competing products. There can be no assurance our customers
will continue to purchase its products in the same quantities or on the same terms as in the past. Our major customers rarely provide
us with firm, long-or short-term volume purchase commitments. As a result, our customers could significantly decrease or cease their
business with us with limited or no notice, and we could have periods with limited orders for our products while still incurring costs
related to workforce maintenance, marketing general corporate expenses and other overheads. We may not find new customers to supplement
its revenue in periods when it experiences reduced purchase orders, or recover fixed costs incurred during those periods, which could
materially and adversely affect our business, financial condition and results of operations. In the event that any of these major customers
ceases to place purchase orders with us or reduces the amount of their purchase orders with us, our business, results of operations,
financial condition and future prospects may be adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any inability to resolve a significant dispute
with any of our key customers, a change in the business condition (financial or otherwise) of any of our key customers, even if unrelated
to us, or the loss of or a reduction in sales or anticipated sales to one or more of our most significant distributors may negatively
affect us. These major customers may seek to leverage their positions to improve their profitability by demanding improved efficiency,
lower pricing, more favorable terms, increased promotional spend, or specifically tailored product or promotional offerings, which may
have a material adverse effect on our business, results of operations, and financial condition. A reduction in sales to one or more major
customers could have a material adverse effect on our business, financial condition, and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We rely on third-party distributors to
place our products into the market and we may not be able to control our distributors.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our customers primarily and substantially consist
of the distributors in food and beverage industry, where their end customers are luxurious hotels and restaurants. As we substantially
sell and distribute our products through distributors, any one of the following events could result in fluctuation or decline in our
revenue and could result in material adverse impact on our financial conditions and results of operations:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">reduction, delay or cancelation
                                            of orders from one or more of our distributors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">failure to renew distributorship
                                            agreements and maintain relationships with our existing distributors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">failure to establish relationships
                                            with new distributors on favorable terms; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">inability to timely identify
                                            additional or replacement distributors upon the loss of one or more of our distributors.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may not be able to successfully manage our
distributors. If the sales volume of our caviar products to consumers are not maintained at a satisfactory level, our distributors may
not place or lower their purchase orders placed with us. For international markets, we depend exclusively on third-parties distributor
to reach the end-customers. Our success in these markets depends almost entirely upon the efforts of our distributors and logistics and
fulfillment partners, over whom we have little or no control. If a distributor or logistics or fulfillment partner, fails to fulfill
its contracted services, for any reason, we could lose sales and our ability to compete in that market may be adversely affected. The
occurrence of any of these factors could result in a significant decrease in the sales volume of our products and therefore adversely
affect our financial conditions and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Product contamination and the failure to
maintain food safety and consistent quality could have a material and adverse effect on our brand, business and financial performance.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Food safety and quality control are of paramount
importance to our reputation and business, and we face an inherent risk of food contamination and liability claims. To ensure food safety
and quality, we have established a comprehensive set of standards and requirements covering each facet of our supply chain, ranging from
procurement, logistics, warehousing to packaging as detailed in the section titled &ldquo;Business&nbsp;&mdash;&nbsp;Quality Control.&rdquo;
However, due to the rapid growth in scale of our operations, there is no assurance that our quality control systems will prove to be
effective at all times, or that we can identify any defects in our quality control systems in a timely manner. The sale of products for
human use and consumption involves the risk of injury or illness to the end-consumers. Such injuries may result from inadvertent mislabeling,
tampering by unauthorized third parties, product contamination or spoilage, the presence of foreign objects, substances, chemicals, or
residues introduced during the packing, storage, handling or transportation phases. Any food contamination that we fail to detect or
prevent could adversely affect the quality of our caviar products, which could lead to liability claims, and the imposition of penalties
or fines by relevant authorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, any instances of food contamination
or regulatory noncompliance, whether or not caused by our actions, could compel us, our suppliers, our distributor or our other customers,
depending on the circumstances, to recall or withdraw products, suspend production of our products, or cease operations. in accordance
with the laws and regulations in the jurisdictions in which we operate our business or distribute our products. Food recalls could result
in significant losses due to their associated costs, the destruction of product inventory, lost sales due to the unavailability of the
product for a period of time and potential loss of existing distributors or customers and a potential negative impact on our ability
to attract new customers and maintain our current customer base due to negative consumer experiences or because of an adverse impact
on our brand and reputation. In addition, as a caviar supplier, our product may be subject to targeted, large-scale tampering as well
as to opportunistic, individual product tampering. Forms of tampering could include the introduction of foreign material, chemical contaminants
and pathological organisms into consumer products as well as product substitution. Food business operators like us, or our distributors,
must at all stages of production, sales and distribution within the businesses under their control ensure that foods satisfy the requirements
of food related laws and regulations, in particular as to food safety. If we or our distributors do not adequately address the possibility,
or any actual instance, of product tampering, we could face possible seizure or recall of our products and the imposition of civil or
criminal sanctions, which could materially adversely affect our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even if a situation does not necessitate a recall
or market withdrawal, product liability claims might be asserted against us. While we are subject to governmental inspection and regulations
and believe our facilities and those of our suppliers, supply-chain management company, logistic service providers, and the distributors
will comply in all material respects with all applicable laws and regulations, there can be no assurance that our caviar supplier, logistic
service provider, and distributors will always be able to adopt appropriate quality control systems and meet our quality control requirements
in respect of the products or services they provide. Any failure of our caviar supplier, logistic service provider, or distributor to
provide satisfactory products or services could harm our reputation and adversely impact our operations. If the consumption of any of
our products causes, or is alleged to have caused, a health-related illness or death to a consumer, we may become subject to claims or
lawsuits relating to such matters. Even if a product liability claim is unsuccessful or is not fully pursued, the negative publicity
surrounding any assertion that our products caused illness or physical harm could cause consumers to lose confidence in the safety and
quality of our products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, we currently do not maintain any
product liability insurance and may not have adequate resources to satisfy a judgment in the event of a successful product liability
claim against us. The successful assertion of product liability claims against us could result in potentially significant monetary damages
and require us to make significant payments.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our business depends to a significant extent
upon general economic conditions, consumer demand, preferences and discretionary spending patterns.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our success is, and will continue to be, dependent
on our ability to select, source and sell quality caviar products. However, there is no assurance that we will always succeed in selecting
and sourcing quality caviar supplies that cater to the preferences and needs of consumers or achieve anticipated sales at competitive
prices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As our caviar products are served at places such
as menu-driven high-end restaurants, fine dining establishments, private clubs, hotels, caterers and specialty food stores, our business
is significant exposed to the volatility of the general economic conditions and reductions in disposable income levels and discretionary
consumer spending. Consumers&rsquo; willingness to purchase our caviar products may fluctuate as a result of changes in national, regional
or global economic conditions, disposable income, discretionary spending, lifestyle choices, public perception of caviar, publicity of
our caviar products or our competitors. Future economic conditions such as employment levels, business conditions, housing, interest
rates, inflation rates, energy and fuel costs and tax rates could reduce consumer spending or change consumer purchasing habits. The
demand for our caviar products may be adversely affected from time to time by economic downturns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the weak economy continues for a prolonged
period of time or worsens, the consumers may choose to spend discretionary money less frequently which could result in a decline in consumers&rsquo;
purchases of luxury food items, particularly in more expensive restaurants or more expensive food items, and, consequently, the businesses
of our target customers by, among other things, reducing the frequency with which our customers&rsquo; customers choose to order luxury
food items or the amount they spend on meals while dining out. If our customers&rsquo; sales decrease, our profitability could decline.
Moreover, if the negative economic conditions persist for an extended period of time, consumers might ultimately make long-lasting changes
to their discretionary spending behavior, including dining out less frequently on a permanent basis. Accordingly, adverse changes to
consumer preferences or consumer discretionary spending, each of which could be affected by many different factors which are out of our
control, could harm our business, financial condition or results of operations. Our continued success will depend in part upon our ability
to anticipate, identify and respond to changing economic and other conditions and the impact that they may have on discretionary consumer
spending. If we fail to successfully adapt our business strategy, brand image and product portfolio to changes in market trends or shifts
in consumer preferences and spending patterns, our business, financial conditions and results of operations may be materially and adversely
affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Failure to compete effectively may adversely
affect our market share and profitability.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The industry we operate in is competitive with
respect to, among other things, brand recognition, consistent quality, services and prices. Our competitors include a variety of regional,
national and international caviar suppliers. Furthermore, new competitors may emerge from time to time, which may further intensify the
competition. Increased competition may reduce our margins and market share and impact brand recognition, or result in significant losses.
When we set prices, we have to consider how competitors have set prices for the same or similar products. When they cut prices or offer
additional benefits to compete with us, we may have to lower our own prices or offer additional benefits or risk losing market share,
either of which could harm our financial conditions and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some of our current or future competitors may
have longer operating histories, greater brand recognition, better supplier relationships, larger customer bases, more comprehensive
distribution network, better access to consumers, higher penetration in certain regions or greater financial, technical or marketing
resources than we do. In addition, some of our competitors may be able to secure more favorable terms from suppliers, devote greater
resources to marketing and promotional campaigns, adopt more aggressive pricing policies and devote substantially more resources to secure
more caviar supplies or to their digitalized supply chain management system. We cannot assure you that we will be able to compete successfully
against current or future competitors, and competitive pressures may have a material and adverse effect on our business, financial conditions
and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to effectively compete will depend
on various factors, including expansion of our global market presence, enhancement of our sales and marketing activities, expansion of
product portfolio and customer base. Failure to successfully compete may prevent us from increasing or sustaining our revenue and profitability
and potentially lead to a loss of market share, which could have a material and adverse effect on our business, financial conditions
and results of operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our business depends significantly on the
market recognition of our trademarks and brand names. Any damage to our trademarks, brand names or reputation, or any failure to effectively
promote our brands, could materially and adversely impact our business and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that the market recognition of our
trademarks and brand names among our customers have contributed significantly to the growth and success of our business. Therefore, maintaining
and enhancing the recognition and image of our brands is critical to our ability to differentiate our caviar products and to compete
effectively. Nevertheless, whether we are able to maintain and enhance the recognition and image of our brands is subject to our ability
in:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">maintaining the popularity, attractiveness,
                                            diversity and quality of our caviar products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">maintaining or improving customers&rsquo;
                                            satisfaction with the quality of our caviar products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">offering and maintaining a wide
                                            selection of high-quality caviar products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">increasing brand awareness through
                                            marketing and brand promotion activities; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">preserving our reputation and
                                            goodwill in the event of any negative publicity, internet and data security, product quality,
                                            price authenticity, or other issues affecting us or the caviar industry.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event consumers perceive or experience
a reduction in the quality of our products or service, or consider in any way that we fail to deliver quality products consistently,
our brand value could suffer, which could have a material and adverse effect on our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, our established brand recognition
may attract imitators who intentionally use highly similar trademarks, trade names and/or logos with ours to mislead potential consumers,
which may significantly harm our reputation and brand image, thereby causing a decline in our financial performance, reduction in our
market share, as well as an increase in the amount of resources for our anti-counterfeiting efforts. We cannot assure you that our measures
will provide effective prevention and any infringement act could adversely affect our reputation, results of operations and financial
condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may not be able to adequately protect
our intellectual properties, or we may be subject to intellectual property infringement claims or other allegations by third parties,
either of which could adversely affect our business and operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely on a combination of trademarks, copyrights,
trade secrets and other intellectual property laws to protect our trademarks, copyrights, trade secrets and other intellectual property
rights. As at the date of this prospectus, we have registered trademarks in Hong&nbsp;Kong, Macau and the PRC, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot ensure that third parties will not
infringe our intellectual property rights. We may, from time to time, have to initiate litigation, arbitration or other legal proceedings
to protect our intellectual property rights. Regardless of the judgment, such process would be lengthy and costly as well as divert management&rsquo;s
time and attention, thereby resulting in material and adverse impacts on our business, financial conditions and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Conversely, there is also a risk that third parties
may bring a claim against us for infringing their intellectual property rights, thereby requiring us to defend or settle any related
intellectual property infringement allegations or disputes. Defending against such claims could be costly, and if we are unsuccessful
in defending such claims, we may be prohibited from continuing to use such proprietary information in the future, or may be compelled
to pay damages, royalties or other expenses for the use of such proprietary information. Any of the above could negatively affect our
sales, profitability, business operations and prospects.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Failure by our supply chain service or
transportation providers or distributors to deliver our raw materials to us or our products to customers on time or at all could result
in lost sales.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Historically and as of the date of prospectus,
we have engaged Sunfun (China) Limited (&ldquo;Sunfun China&rdquo;), a supply chain management company in Hong&nbsp;Kong as the principal
transportation provider for the delivery of finished products to our distributors and the shipment of caviar to our food processing factory
through cold-chain. Our utilization of the third-party supply chain and transportation services is subject to risks, including the effects
of health epidemics or pandemics or other contagious outbreaks, such as the COVID-19 pandemic, any shortage of drivers and workers, increases
in fuel prices, which would increase our shipping costs, employee strikes, labor shortages, failure to meet customer standards, and severe
weather conditions and natural disasters such as fires, floods, typhoon, storms, or earthquakes. These risks may impact the ability of
Sunfun China or other supply chain and transportation services providers to provide logistics and transportation services that adequately
meet our shipping needs. If Sunfun China or other supply chain and transportation services providers were to fail to deliver raw materials
to us in a timely manner, or fail to deliver our products to our customers in a timely manner, we might be unable to meet customer and
consumer demands for our products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, notwithstanding we have implemented
comprehensive set of operation manual and technical protocols with respect to temperature, hygiene and physical conditions for caviar
in transit, we cannot assure you that Sunfun China or any other supply chain management company we may engage would follow strictly,
and the services provided by the supply chain management company may be interrupted, suspended or cancelled due to unforeseen events,
which could cause the rotting of our caviar products and increase our loss rate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we do not rely on Sunfun China for transportation
services, and Sunfun China&rsquo;s transportation and supply chain services is provided on an as-needed basis, Sunfun has been historically
and currently responsible for a significant portion of our shipping needs. Any disruption in our relationship with Sunfun China or the
ability of Sunfun China to fulfill its services could affect our business. We may change to other third-party transportation providers
at any time, but we could incur costs and expend resources in connection with such change, and we may not be able to obtain terms as
favorable as those we receive from Sunfun China, which in turn would increase our costs and adversely affect our business. Any failure
of Sunfun China or other third-party transportation provider to deliver raw materials or finished products in a timely manner could harm
our reputation, negatively impact our customer relationships, and have a material adverse effect on our financial condition or results
of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For our international markets, we depend exclusively
on the distributors to reach our customers. Our success in these markets depends entirely upon the efforts of our distributors and their
logistics and fulfillment services supplier, over whom we have no control. If a distributor or logistics or fulfillment service provider,
fails to fulfill its contracted services, for any reason, we could lose sales and our ability to compete in that market may be adversely
affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our caviar products are processed in our
single food processing facility and any damage to or disruption at this facility would materially and adversely affect its business,
financial condition and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We process substantially all of our products
at a single food processing factory leased from and operated by Sunfun China, the supply chain management service provider we have engaged
since 2021. Any facility disruption, equipment failures, natural disaster, fire, power interruption, pandemic, work stoppage (such as
due to a COVID-19 outbreak or otherwise), regulatory or food safety issue or other problem at this facility would significantly disrupt
our ability to process and deliver our products and operate its business. The facility and equipment is costly and may require substantial
time to replace or repair if necessary. During such time, we may not be able to find suitable factory to replace the output from our
facility on a timely basis or at a reasonable cost, if at all. We may also experience facility shutdowns or periods of reduced production
because of regulatory issues, equipment failure or delays in deliveries. Any such disruption or unanticipated event may cause significant
interruptions or delays in our business. Any disruption in the operation of our facility, or damage to a material amount of our equipment
or inventory, would materially and adversely affect our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not own any real properties. The lease
agreement for our food processing factory has a term of 18&nbsp;months and may be renewed upon mutual agreement. The current lease with
Sunfun China commenced from February&nbsp;11, 2023 and until September&nbsp;10, 2024. There is no assurance that such tenancy agreement
will not be terminated before its expiration or will be renewed on commercially favorable terms. In the event that the tenancy agreement
is terminated or not renewed, our business and operation may be interrupted and adversely affected as we will have to relocate our food
processing factory to other premises. In the event that we fail to relocate our food processing factory to suitable alternative premises
in a timely manner or at all, our business operations, financial position, results of operations and reputation would be adversely affected.
Even if we are able to relocate our food processing factory to an alternative premises, such relocation will incur relocation costs,
which may be substantial and in turn adversely affect our financial conditions. Besides, in the event that our rental expenses for the
food processing factory increase, our operating expenses will increase which will in turn materially and adversely affect our business,
results of operations and prospects.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We currently rely on third-party supply
chain management company to operate the food processing factory and provision of labor for product packaging. Any failure to adequately
store, maintain and deliver our products could materially adversely affect our business, reputation, financial condition, and operating
results.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to adequately process, store, maintain,
and deliver our caviar products is critical to our business. We contract with third-party supply chain management company, to operate
of our food processing factory and to provide labor for packaging and delivery services for our products. As of the date of Prospectus,
we have contracted Sunfun China to operate the aforesaid activities on our behalf. In order to maintain the quality, safety and freshness
of our caviar products, the food processing factory is equipped with temperature control system that mandates a prescribed temperature
range. Any unexpected and adverse changes in the optimal storage conditions of our food processing factory may expedite the deterioration
of such products and in turn heighten the risk of inventory obsolescence or exposure to litigation matters. Any failure by Sunfun China
or the third-party supply chain management business partner to adequately store, maintain, or transport our products could negatively
impact the safety, quality and merchantability of our products and the experience of our customers. The occurrence of any of these risks
could materially adversely affect our business, reputation, financial condition, and operating results. In the event of extended power
outages, labor disruptions, natural disasters or other catastrophic occurrences, failures of the temperature control system systems in
the food processing factory, warehouses or delivery vehicles, or other circumstances, our inability to store inventory at the controlled
temperatures could result in significant product inventory losses, as well as increased risk of food-borne illnesses and other food safety
incidents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, we rely on the supply chain management
company for the provision of labor for carrying out product packaging at our food processing factory. There is no guarantee that the
supply chain management company will be able to supply stable labor force or continue to supply labor at fees acceptable to us or our
relationship with them could be maintained in the future. Any disruption, delay or inability of the supply chain management company in
supplying processing labor to us may materially and adversely affect our business, results of operations, financial conditions and prospects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no assurance that the quality of works
provided by the processing labor from the supply chain management company can fulfil the requirements of us or our customers. We may
not be able to monitor the performance of the processing staff supplied by the supply chain management company as directly and efficiently
as with our own labor, thereby exposing us to the risks associated with non-performance, late performance or sub-standard performance
of the processing staff. Since we remain accountable to our customers for the performance of the processing staff, we may incur additional
costs or be subject to liability under the relevant contracts between us and our customers for the processing staff&rsquo;s unsatisfactory
performance, thereby resulting in material adverse impacts on our reputation, business operation and financial position.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Failure to maintain and renew the food
factory license for our food processing factory premises may materially and adversely our business and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to section 31(1)&nbsp;of the Food Business
Regulation (Chapter&nbsp;132X of the Laws of Hong&nbsp;Kong) (&ldquo;FBR&rdquo;), no person shall carry on or cause, permit or suffer
to be carried on any food factory business except under and in accordance with a food factory license from the Food and Environmental
Hygiene Department of Hong&nbsp;Kong (the &ldquo;FEHD&rdquo;), which is required for the food business involving the preparation of food
for sale for human consumption off the premises.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The FEHD may grant a provisional food factory
license to a new applicant who has fulfilled the basic requirements in accordance with the FBR pending fulfilment of all outstanding
requirements for the issue of a full food factory license. A provisional food factory licenses is valid for a period of six&nbsp;months
or lesser and a full food factory license is valid generally for a period of one year, both subject to payment of the prescribed license
fees and continuous compliance with the requirements under the relevant legislation and regulations. A provisional food factory license
is renewable once and a full food factory license is renewable annually.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have leased a food processing factory located
in Tsuen Wan, Hong&nbsp;Kong from the supply chain management company for carrying out the packaging and labelling of our caviar products.
The food processing factory has obtained a full food factory license from the Food and Environmental Hygiene Department of Hong&nbsp;Kong
which is essential for food business involving the preparation of food for sale for human consumption off the premises. The license is
valid for one year from April&nbsp;18, 2024 to April&nbsp;17, 2025, subject to further renewal. In compliance with the FBR, we rely on
the landlord of our food processing factory premises to apply for, maintain and renew the food factory license from the FEHD for the
operation of our food processing factory premises. There is no assurance that our food processing factory premises will obtain the required
food factory license. If we or the landlord fails to comply with the applicable requirements or any required conditions, the food factory
license may be suspended, cancelled or denied renewal upon its expiry, which could result in disruption to our ongoing business and thereby
materially and adversely affect our business, financial position, results of operations and prospects. We may also be liable to fines
and/or other legal consequences for failure to obtain the necessary approvals, licenses and permits, which may materially and adversely
affect our business and results of operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Failure to manage our inventory effectively
could increase our loss rate, lower our profit margins, or cause us to lose sales, either of which could have a material adverse effect
on our business, financial conditions and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Managing our inventory effectively is critical
to the success of our business. Since caviar is perishable in nature, if we fail to manage our inventory effectively, we may be subject
to a heightened risk of inventory obsolescence, a decline in inventory values, and significant inventory write-downs or write-offs. Moreover,
we may be required to lower sale prices in order to reduce inventory level, which may lead to lower gross margins. These factors may
materially and adversely affect our results of operations and financial conditions. Further, we are exposed to inventory risks as a result
of a variety of factors beyond our control, including changes in consumer preferences or economic conditions, uncertainty of market acceptance
of new caviar products, etc. We cannot assure you that there will not be under-stocking or over-stocking of inventory.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are subject to credit risk in relation
to the collectability of our trade receivables from customers.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We generally grant a credit period of 30 to 60&nbsp;days
to our customers. We cannot assure you that our customers will make payment in full to us on a timely basis. Delays in receiving payments
from or non-payment by our customers may result in pressure on our cash flow position and our ability to meet our working capital requirements.
Our liquidity and cash flows from operations may be materially and adversely affected if our collection periods lengthen further or if
we encounter any material defaults of payment, or provisions for impairment, of our trade receivables from customers. Should these events
occur, we may be required to obtain working capital from other sources, such as from third-party financing, in order to maintain our
daily operations, and such financing from outside sources may not be available at acceptable terms or at all.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may not be able to maintain our historical
growth rates or gross profit margins, and our operating results may fluctuate significantly. If our results fall below market expectations,
the trading price of our Ordinary Shares may be affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have experienced significant growth in our
revenue and gross profit in the past&nbsp;years. We cannot assure you that we will be able to maintain our revenue growth or gross profit
margins at historical levels, or at all. Moreover, our operating results may fluctuate significantly as a result of numerous factors,
many of which are outside of our control. These factors include, among others:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our ability to maintain and further
                                            promote our operating subsidiary as a world-renowned supplier of caviar products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our ability to attract new customers,
                                            maintain existing customers and expand our market share;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">the success of our marketing
                                            and brand building efforts;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">the timing and market acceptance
                                            of new products introduced by us or our competitors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our ability to broaden our product
                                            portfolio at a reasonable cost and in a timely manner;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">fluctuations in demand for our
                                            products as a result of changes in pricing policies by us or our competitors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our ability to develop new products
                                            in response to changes in customer demographics and consumer tastes and preferences; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">changes in global economic conditions.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Any negative publicity regarding our Company,
management team, employees or products, regardless of its veracity, could adversely affect our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a fast-growing supplier of luxury caviar products,
our image is highly relevant to the public&rsquo;s perception of us as a business in entirety, which includes not only the quality, safety
and competitiveness of our products, but also our corporate management and culture. We cannot guarantee that no one will, intentionally
or incidentally, distribute information about us, especially regarding the quality and safety of our products or our internal management
matters, which may result in negative perception of us by the public. Any negative publicity about us, management team, employees or
products, regardless of veracity, could lead to potential loss of consumer confidence or difficulty in retaining or recruiting talent
that is essential to our business operations. As a result, our business, financial conditions, results of operations, reputation and
prospects may be materially and adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may incur higher costs in connection
with our branding and marketing efforts, and some marketing campaigns may not be effective in attracting or retaining consumers.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are dedicated to enhancing our brand awareness.
As part of our sales and marketing efforts, we have proactively participated in food expo and set up pop-up stores across the world.
We have also collaborated with famous food bloggers and used different online platforms and media coverage to promote and strengthen
the publicity of our products. We regularly invite chefs of notable hotels and restaurants to our tasting events. However, we cannot
guarantee that our marketing efforts will be well received by customers and result in higher sales. In addition, marketing trends and
approaches in the caviar market are evolving, which requires us to enhance our marketing approaches and experiment with new marketing
methods to keep pace with industry developments and consumer preferences. Failure to refine our marketing approaches or to adopt new,
more cost-effective marketing techniques could negatively affect our business, growth prospects and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have limited insurance to cover our
potential losses and claims.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We purchase and maintain insurance policies that
we believe are customary with the standard commercial practice in our industry and as required under the relevant laws and regulations.
However, we cannot guarantee that our insurance policies will provide adequate coverage for all the risks in connection with our business
operations. Consistent with customary practice in the caviar industry, we do not carry any business interruption, product liability,
or litigation insurance. If we were to incur substantial losses and liabilities that are not covered by our insurance policies, we could
suffer significant costs and diversion of our resources, which could have a material and adverse effect on our financial conditions and
results of operations. We may be required to bear our losses to the extent that our insurance coverage is insufficient.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are subject to risks relating to litigation
and disputes, which could adversely affect our business, prospects, results of operations and financial conditions, and may face significant
liabilities as a result.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may be subject to litigation, disputes or
claims of various types brought by our competitors, suppliers, customers, employees, business partners, lenders or other third parties.
We cannot assure you that we will not be subject to disputes, complaints or legal proceedings in the future, which may damage our reputation,
evolve into litigations or otherwise have a material adverse impact on our reputation and business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Should any future claims against us fall outside
the scope and/or limit of insurance coverage, our financial position may be adversely affected. Regardless of the merits, legal proceedings
can be time-consuming and costly, and may divert our management&rsquo;s attention away from our business operation, thereby adversely
affecting our business operation and financial position. Legal proceedings which result in unfavorable judgment against us may cause
financial losses and damages to our reputation, thereby materially and adversely affecting our business, financial position, results
of operations and prospect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our business and reputation may be affected
by product liability claims, litigation, complaints or adverse publicity in relation to our products.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As the caviar products we sell are for human
consumption, there is an inherent health risk which may result from tampering by unauthorized third parties, or product contamination
or degeneration, including the presence of foreign contaminants, chemicals, substances or other agents or residues during the various
stages of farming, processing and transportation.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Litigation and complaints from consumers or government
authorities concerning product quality, health or other issues may affect our industry as a whole and may cause consumers to avoid consuming
the caviar products that we sell. Any litigation or adverse publicity surrounding any of these allegations may negatively affect our
businesses, regardless of whether the allegations are true, thereby discouraging consumers from buying our products. We may also become
party to various other lawsuits, claims, and other legal proceedings arising in the normal course of business, which may include lawsuits,
claims, or other legal proceedings relating to the marketing and labeling of products or brand, intellectual property, contracts, product
recalls or withdrawals, employment matters, environmental matters, or other aspects of our business. Even when lawsuits, claims, and
other legal proceedings are not merited, the defense of lawsuits and claims divert the attention of management and other personnel and
may result in adverse publicity about our products and brand, and we may incur significant expenses in defending these lawsuits and claims.
In connection with claims, litigation or other legal proceedings, we may be required to pay damage awards or settlements or become subject
to injunctions or other equitable remedies, which could have a material adverse effect on our financial position, cash flows, or results
of operations. Certain claims may not be covered by insurance or certain covered claims may exceed applicable coverage limits, or one
or more of our insurance carriers could become insolvent. The outcome of litigation is often difficult to predict and the outcome of
pending or future litigation may have a material adverse effect on our financial position, cash flows, or results of operations. Adverse
publicity about regulatory or legal action against us or adverse publicity about our products (including the resources needed to produce
them) could damage our reputation and brand image, undermine consumer confidence, and reduce demand for our products, even if the regulatory
or legal action is unfounded or not material to our operations or even if the adverse publicity regarding our products is unfounded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, unfavorable studies or media reports
(including those regarding the health impact of caviar) may have a negative impact on the public perception of caviar, whether or not
the claims are accurate. We cannot guarantee that our products will not cause any health-related illnesses or injury in the future, or
that we will not be subject to claims or litigation relating to such matters. If any of the above were to occur, our sales could be negatively
impacted, which could have a material and adverse effect on our business, financial conditions, results of operation and prospects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may not be able to obtain finance from
time to time to fund our operations and maintain growth.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to fund our operations and maintain
our growth or expand our business, we may need to obtain future funding including equity financing or banking facilities from our banks
from time to time. However, we may face the limitation of not having sufficient amount of security or pledge to secure additional debt
financing. Further, there may be occasions where we are unable to obtain financing at commercial terms favorable or acceptable to us
or at all. If these circumstances arise, our business, results of operations, and growth could be compromised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our growth prospects may be limited if
we do not successfully implement our future plans and growth strategy.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our growth is based on assumptions of future
events which include (a)&nbsp;the continuous growth in the caviar industry; (b)&nbsp;our ability in further expanding our global market
presence; (c)&nbsp;our ability in strengthening our sales and marketing activities; (d)&nbsp;expansion in our sources of caviar as well
as product portfolio; and (e)&nbsp;expansion in our customer base. Furthermore, our future business plans may be hindered by other factors
that are beyond our control, such as competition within the caviar industry and market conditions. Therefore, there is no assurance that
any of our future business plans will materialize within the planned timeframe, or that our objectives will be fully or partially accomplished.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our prospects must be considered in light of
the risks and challenges which we may encounter in various stages of the development of our business. If the assumptions which underpin
our future plans prove to be incorrect, our future plans may not be effective in enhancing our growth, in which case our business, financial
conditions and results of operations may be adversely affected.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may grow, in part, through acquisitions,
which involve various risks, and we may not be able to identify or acquire companies consistent with our growth strategy or successfully
integrate acquired businesses into our operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may intend to pursue opportunities to expand
our business by acquiring other companies in the future. Acquisitions involve risks, including those relating to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">identification of appropriate
                                            acquisition candidates;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">negotiation of acquisitions on
                                            favorable terms and valuations;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">integration of acquired businesses
                                            and personnel;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">implementation of proper business
                                            and accounting controls;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">ability to obtain financing,
                                            at favorable terms or at all;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">diversion of management attention;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">retention of employees and customers;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">non-employee driver attrition;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">unexpected liabilities; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">detrimental issues not discovered
                                            during due diligence.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acquisitions also may affect our short-term cash
flow and net income as we expend funds, potentially increase indebtedness and incur additional expenses. If we are not able to identify
or acquire companies consistent with our growth strategy, or if we fail to successfully integrate any acquired companies into our operations,
we may not achieve anticipated increases in revenue, cost savings and economies of scale, our operating results may actually decline
and acquired goodwill and intangibles may become impaired.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are dependent on our senior management
team and other key employees, and the loss of any such personnel could materially and adversely affect our business, operating results
and financial conditions.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that our performance and success is,
to a certain extent, attributable to the extensive industry knowledge and experience of our key executives and personnel. Our continued
success is dependent, to a large extent, on the ability to attract and retain the services of the key management team. However, competition
for key personnel in our industry is intense. We may not be able to retain the services of our directors or other key personnel, or attract
and retain high-quality personnel in the future. If any of our key personnel departs from us, and we are not able to recruit a suitable
replacement with comparable experience to join us on a timely basis, our business, operations and financial conditions may be materially
and adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Acts of God, acts of war, epidemics and
other disasters could materially and adversely affect our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business is subject to the general and social
conditions in Hong&nbsp;Kong, the PRC and other jurisdictions in or to which our caviar products are grown, produced, distributed or
consumed. Natural disasters, epidemics, acts of God and other disasters that are beyond our control could adversely affect the economy,
infrastructure and livelihood of the people of such jurisdictions. Our business, results of operations and financial conditions could
be adversely affected if these natural disasters occur. Moreover, political unrest, wars and terrorist attacks may cause damage or disruption
to us, our employees, suppliers or customers, any of which could adversely affect our business, results of operations, financial conditions
or share price. Potential war or threat of terrorist attacks may also cause uncertainty and cause our business to suffer in ways that
we cannot currently predict. We cannot control the occurrence of these catastrophic events and our business operations will at the times
be subject to the risks of these uncertainties.</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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Any future occurrence of force majeure
events, natural disasters or outbreaks of contagious diseases, including the COVID-19 outbreak, may materially and adversely affect our
business, financial conditions and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any future occurrence of force majeure events,
natural disasters or outbreaks of epidemics and contagious diseases, including avian influenza, severe acute respiratory syndrome, H1N1
influenza, Ebola virus and the recent COVID-19 outbreak in Hong&nbsp;Kong, the PRC and other jurisdictions in or to which our caviar
products are grown, produced, distributed or consumed may materially and adversely affect our business, financial conditions and results
of operations. An outbreak of an epidemic or contagious disease or other adverse public health developments in the world could result
in a widespread health crisis and restrict the level of business activities in affected areas, which may, in turn, materially and adversely
affect our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since late 2019, the outbreak of a novel strain
of coronavirus named COVID-19 has resulted in a high number of fatalities and materially and adversely affected the global economy. Widespread
lockdowns, closure of work places, restrictions on mobility and travel were implemented by governments of different countries to contain
the spread of the virus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot assure you that any future occurrence
of natural disasters or outbreaks of epidemics and contagious diseases, or the measures taken by the government of different countries
in response to such contagious diseases will not seriously disrupt our operations or those of our customers or suppliers, which may materially
and adversely affect our business, financial conditions and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Technology failures or security breaches
could disrupt our operations and negatively impact our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the normal course of business, we rely on
information technology systems to process, transmit, and store electronic information. For example, we utilize information technology
to communicate with the supplier, logistic services provider, and distributors, and to manage our production and distribution facilities
and inventory. Information technology systems are also integral to the reporting of our results of operations. Furthermore, a significant
portion of the communications between, and storage of personal data of, our personnel, customers, and suppliers depend on information
technology, including social media platforms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our information technology systems may be vulnerable
to a variety of interruptions due to events beyond our control, including, but not limited to, natural disasters, terrorist attacks,
telecommunications failures, computer viruses, hackers, and other security issues. These events could compromise our confidential information,
impede, or interrupt our business operations, and may result in other negative consequences, including remediation costs, loss of revenue,
litigation and reputational damage. Furthermore, if a breach or other breakdown results in disclosure of confidential or personal information,
we may suffer reputational, competitive and/or business harm. While we have implemented administrative and technical controls and taken
other preventive actions to reduce the risk of cyber incidents and protect our information technology, they may be insufficient to prevent
physical and electronic break-ins, cyber-attacks, or other security breaches to our computer systems, which could have a material adverse
effect on our business, financial condition or results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Failure to comply with cybersecurity, data
privacy, data protection, or any other laws and regulations related to data may materially and adversely affect our business, financial
condition, and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may be subject to a variety of cybersecurity,
data privacy, data protection, and other laws and regulations related to data, including those relating to the collection, use, sharing,
retention, security, disclosure, and transfer of confidential and private information, such as personal information and other data. These
laws and regulations, such as the Data Protection Act (As Revised) of the Cayman Islands, apply not only to third-party transactions,
but also to transfers of information within our organization, which relates to our investors, employees, contractors and other counterparties.
These laws and regulations may restrict our business activities and require us to incur increased costs and efforts to comply, and any
breach or non-compliance may subject us to proceedings against us, damage our reputation, or result in penalties and other significant
legal liabilities, and thus may materially and adversely affect our business, financial conditions, and results of operations.</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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Fluctuations in exchange rates could result
in foreign currency exchange losses, which may adversely affect our financial conditions, results of operations and cash flows.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We sourced our caviar from the PRC, hence a substantial
portion of our purchases were denominated in RMB.&nbsp;Meanwhile, the sales to our customers were billed and settled in HKD.&nbsp;Therefore,
we are exposed to foreign exchange risks. The value of HKD against RMB and other currencies may fluctuate and is affected by, among other
factors, the policies of the PRC government and changes in the PRC&rsquo;s and international political and economic conditions. As we
did not enter into any formal hedging policy, foreign currency exchange contracts or derivative transactions, we are exposed to foreign
currency fluctuations. Any appreciation or depreciation of RMB relative to HKD would affect our financial results.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, it is difficult to predict how market
forces or Hong&nbsp;Kong, Mainland China, the U.S.&nbsp;or other government policies may impact the exchange rate among HKD, RMB, USD
and other currencies in the future. Moreover, fluctuation in the exchange rate will affect the relative value of earnings from and the
value of any foreign currency-denominated investments we make in the future. Should we face significant volatility in these foreign exchange
rates and we cannot procure any specific foreign exchange control measures to mitigate such risks, our results of operations and financial
performance shall be adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may be affected by the currency peg
system in Hong&nbsp;Kong.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since 1983, Hong&nbsp;Kong dollars have been
pegged to the US dollars at the rate of approximately HKD7.8 to USD1.0. We cannot assure you that this policy will not be changed in
the future. If the pegging system collapses and HKD suffer devaluation, the HKD cost of our expenditures denominated in foreign currency
may increase. This would in turn adversely affect the operations and profitability of our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our internal controls over financial reporting
may not be effective and our independent registered public accounting firm may not be able to certify as to their effectiveness, which
could have a significant and adverse effect on our business and reputation.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to our initial public offering, we were
a private company with limited accounting personnel and other resources to address our internal controls and procedures. Accordingly,
we will be in a continuing process of developing, establishing, and maintaining internal controls and procedures that will allow our
management to report on, and our independent registered public accounting firm to attest to, our internal controls over financial reporting
if and when required to do so under Section&nbsp;404 of the Sarbanes-Oxley Act&nbsp;of&nbsp;2002.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a company with less than US$1.235&nbsp;billion
in revenue for the fiscal year of 2023, we qualify as an &ldquo;emerging growth company&rdquo; pursuant to the JOBS Act. An emerging
growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public
companies. These provisions include exemption from the auditor attestation requirement under Section&nbsp;404 of the Sarbanes-Oxley Act&nbsp;of&nbsp;2002
in the assessment of the emerging growth company&rsquo;s internal control over financial reporting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus does not include a report of
management&rsquo;s assessment regarding internal control over financial reporting or an attestation report by our independent registered
public accounting firm due to a transition period established by rules of the SEC for newly listed public companies.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>You may face difficulties in protecting
your interests, and your ability to protect your rights through U.S.&nbsp;courts may be limited, because we are incorporated in the Cayman
Islands.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an exempted company incorporated under
the laws of the Cayman Islands. We conduct our operations outside the United&nbsp;States and substantially all of our assets are located
outside the United&nbsp;States. In addition, substantially all of our directors and executive officers named in this prospectus reside
outside the United&nbsp;States, and most of their assets are located outside the United&nbsp;States. As a result, it may be difficult
for investors to effect service of process within the United&nbsp;States upon our Directors or officers or to enforce judgments obtained
in the United&nbsp;States courts against our Directors and officers. For further information regarding the relevant laws of the Cayman
Islands and Hong&nbsp;Kong, please refer to the section titled &ldquo;Regulations&rdquo;.</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>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been advised by our Cayman Islands legal
counsel, Ogier, that there is uncertainty as to whether the courts of the Cayman Islands would:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">recognize or enforce against
                                            us judgments of courts of the United&nbsp;States based on certain civil liability provisions
                                            of U.S.&nbsp;securities laws; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">entertain original actions brought
                                            in the Cayman Islands against us or our Directors or officers predicated upon the securities
                                            laws of the United&nbsp;States or any state in the United&nbsp;States.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no statutory enforcement in the Cayman
Islands of judgments obtained in the United&nbsp;States, although the courts of the Cayman Islands will in certain circumstances recognize
and enforce a foreign judgment, without any re-examination or re-litigation of matters adjudicated upon, provided such judgment:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">is given by a foreign
                                            court of competent jurisdiction;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">imposes on the
                                            judgment debtor a liability to pay a liquidated sum for which the judgment has been given;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt; text-align: left">(c)</TD><TD STYLE="text-align: justify">is final;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt; text-align: left">(d)</TD><TD STYLE="text-align: justify">is not in respect
                                            of taxes, a fine or a penalty;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt; text-align: left">(e)</TD><TD STYLE="text-align: justify">was not obtained
                                            by fraud; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt; text-align: left">(f)</TD><TD STYLE="text-align: justify">is not of a kind
                                            the enforcement of which is contrary to natural justice or the public policy of the Cayman
                                            Islands.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the above limitations, in appropriate
circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory
orders, orders for performance of contracts and injunctions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders of Cayman Islands companies like
us have no general rights under the Cayman Islands laws to inspect corporate records, other than the memorandum and articles of association
and any special resolutions passed by such companies, and the registers of mortgages and charges of such companies or to obtain copies
of lists of shareholders of these companies. Our directors have discretion under our memorandum and articles of association (as may be
amended from time to time) to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders,
but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed
to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain corporate governance practices in the
Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other jurisdictions such
as the United&nbsp;States. Currently, we do not plan to rely on home country practice with respect to our corporate governance. However,
if we choose to follow the Cayman Islands&rsquo; practice in the future, our shareholders may be afforded less protection than they otherwise
would under rules and regulations applicable to U.S.&nbsp;domestic issuers.</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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of all of the above, public shareholders
may have more difficulty in protecting their interests in the face of actions taken by our management, members of our board of directors,
or our Controlling Shareholders than they would as public shareholders of a company incorporated in the United&nbsp;States. For a discussion
of significant differences between the provisions of the Companies Act and the laws applicable to companies incorporated in the United&nbsp;States
and their shareholders, please refer to the section titled &ldquo;Description of Share Capital&nbsp;&mdash;&nbsp;Differences in Corporate
Law&rdquo;.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the International Tax Cooperation
(Economic Substance) Act, 2018 of the Cayman Islands, or the ES Act, that came into force on January&nbsp;1, 2019, a &ldquo;relevant
entity&rdquo; is required to satisfy the economic substance test set out in the ES Act. A &ldquo;relevant entity&rdquo; includes an exempted
company incorporated in the Cayman Islands as is our Company. Based on the current interpretation of the ES Act, we believe that our
Company is a pure equity holding company since it only holds equity participation in other entities and only earns dividends and capital
gains. Accordingly, for so long as our Company is a &ldquo;pure equity holding company&rdquo;, it is only subject to the minimum substance
requirements, which require us to (i)&nbsp;comply with all applicable filing requirements under the Companies Act; and (ii)&nbsp;has
adequate human resources and adequate premises in the Cayman Islands for holding and managing equity participations in other entities.
However, there is no assurance that we will not be subject to more requirements under the ES Act. Uncertainties over the interpretation
and implementation of the ES Act may have an adverse impact on our business and operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We rely on dividends and other distributions
on equity paid by our subsidiary to fund any cash and financing requirements we may have. In the future, funds may not be available to
fund operations or for other use outside of Hong&nbsp;Kong, due to interventions in, or the imposition of restrictions and limitations
on, our ability or our subsidiary by the PRC government to transfer cash. Any limitation on the ability of our subsidiary to make payments
to us could have a material adverse effect on our ability to conduct our business and might materially decrease the value of our Ordinary
Shares or cause them to be worthless.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a holding company incorporated in the
Cayman Islands, and we rely on dividends and other distributions on equity paid by our subsidiary for our cash and financing requirements,
including the funds necessary to pay dividends and other cash distributions to our shareholders and service any debt we may incur. We
do not expect to pay cash dividends in the foreseeable future. We anticipate that we will retain any earnings to support operations and
to finance the growth and development of our business. If any of the Operating Subsidiaries incurs debt on its own behalf in the future,
the instruments governing the debt may restrict its ability to pay dividends or make other distributions to us. See &ldquo;Dividend Policy&rdquo;
for more information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not expect to pay cash dividends in the
foreseeable future. We anticipate that we will retain any earnings to support operations and to finance the growth and development of
our business. If our Operating Subsidiary incurs debt on its own behalf in the future, the instruments governing the debt may restrict
its ability to pay dividends or make other distributions to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the current practice of the Inland Revenue
Department of Hong&nbsp;Kong, no tax is payable in Hong&nbsp;Kong in respect of dividends paid by us.&nbsp;The PRC laws and regulations
do not currently have any material impact on transfers of cash from Top Wealth Group Holding Limited to our subsidiaries or from our
subsidiaries to TW Cayman, our shareholders and U.S.&nbsp;investors. However, the Chinese government may, in the future, impose restrictions
or limitations on our ability to transfer money out of Hong&nbsp;Kong, to distribute earnings and pay dividends to and from the other
entities within our organization, or to reinvest in our business outside of Hong&nbsp;Kong. Such restrictions and limitations, if imposed
in the future, may delay or hinder the expansion of our business to outside of Hong&nbsp;Kong and may affect our ability to receive funds
from our subsidiary in Hong&nbsp;Kong. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations,
in each case, that restrict or otherwise unfavorably impact the ability or way we conduct our business, could require us to change certain
aspects of our business to ensure compliance, which could decrease demand for our services, reduce revenues, increase costs, require
us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more
stringent measures are required to be implemented, our business, financial condition and results of operations could be adversely affected
and such measured could materially decrease the value of our Ordinary Shares, potentially rendering them worthless.</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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our corporate actions will be substantially
controlled by our Controlling Shareholder, Winwin Development Group Limited, which has the ability to control or exert significant influence
over important corporate matters that require approval of shareholders, which may deprive you of an opportunity to receive a premium
for your Ordinary Shares and materially reduce the value of your investment. Additionally, we are deemed to be a &ldquo;controlled company
and may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Winwin Development Group Limited, our Controlling
Shareholder, beneficially owns 69.52% of our total issued and outstanding Ordinary Shares, representing 69.52% of the total voting power.
Accordingly, Winwin Development Group Limited has significant influence in determining the outcome of any corporate transaction or other
matter submitted to the shareholders for approval, including mergers, consolidations, election of directors and other significant corporate
actions. Winwin Development Group Limited is in turn beneficially owned as to 90% and 10% by Mr.&nbsp;Kim Kwan Kings, WONG, our Chief
Executive Officer, Chairman and Director, and Mr.&nbsp;Kin Fai, CHONG, respectively; and Mr.&nbsp;Kim Kwan Kings, WONG is also the sole
director of Winwin Development Group Limited. As a result, Winwin Development Group Limited has the ability to control the outcome of
matters submitted to the shareholders for approval, including the election of directors and any merger, consolidation, or sale of all
or substantially all of our assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interests of our Controlling Shareholder
may differ from the interests of our other shareholders. The concentration of ownership may also discourage, delay or prevent a change
in control of our company, which could deprive our shareholders of an opportunity to receive a premium for their shares as part of a
sale of our company and might reduce the price of our Ordinary Shares. These actions may be taken even if they are opposed by our other
shareholders, including those who purchase Ordinary Shares in this offering. Without the consent of our Controlling Shareholder, we may
be prevented from entering into transactions that could be beneficial to us or our other shareholders. The concentration in the ownership
of our shares may cause a material decline in the value of our shares. For more information regarding our principal shareholders and
their affiliated entities, see &ldquo;Beneficial Ownership Of Securities.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the NASDAQ listing rules, a company of
which more than 50% of the voting power is held by an individual, group, or another company is a &ldquo;controlled company&rdquo; and
is permitted to elect to rely, and may rely, on certain exemptions from the obligation to comply with certain corporate governance requirements,
including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">the requirement that our director
                                            nominees must be selected or recommended solely by independent directors; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">the requirement that we have
                                            a corporate governance and nominating committee that is composed entirely of independent
                                            directors with a written charter addressing the committee&rsquo;s purpose and responsibilities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we do not intend to rely on the &ldquo;controlled
company&rdquo; exemptions under the NASDAQ listing rules even if we are deemed to be a &ldquo;controlled company,&rdquo; we could elect
to rely on these exemptions in the future. If we were to elect to rely on the &ldquo;controlled company&rdquo; exemptions, a majority
of the members of our board of directors might not be independent directors and our nominating and corporate governance and compensation
committees might not consist entirely of independent directors. Accordingly, if we rely on the exemptions, during the period we remain
a controlled company and during any transition period following a time when we are no longer a controlled company, you would not have
the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of NASDAQ.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our Ordinary Shares may be prohibited from
being traded on a national exchange under the Holding Foreign Companies Accountable Act if the PCAOB is unable to inspect our auditor.
The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.
Furthermore, on June&nbsp;22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which was signed
into law on December 29, 2022, amending the HFCAA to require the SEC to prohibit an issuer&rsquo;s securities from trading on any U.S.
stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three.</I></B></P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June&nbsp;22, 2021, the U.S.&nbsp;Senate passed
the Accelerating Holding Foreign Companies Accountable Act (&ldquo;AHFCAA&rdquo;), which was signed into law on December&nbsp;29, 2022,
amending the HFCAA and requiring the SEC to prohibit an issuer&rsquo;s securities from trading on any U.S.&nbsp;stock exchange if its
auditor is not subject to PCAOB inspections for two consecutive&nbsp;years instead of three consecutive&nbsp;years.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December&nbsp;16, 2021, the PCAOB issued a
report on its determinations that it is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered
in mainland China and in Hong&nbsp;Kong, because of positions taken by PRC authorities in those jurisdictions, which determinations were
vacated on December&nbsp;15, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August&nbsp;26, 2022, the PCAOB announced
that it had signed a Statement of Protocol (the &ldquo;SOP&rdquo;) with the China Securities Regulatory Commission and the Ministry of
Finance of China. The SOP, together with two protocol agreements governing inspections and investigations (together, the &ldquo;SOP Agreement&rdquo;),
establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based
in mainland China and Hong&nbsp;Kong, as required under U.S.&nbsp;law.</P>

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

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

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our auditor, Onestop Assurance PAC, the independent
registered public accounting firm that issues the audit report for the fiscal year ended December&nbsp;31, 2023 and 2022, is currently
subject to PCAOB inspections and the PCAOB is able to inspect our auditor. Onestop Assurance PAC, headquartered in Singapore, has been
inspected by the PCAOB on a regular basis. Our auditor is not headquartered in mainland China or Hong&nbsp;Kong and was not identified
in this report as a firm subject to the PCAOB&rsquo;s determination. Therefore, we believe that, as of the date of this prospectus, our
auditor is not subject to the PCAOB determinations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to retain an auditor subject to PCAOB
inspection and investigation, including but not limited to inspection of the audit working papers related to us, may depend on the relevant
positions of U.S.&nbsp;and Chinese regulators. With respect to audits of companies with operations in China, such as the Company, there
are uncertainties about the ability of our auditor to fully cooperate with a request by the PCAOB for audit working papers in China without
the approval of Chinese authorities. Whether the PCAOB will be able to conduct inspections of our auditor, including but not limited
to inspection of the audit working papers related to us, in the future is subject to substantial uncertainty and depends on a number
of factors out of our, and our auditor&rsquo;s, control. If our shares and shares are prohibited from trading in the United&nbsp;States,
there is no certainty that we will be able to list on a non-U.S.&nbsp;exchange or that a market for our shares will develop outside of
the United&nbsp;States. Such a prohibition would substantially impair your ability to sell or purchase our shares when you wish to do
so, and the risk and uncertainty associated with delisting would have a negative impact on the price of our shares. Also, such a prohibition
would significantly affect our ability to raise capital on terms acceptable to us, or at all, which would have a material adverse impact
on our business, financial condition, and prospects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The trading price of our Ordinary Shares
may be volatile, which could result in substantial losses to you.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From the closing of our initial public offering
on April 18, 2024 to August 1, 2024, the trading price of our Ordinary Shares has ranged from $3.9700 to $0.6500 per Ordinary Share. The
trading price of our Ordinary Shares is likely to be volatile and could fluctuate widely due to factors beyond our control. This may happen
due to broad market and industry factors, such as performance and fluctuation in the market prices or underperformance or deteriorating
financial results of other listed companies based in Hong Kong and Mainland China. The securities of some of these companies have experienced
significant volatility since their initial public offerings, including, in some cases, substantial price declines in the trading price
of their securities. The trading performances of other Hong Kong and Chinese companies&rsquo; securities after their offerings may affect
the attitudes of investors towards Hong Kong-based, U.S.-listed companies, which consequently may affect the trading performance of our
Ordinary Shares, regardless of our actual operating performance. In addition, any negative news or perceptions about inadequate corporate
governance practices or fraudulent accounting, corporate structure or matters of other Hong Kong and Chinese companies may also negatively
affect the attitudes of investors towards Hong Kong and Chinese companies in general, including us, regardless of whether we have conducted
any inappropriate activities. Furthermore, securities markets may from time to time experience significant price and volume fluctuations
that are not related to our operating performance, which may have a material and adverse effect on the trading price of our Ordinary Shares.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the above factors, the price and
trading volume of our Ordinary Shares may be highly volatile due to multiple factors, including the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">political, social and economic
                                            conditions in Mainland China and Hong&nbsp;Kong;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">variations in our revenue, profit,
                                            and cash flow;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">the operating and stock price
                                            performance of other companies, other industries and other events or factors beyond our control;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">fluctuations of exchange rates
                                            among HKD, RMB, and USD;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">general market conditions or
                                            other developments affecting us or the caviar industry in which we operate;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">actual or anticipated fluctuations
                                            in our results of operations and changes or revisions of our expected results;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">changes in financial estimates
                                            or recommendations by securities research analysts;</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">detrimental negative publicity
                                            about us, our services, our officers, directors, Controlling Shareholders, other beneficial
                                            owners, our business partners, or our industry;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">announcements by us or our competitors
                                            of new product offerings, acquisitions, strategic relationships, joint ventures, capital
                                            raisings or capital commitments;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">additions to or departures of
                                            our senior management;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">litigation or regulatory proceedings
                                            involving us, our officers, Directors, or Controlling Shareholders;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">developments in information technology
                                            and our capability to catch up with the technology innovations in the industry;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">the realization of any of the
                                            other risk factors presented in this prospectus;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">changes in investors&rsquo; perception
                                            of our Company and the investment environment generally;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">the liquidity of the market for
                                            our Ordinary Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">release or expiry of lock-up
                                            or other transfer restrictions on our outstanding Ordinary Shares; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">sales or perceived potential
                                            sales of additional Ordinary Shares.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any of these factors may result in large and
sudden changes in the volume and price at which our Ordinary Shares will be traded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recently, there have been instances of extreme
stock price run-ups followed by rapid price declines and strong stock price volatility with a number of recent initial public offerings,
especially among companies with relatively smaller public floats. As a relatively small-capitalization company with relatively small
public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization
companies. In particular, our Ordinary Shares may be subject to rapid and substantial price volatility, low volumes of trades and large
spreads in bid and ask prices. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance,
financial conditions or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Ordinary
Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, if the trading volumes of our Ordinary
Shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Ordinary Shares. This low
volume of trades could also cause the price of our Ordinary Shares to fluctuate greatly, with large percentage changes in price occurring
in any&nbsp;trading day session. Holders of our Ordinary Shares may also not be able to readily liquidate their investment or may be
forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions
may also adversely affect the market price of our Ordinary Shares. As a result of this volatility, investors may experience losses on
their investment in our Ordinary Shares. A decline in the market price of our Ordinary Shares also could adversely affect our ability
to issue additional shares of Ordinary Shares or other securities and our ability to obtain additional financing in the future. No assurance
can be given that an active market in our Ordinary Shares will develop or be sustained. If an active market does not develop, holders
of our Ordinary Shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our Ordinary Shares may be thinly traded
and you may be unable to sell at or near ask prices or at all if you need to sell your shares to raise money or otherwise desire to liquidate
your shares.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When our Ordinary Shares are trading on Nasdaq,
our Ordinary Shares may be &ldquo;thinly-traded&rdquo;, meaning that the number of persons interested in purchasing our Ordinary Shares
at or near bid prices at any given time may be relatively small or non-existent. This situation may be attributable to a number of factors,
including the fact that we are relatively unknown to stock analysts, stock brokers, institutional investors and others in the investment
community that generate or influence sales volume, and that even if we came to the attention of such persons, they tend to be risk-averse
and might be reluctant to follow an unproven company such as ours or purchase or recommend the purchase of our shares until such time
as we become more seasoned. As a consequence, there may be periods of several&nbsp;days or more when trading activity in our shares is
minimal or non-existent, as compared to a seasoned issuer which has a large and steady volume of trading activity that will generally
support continuous sales without an adverse effect on share price. Broad or active public trading market for our Ordinary Shares may
not develop or be sustained.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If securities or industry analysts do not
publish or publish inaccurate or unfavorable research about our business, or if they adversely change their recommendations regarding
our Ordinary Shares, the market price for our Ordinary Shares and trading volume could decline.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trading market for our Ordinary Shares will
depend in part on the research and reports that securities or industry analysts publish about us or our business. If research analysts
do not establish and maintain adequate research coverage or if one or more of the analysts who covers us downgrades our Ordinary Shares
or publishes inaccurate or unfavorable research about our business, the market price for our Ordinary Shares would likely decline. If
one or more of these analysts cease coverage of the Company or fail to publish reports on us regularly, we could lose visibility in the
financial markets, which, in turn, could cause the market price or trading volume for our Ordinary Shares to decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>As a public company, we are subject to
the reporting requirements under the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection
Act, the listing requirements of Nasdaq, and other applicable securities rules and regulations. As such, meeting these requirements may
strain our resources and divert management&rsquo;s attention.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a public company, we are subject to the reporting
requirements of the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the listing
requirements of Nasdaq, and other applicable securities rules and regulations. Despite recent reforms made possible by the JOBS Act,
compliance with these rules and regulations will increase our legal, accounting, and financial compliance costs and investor relations
and public relations costs, make some activities more difficult, time-consuming, or costly, and increase demand on our systems and resources,
particularly after we are no longer an &ldquo;emerging growth company.&rdquo; The Exchange Act requires, among other things, that we
file annual and current reports with respect to our business and operating results as well as proxy statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of disclosure of information in the
Form 20-F and in filings required of a public company, our business and financial condition are more visible, which we believe may result
in threatened or actual litigation, including by competitors and other third parties. If such claims are successful, our business and
operating results could be harmed, and even if the claims do not result in litigation or are resolved in our favor, these claims, and
the time and resources necessary to resolve them, could divert the resources of our management and adversely affect our business, brand
and reputation and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Being a public company and these new rules and
regulations will make it more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced
coverage or incur substantially higher costs to obtain coverage. These factors could also make it more difficult for us to attract and
retain qualified members of our board of directors, particularly to serve on our audit committee and compensation committee, and qualified
executive officers.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we cannot satisfy, or continue to satisfy,
the continued listing requirements and other rules of the Nasdaq Capital Market, our securities may be delisted, which could negatively
impact the price of our securities and your ability to sell them.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our securities are listed on the Nasdaq Capital
Market. We cannot assure you that our securities will continue to be listed on the Nasdaq Capital Market. In order to maintain our listing
on the Nasdaq Capital Market, we are required to comply with certain rules, including those regarding minimum stockholders&rsquo; equity,
minimum share price, minimum market value of publicly held shares, and various additional requirements. Even if we initially meet the
listing requirements and other applicable rules of the Nasdaq Capital Market, we may not be able to continue to satisfy these requirements
and applicable rules. If we are unable to satisfy the criteria for maintaining our listing, our securities could be subject to delisting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If our securities are subsequently delisted from
trading, we could face significant consequences, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">a limited availability for market
                                            quotations for our securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">reduced liquidity with respect
                                            to our securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">a determination that our Ordinary
                                            Shares is a &ldquo;penny stock,&rdquo; which will require brokers trading in our Ordinary
                                            Shares to adhere to more stringent rules and possibly result in a reduced level of trading
                                            activity in the secondary trading market for our Ordinary Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">limited amount of news and analyst
                                            coverage; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">a decreased ability to issue
                                            additional securities or obtain additional financing in the future.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our Board of Directors may refuse or delay
the registration of the transfer of Ordinary Shares in certain circumstances.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except in connection with the settlement of trades
or transactions entered into through the facilities of a stock exchange or automated quotation system on which our Ordinary Shares are
listed or traded from time to time, our Board of Directors may resolve to refuse or delay the registration of the transfer of our Ordinary
Shares. Where our directors do so, they must specify the reason(s) for this refusal or delay in a resolution of the board of directors.
Our directors may also refuse or delay the registration of any transfer of Ordinary Shares if the transferor has failed to pay an amount
due in respect to those Ordinary Shares. If our directors refuse to register a transfer, they shall, as soon as reasonably practicable,
send the transferor and the transferee a notice of the refusal or delay in the approved form.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This, however, will not affect market transactions
of the Ordinary Shares purchased by investors in a public offering. Where the Ordinary Shares are listed on a stock exchange, the Ordinary
Shares may be transferred without the need for a written instrument of transfer, if the transfer is carried out in accordance with the
rules of the stock exchange and other requirements applicable to the Ordinary Shares listed on the stock exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The sale or availability for sale of substantial
amounts of our Ordinary Shares in the public market could adversely affect their market price.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of substantial amounts of our Ordinary
Shares in the public market, or the perception that these sales could occur, could adversely affect the market price of our Ordinary
Shares and could materially impair our ability to raise capital through equity offerings in the future. The 2,000,000&nbsp;Ordinary Shares
sold in our initial public offering completed are freely tradable without restriction or further registration under the Securities Act&nbsp;of&nbsp;1933,
as amended, or the Securities Act, and shares held by our existing shareholders may also be sold in the public market in the future,
subject to the restrictions in Rule&nbsp;144 and Rule&nbsp;701 under the Securities Act and the applicable lock-up agreements. We cannot
predict what effect, if any, market sales of securities held by our significant shareholders or any other shareholder or the availability
of these securities for future sale will have on the market price of our Ordinary Shares.</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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Because the amount, timing, and whether
or not we distribute dividends at all is entirely at the discretion of our Board of Directors, you must rely on price appreciation of
our Ordinary Shares for return on your investment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors has complete discretion
as to whether to distribute dividends. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may
exceed the amount recommended by our board of directors. In either case, all dividends are subject to certain restrictions under the
Cayman Islands law, namely that the Company may only pay dividends out of profits or share premium, and provided that under no circumstances
may a dividend be paid if this would result in the Company being unable to pay its debts as they fall due in the ordinary course of business.
Even if our board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend
on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions,
if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by
our board of directors. Accordingly, the return on your investment in our Ordinary Shares will likely depend entirely upon any future
price appreciation of our Ordinary Shares. We cannot assure you that our Ordinary Shares will appreciate in value or even maintain the
price at which you purchased the Ordinary Shares. You may not realize a return on your investment in our Ordinary Shares and you may
even lose your entire investment in our Ordinary Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Nasdaq Listing Rules require listed companies
to have, among other things, a majority of its board members be independent. As a foreign private issuer, however, we are permitted to,
and we may follow home country practice in lieu of the above requirements. The corporate governance practice in our home country, the
Cayman Islands, does not require a majority of our board to consist of independent directors. In addition, the Nasdaq Listing Rules also
require U.S.&nbsp;domestic issuers to have a compensation committee, a nominating/corporate governance committee and an audit committee.
We, as a foreign private issuer, are not subject to these requirements. The Nasdaq Listing Rules may require shareholder approval for
certain corporate matters, such as requiring that shareholders be given the opportunity to vote on all equity compensation plans and
material revisions to those plans, certain ordinary share issuances. We intend to comply with the corporate governance requirements of
the Nasdaq Listing Rules. However, we may, in the future, consider following home country practice in lieu of the requirements under
the Nasdaq Listing Rules with respect to certain corporate governance standards which may afford less protection to investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Although as a foreign private issuer we
are exempt from certain corporate governance standards applicable to U.S.&nbsp;issuers, if we cannot satisfy, or continue to satisfy,
the initial listing requirements and other rules of Nasdaq, our securities may be delisted, which could negatively impact the price of
our securities and your ability to sell them.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to maintain our listing on Nasdaq, we
will be required to comply with certain rules of Nasdaq, including those regarding minimum stockholders&rsquo; equity, minimum share
price, minimum market value of publicly held shares, and various additional requirements. Even if we initially meet the listing requirements
and other applicable rules of Nasdaq, we may not be able to continue to satisfy these requirements and applicable rules. If we are unable
to satisfy the criteria of Nasdaq for maintaining our listing, our securities could be subject to delisting, which would have a negative
effect on the price of our Ordinary Shares and impair your ability to sell your shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Nasdaq does not list our securities, or subsequently
delists our securities from trading, we could face significant consequences, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">a limited availability for market
                                            quotations for our Ordinary Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">reduced liquidity with respect
                                            to our Ordinary Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">a determination that our Ordinary
                                            Shares are &ldquo;penny stock,&rdquo; which will require brokers trading in our Ordinary
                                            Shares to adhere to more stringent rules and possibly result in a reduced level of trading
                                            activity in the secondary trading market for our Ordinary Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">limited amount of news and analyst
                                            coverage; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">a decreased ability to issue
                                            additional securities or obtain additional financing in the future.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we cease to qualify as a foreign private
issuer, we would be required to comply fully with the reporting requirements of the Exchange&nbsp;Act applicable to U.S.&nbsp;domestic
issuers, and we would incur significant additional legal, accounting and other expenses that we would not incur as a foreign private
issuer.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We qualify as a foreign private issuer. As a
foreign private issuer, we will be exempt from the rules under the Exchange&nbsp;Act prescribing the furnishing and content of proxy
statements, and our officers, directors and principal shareholders will be exempt from the reporting and short-swing profit recovery
provisions contained in Section&nbsp;16 of the Exchange&nbsp;Act. In addition, we will not be required under the Exchange&nbsp;Act to
file periodic reports and financial statements with the SEC as frequently or as promptly as U.S.&nbsp;domestic issuers, and we will not
be required to disclose in our periodic reports all of the information that U.S.&nbsp;domestic issuers are required to disclose. We may
cease to qualify as a foreign private issuer in the future, and consequently, we would be required to fully comply with the reporting
requirements of the Exchange&nbsp;Act applicable to U.S.&nbsp;domestic issuers, and we would incur significant additional legal, accounting
and other expenses that we would not incur as a foreign private issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The enforcement of foreign civil liabilities
in the Cayman Islands and Hong&nbsp;Kong is subject to certain conditions. Therefore, certain judgments obtained against us by our shareholders
may be difficult to enforce in such jurisdictions</I></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a company formed under the laws of the
Cayman Islands. We conduct our operations outside the United&nbsp;States and substantially all of our assets are located outside the
United&nbsp;States. In addition, substantially all of our directors and executive officers reside outside the United&nbsp;States, and
most of their assets are located outside the United&nbsp;States. As a result, it may be difficult or impossible for you to bring an action
against us or against them in the United&nbsp;States in the event that you believe that your rights have been infringed under the U.S.&nbsp;federal
securities laws or otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands, Hong&nbsp;Kong,
or other relevant jurisdictions may render you unable to enforce a judgment against our assets or the assets of our directors and officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is uncertainty as to whether the courts
of the Cayman Islands would (1)&nbsp;recognize or enforce judgments of U.S.&nbsp;courts obtained against us or our directors or officers
that are predicated upon the civil liability provisions of the federal securities laws of the United&nbsp;States or the securities laws
of any state in the United&nbsp;States, or (2)&nbsp;entertain original actions brought in the Cayman Islands against us or our directors
or officers that are predicated upon the federal securities laws of the United&nbsp;States or the securities laws of any state in the
United&nbsp;States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although there is no statutory enforcement in
the Cayman Islands of judgments obtained in the federal or state courts of the United&nbsp;States (and the Cayman Islands are not a party
to any treaties for the reciprocal enforcement or recognition of such judgments), a judgment <I>in personam </I>obtained in such jurisdiction
will be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination of the merits of the underlying
dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided such judgment (a)&nbsp;is
given by a competent foreign court with jurisdiction to give the judgment, (b)&nbsp;imposes a specific positive obligation on the judgment
debtor (such as an obligation to pay a liquidated sum or perform a specified obligation), (c)&nbsp;is final and conclusive, (d)&nbsp;is
not in respect of taxes, a fine or a penalty) has not been obtained by fraud; and (f)&nbsp;was not obtained in a manner and is not of
a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands. However, the Cayman Islands
courts are unlikely to enforce a judgment obtained from the U.S.&nbsp;courts under civil liability provisions of the U.S.&nbsp;federal
securities law if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are
penal or punitive in nature. Because such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether
such civil liability judgments from U.S.&nbsp;courts would be enforceable in the Cayman Islands. A Cayman Islands court may stay enforcement
proceedings if concurrent proceedings are being brought elsewhere.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Judgment of United&nbsp;States courts will not
be directly enforced in Hong&nbsp;Kong. There are currently no treaties or other arrangements providing for reciprocal enforcement of
foreign judgments between Hong&nbsp;Kong and the United&nbsp;States. However, the common law permits an action to be brought upon a foreign
judgment. That is to say, a foreign judgment itself may form the basis of a cause of action since the judgment may be regarded as creating
a debt between the parties to it. In a common law action for enforcement of a foreign judgment in Hong&nbsp;Kong, the enforcement is
subject to various conditions, including but not limited to, that the foreign judgment is a final judgment conclusive upon the merits
of the claim, the judgment is for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges,
the proceedings in which the judgment was obtained were not contrary to natural justice, and the enforcement of the judgment is not contrary
to public policy of Hong&nbsp;Kong. Such a judgment must be for a fixed sum and must also come from a &ldquo;competent&rdquo; court as
determined by the private international law rules applied by the Hong&nbsp;Kong courts. The defenses that are available to a defendant
in a common law action brought on the basis of a foreign judgment include lack of jurisdiction, breach of natural justice, fraud, and
contrary to public policy. However, a separate legal action for debt must be commenced in Hong&nbsp;Kong in order to recover such debt
from the judgment debtor.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>You may face difficulties in protecting
your interests, and your ability to protect your rights through U.S.&nbsp;courts may be limited, because we are incorporated under Cayman
Islands law.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a company formed under the laws of the
Cayman Islands. Our corporate affairs are governed by our memorandum and articles of association, the Companies Act and the common law
of the Cayman Islands. The rights of shareholders to take action against our directors, actions by our minority shareholders and the
fiduciary duties of our directors to us under the Cayman Islands laws are to a large extent governed by the common law of the Cayman
Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands
as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court
in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under the Cayman Islands laws are not
as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United&nbsp;States. In particular,
the Cayman Islands has a less developed body of securities laws than the United&nbsp;States. Some U.S.&nbsp;states, such as Delaware,
have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, the Cayman Islands
companies may not have standing to initiate a shareholder derivative action in a federal court of the United&nbsp;States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders of Cayman Islands companies like
us have no general rights under the Cayman Islands laws to inspect corporate records, other than the amended and restated memorandum
and articles of association and any special resolutions passed by such companies, and the registers of mortgages and charges of such
companies. Our directors have discretion under our amended and restated memorandum and articles of association to determine whether or
not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available
to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a
shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain corporate governance practices in the
Cayman Islands, where our holding company was incorporated, differ significantly from requirements for companies incorporated in other
jurisdictions such as the United&nbsp;States. Currently, we do not plan to rely on home country practice with respect to our corporate
governance. However, if we choose to follow the Cayman Islands&rsquo; practice in the future, our shareholders may be afforded less protection
than they otherwise would under rules and regulations applicable to U.S.&nbsp;domestic issuers.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>As a company incorporated in the Cayman
Islands, we are permitted to adopt certain Cayman Islands&rsquo; practices in relation to corporate governance matters that differ significantly
from the Nasdaq Capital Market listing standards; these practices may afford less protection to shareholders than they would enjoy if
we complied fully with the Nasdaq Capital Market listing standards.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a Cayman Islands company to be listed on the
Nasdaq Capital Market, we are subject to the Nasdaq Capital Market listing standards. However, the Nasdaq Capital Market rules permit
a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices
in the Cayman Islands, which is our home country, may differ significantly from the Nasdaq Capital Market listing standards. Currently,
we do not plan to rely on home country practices with respect to our corporate governance. However, if we choose to follow home country
practices in the future, our shareholders may be afforded less protection than they would otherwise enjoy under the Nasdaq Capital Market
listing standards applicable to U.S.&nbsp;domestic issuers.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will be classified as a passive foreign investment
company, or PFIC, for any taxable year if either (i)&nbsp;75% or more of our gross income for such year consists of certain types of
&ldquo;passive&rdquo; income, or (ii)&nbsp;50% or more of the value of our assets (determined on the basis of a quarterly average) during
such year produce or are held for the production of passive income (the &ldquo;asset test&rdquo;). Based upon our current and expected
income and assets, as well as projections as to the market price of our Ordinary Shares, we do not presently expect to be classified
as a PFIC for the current taxable year or the foreseeable future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While we do not expect to be a PFIC, because
the value of our assets, for purposes of the asset test, may be determined by reference to the market price of our Ordinary Shares, fluctuations
in the market price of our Ordinary Shares may cause us to become a PFIC classification for the current or subsequent taxable&nbsp;years.
The determination of whether we will be or become a PFIC will also depend, in part, on the composition and classification of our income,
including the relative amounts of income generated by and the value of assets of our future strategic investment business as compared
to our other businesses. Because there are uncertainties in the application of the relevant rules, it is possible that the U.S.&nbsp;Internal
Revenue Service, or IRS, may challenge our classification of certain income and assets as non-passive which may result in our being or
becoming a PFIC in the current or subsequent&nbsp;years. In addition, the composition of our income and assets will also be affected
by how, and how quickly, we use our liquid assets and the cash raised in the initial public offering. If we determine not to deploy significant
amounts of cash for active purposes, our risk of being a PFIC may substantially increase. Because there are uncertainties in the application
of the relevant rules and PFIC status is a factual determination made annually after the close of each taxable year, there can be no
assurance that we will not be a PFIC for the current taxable year or any future taxable year.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are an &ldquo;emerging growth company&rdquo;
within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging
growth companies, this could make it more difficult to compare our performance with other public companies.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an &ldquo;emerging growth company&rdquo;
within the meaning of the Securities Act, as modified by the JOBS Act. Section&nbsp;102(b)(1)&nbsp;of the JOBS Act exempts emerging growth
companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that
have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange&nbsp;Act)
are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt
out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election
to opt out is irrevocable. We have elected not to opt out of such extended transition period, which means that when a standard is issued
or revised, and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the
new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements
with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the
extended transition period difficult or impossible because of the potential differences in accountant standards used.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>As an &ldquo;emerging growth company&rdquo;
under applicable law, we will be subject to lessened disclosure requirements. Such reduced disclosure may make our Ordinary Shares less
attractive to investors.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For as long as we remain an &ldquo;emerging growth
company,&rdquo; as defined in the JOBS Act, we will elect to take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not &ldquo;emerging growth companies&rdquo;, including, but not limited to, not
being required to comply with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act, reduced disclosure
obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding
a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Because of these lessened regulatory requirements, our shareholders would be left without information or rights available to shareholders
of more mature companies. If some investors find our Ordinary Shares less attractive as a result, there may be a less active trading
market for our Ordinary Shares and our share price may be more volatile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We will incur increased costs as a result
of being a public company, particularly after we cease to qualify as an &ldquo;emerging growth company.&rdquo;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will incur significant legal, accounting and
other expenses as a public company that we did not incur as a private company. The Sarbanes-Oxley Act&nbsp;of&nbsp;2002, as well as rules
subsequently implemented by the SEC, Nasdaq Capital Market, impose various requirements on the corporate governance practices of public
companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Compliance with these rules and regulations increases
our legal and financial compliance costs and makes some corporate activities more time-consuming and costly. After we are no longer an
&ldquo;emerging growth company,&rdquo; or until five&nbsp;years following the completion of our initial public offering, whichever is
earlier, we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements
of Section&nbsp;404 and the other rules and regulations of the SEC.&nbsp;For example, as a public company, we have been required to increase
the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We have incurred
additional costs in obtaining director and officer liability insurance. In addition, we will incur additional costs associated with our
public company reporting requirements. It may also be more difficult or costly for us to find qualified persons to serve on our board
of directors or as executive officers as a public company. We are currently evaluating and monitoring developments with respect to these
rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or
the timing of such costs.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_006"></A>DISCLOSURE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus contains forward-looking statements
that involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements by the words &ldquo;may,&rdquo;
&ldquo;might,&rdquo; &ldquo;will,&rdquo; &ldquo;could,&rdquo; &ldquo;would,&rdquo; &ldquo;should,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo;
&ldquo;plan,&rdquo; &ldquo;goal,&rdquo; &ldquo;objective,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;predict,&rdquo; &ldquo;potential,&rdquo; &ldquo;continue&rdquo; and &ldquo;ongoing,&rdquo; or the negative of these terms, or
other comparable terminology intended to identify statements about the future. These statements involve known and unknown risks, uncertainties
and other important factors that may cause our actual results, levels of activity, performance or achievements to be materially different
from the information expressed or implied by these forward-looking statements. The forward-looking statements and opinions contained
in this prospectus are based upon information available to us as of the date of this prospectus and, while we believe such information
forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to
indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. Factors that
could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:</P>

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

<TABLE 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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our goals and strategies;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our future business development,
                                            financial condition and results of operations;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">prices and availability of raw
                                            materials for our products,;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">expected changes in our revenues,
                                            costs or expenditures;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our expectations regarding the
                                            demand for and market acceptance of our products;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">changes in our relationships
                                            with significant customers, suppliers, and other business relationships;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">competition in our industry;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">uncertainties associated with
                                            our ability to implement our business strategy and to innovate successfully;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">any event that could have a material
                                            adverse effect on our brands or reputation, such as product contamination or quality control
                                            difficulties;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">government policies and regulations
                                            relating to our industry;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our ability to obtain, maintain
                                            or procure all necessary certifications, approvals, and/or licenses to conduct our business,
                                            and in the relevant jurisdictions in which we operate;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">any recurrence of the COVID-19
                                            pandemic and scope of related government orders and restrictions and the extent of the impact
                                            of the COVID-19 pandemic on the global economy;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">other factors set forth under
                                            &ldquo;Risk Factors.&rdquo;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should refer to the section titled &ldquo;Risk
Factors&rdquo; for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied
by our forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this prospectus
will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In
light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation
or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. We undertake
no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise,
except as required by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should read this prospectus and the documents
that we reference in this prospectus and have filed as exhibits to the registration statement, of which this prospectus forms a part,
completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all
of our forward-looking statements by these cautionary statements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_005"></A>ENFORCEABILITY OF CIVIL
LIABILITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are incorporated under the laws of the Cayman
Islands as an exempted company with limited liability. We are incorporated in the Cayman Islands because of certain benefits associated
with being a Cayman Islands exempted company, such as political and economic stability, an effective judicial system, a favorable tax
system, the absence of foreign exchange control or currency restrictions and the availability of professional and support services. However,
the Cayman Islands has a less developed body of securities laws than the United&nbsp;States and provides less protection for investors.
In addition, Cayman Islands companies may not have standing to sue before the federal courts of the United&nbsp;States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our constitutional documents do not contain provisions
requiring that disputes, including those arising under the securities laws of the United&nbsp;States, among us, our officers, directors
and shareholders, be arbitrated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Substantially all of our assets are located outside
the United&nbsp;States. In addition, all of our directors and officers are nationals or residents of jurisdictions other than the United&nbsp;States
and all or a substantial portion of their assets are located outside the United&nbsp;States. As a result, it may be difficult for investors
to effect service of process within the United&nbsp;States upon us or these persons, or to enforce judgments obtained in U.S.&nbsp;courts
against us or them, including judgments predicated upon the civil liability provisions of the securities laws of the United&nbsp;States
or any state in the United&nbsp;States. It may also be difficult for you to enforce judgments obtained in U.S.&nbsp;courts based on the
civil liability provisions of the U.S.&nbsp;federal securities laws against us and our officers and directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have appointed Cogency Global Inc. as our
agent upon whom process may be served in any action brought against us under the securities laws of the United&nbsp;States.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been advised by Ogier, our counsel as
to Cayman Islands laws, that it is uncertain whether the courts of the Cayman Islands will (i)&nbsp;recognize or enforce against us judgments
of courts of the United&nbsp;States based on certain civil liability provisions of U.S.&nbsp;securities laws; and (ii)&nbsp;entertain
original actions brought in the Cayman Islands against us or our directors or officers predicted upon the securities laws of the United&nbsp;States
or any state in the United&nbsp;States. In addition, there is uncertainty with regard to Cayman Islands law related to whether a judgment
obtained from the U.S.&nbsp;courts under civil liability provisions of U.S.&nbsp;securities laws will be determined by the courts of
the Cayman Islands as penal or punitive in nature. If such determination is made, the courts of the Cayman Islands will not recognize
or enforce the judgment against a Cayman Islands company, such as our company. As the courts of the Cayman Islands have yet to rule on
making such a determination in relation to judgments obtained from U.S.&nbsp;courts under civil liability provisions of U.S.&nbsp;securities
laws, it is uncertain whether such judgments would be enforceable in the Cayman Islands. We have been further advised by Ogier, our counsel
as to Cayman Islands laws, that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United&nbsp;States,
in certain circumstances a judgment obtained in such jurisdiction will be recognized and enforced in the courts of the Cayman Islands
at common law, without any re-examination or re-litigation of matters adjudicated upon, provided such judgment:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">is given by a foreign
                                            court of competent jurisdiction;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">imposes on the
                                            judgment debtor a liability to pay a liquidated sum for which the judgment has been given;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt; text-align: left">(c)</TD><TD STYLE="text-align: justify">is final;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt; text-align: left">(d)</TD><TD STYLE="text-align: justify">is not in respect
                                            of taxes, a fine or a penalty;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt; text-align: left">(e)</TD><TD STYLE="text-align: justify">was not obtained
                                            by fraud; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt; text-align: left">(f)</TD><TD STYLE="text-align: justify">is not of a kind
                                            the enforcement of which is contrary to natural justice or the public policy of the Cayman
                                            Islands.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the above limitations, in appropriate
circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory
orders, orders for performance of contracts and injunctions.</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"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, there is uncertainty as to whether
the courts of the British Virgin Islands would (i)&nbsp;recognize or enforce judgments of United&nbsp;States courts obtained against
us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United&nbsp;States or any
state in the United&nbsp;States or (ii)&nbsp;entertain original actions brought in the British Virgin Islands against us or our directors
or officers predicated upon the securities laws of the United&nbsp;States or any state in the United&nbsp;States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is uncertainty with regard to British Virgin
Islands law as to whether a judgment obtained from the United&nbsp;States courts under civil liability provisions of the securities laws
will be determined by the courts of the British Virgin Islands as penal or punitive in nature. If such a determination is made, the courts
of the British Virgin Islands are also unlikely to recognize or enforce the judgment against a British Virgin Islands company. Because
the courts of the British Virgin Islands have yet to rule on whether such judgments are penal or punitive in nature, it is uncertain
whether they would be enforceable in the British Virgin Islands. Although there is no statutory enforcement in the British Virgin Islands
of judgments obtained in the federal or state courts of the United&nbsp;States, in certain circumstances a judgment obtained in such
jurisdiction may be recognized and enforced in the courts of the British Virgin Islands at common law, without any re-examination of
the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the High Court of the British Virgin Islands,
provided such judgment:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">is given by a foreign court of
                                            competent jurisdiction and such foreign court had proper jurisdiction over the parties subject
                                            to such judgment;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">imposes on the judgment debtor
                                            a liability to pay a liquidated sum for which the judgment has been given;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">is final;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">no new admissible evidence relevant
                                            to the action is submitted prior to the rendering of the judgment by the courts of the British
                                            Virgin Islands;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">is not in respect of taxes, a
                                            fine, a penalty or similar fiscal or revenue obligations of the company;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">was not obtained in a fraudulent
                                            manner and is not of a kind the enforcement of which is contrary to natural justice or the
                                            public policy of the British Virgin Islands.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In appropriate circumstances, a BVI Court may
give effect in the British Virgin Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance
of contracts and injunctions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Original action in the British Virgin Islands
based upon the U.S.&nbsp;federal securities laws</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an action is capable of amounting to a cause
of action under common law and thus capable of being sustained as a cause of action in itself under English law then it may be possible
for such action to be brought in the British Virgin Islands. For example, if the action to be brought in the British Virgin Islands is
based on a provision within the U.S.&nbsp;federal securities laws which prohibits fraud, deceit or misrepresentation in the sale of securities,
an investor may be able to bring an original action in the British Virgin Islands if the facts and circumstances of their case amount
to an action for fraud, misrepresentation or deceit based solely on the common law without reference to or independent of the U.S.&nbsp;federal
securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, where such action can only be based
on a particular provision within the U.S.&nbsp;federal securities laws, for example, such action that may relate to strict reporting
or registration requirements to particular bodies established under or recognized by such law (such as the SEC); it is very unlikely
that such action would have extra-territorial effect unless specifically stated within that law and recognized as having such effect
under British Virgin Islands law. Consequently, an investor would not be able to bring such an action in the British Virgin Islands in
those circumstances.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our counsel with respect to Hong&nbsp;Kong law,
has advised us that judgment of United&nbsp;States courts will not be directly enforced in Hong&nbsp;Kong. There are currently no treaties
or other arrangements providing for reciprocal enforcement of foreign judgments between Hong&nbsp;Kong and the United&nbsp;States. However,
the common law permits an action to be brought upon a foreign judgment. That is to say, a foreign judgment itself may form the basis
of a cause of action since the judgment may be regarded as creating a debt between the parties to it. In a common law action for enforcement
of a foreign judgment in Hong&nbsp;Kong, the enforcement is subject to various conditions, including but not limited to, that the foreign
judgment is a final judgment conclusive upon the merits of the claim, the judgment is for a liquidated amount in a civil matter and not
in respect of taxes, fines, penalties, or similar charges, the proceedings in which the judgment was obtained were not contrary to natural
justice, and the enforcement of the judgment is not contrary to public policy of Hong&nbsp;Kong. Such a judgment must be for a fixed
sum and must also come from a &ldquo;competent&rdquo; court as determined by the private international law rules applied by the Hong&nbsp;Kong
courts. The defenses that are available to a defendant in a common law action brought on the basis of a foreign judgment include lack
of jurisdiction, breach of natural justice, fraud, and contrary to public policy. However, a separate legal action for debt must be commenced
in Hong&nbsp;Kong in order to recover such debt from the judgment debtor.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_007"></A>USE
OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of the Ordinary Shares offered by the Selling
Shareholders pursuant to this prospectus will be sold by the Selling Shareholders for their respective accounts. We are not selling any
securities under this prospectus. We will not receive any of the proceeds from these sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_008"></A>DIVIDEND POLICY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as disclosed below, we have never declared
or paid any cash dividends on our Ordinary Shares. We anticipate that we will retain any earnings to support operations and to finance
the growth and development of our business. Therefore, we do not expect to pay cash dividends in the foreseeable future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors has complete discretion
on whether to distribute dividends, subject to certain restrictions under applicable Cayman Islands laws. In addition, our shareholders
may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors. Under Cayman
Islands law, a Cayman Islands company may pay a dividend either out of profit or share premium account, provided that in no circumstances
may a dividend be paid if the dividend payment would result in the company being unable to pay its debts as they fall due in the ordinary
course of business. Even if our board of directors decides to pay dividends, the form, frequency, and amount of future dividend, if any,
will depend upon, among other things, our future operations and earnings and cash flow, capital requirements and surplus, the amount
of distributions, if any, received by us from our subsidiaries, general financial condition, contractual restrictions, and other factors
that the board of directors may deem relevant. Cash dividends on our ordinary shares, if any, will be paid in U.S.&nbsp;dollars. Please
see the section titled &ldquo;Taxation&rdquo; of this prospectus for information on the potential tax consequences of any cash dividends
declared.</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><A NAME="a_009"></A>EXCHANGE RATE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Top Wealth is a holding company with operations
conducted in Hong&nbsp;Kong through its Operating Subsidiary, using Hong&nbsp;Kong dollars. The reporting currency is U.S.&nbsp;dollars.
The following table sets forth information concerning exchange rates between HKD and the U.S.&nbsp;dollar for the periods indicated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus contains translations of Hong&nbsp;Kong
dollars into U.S.&nbsp;dollars solely for the convenience of the reader. The conversion of Hong&nbsp;Kong dollars into U.S.&nbsp;dollars
are based on the exchange rates set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Unless
otherwise noted, all translations from Hong&nbsp;Kong dollars to U.S.&nbsp;dollars and from U.S.&nbsp;dollars to Hong&nbsp;Kong dollars
in this prospectus were made at the following rates:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended <BR> December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-weight: bold; text-align: left">USD to HK$ Average Rate</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">7.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">7.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">USD to HK$ Year End</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>



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

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_010"></A>Corporate
History and Structure</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Top Wealth Group Holding Limited is a holding
company with no operations of its own. We conduct our operations in Hong&nbsp;Kong primarily through, Top Wealth Group (International
Limited), our Operating Subsidiary in Hong&nbsp;Kong. The ordinary shares offered in this prospectus are those of Top Wealth Group Holding
Limited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following diagram illustrates the corporate
structure of our Group as of the date of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_002.jpg" ALT="" STYLE="width: 389px; height: 450px">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">As of the date
                                            of the prospectus, there are 6 (six) shareholders of record that have shareholding less than
                                            5%.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Top Wealth Group Holding Limited was incorporated
as a limited liability company on February&nbsp;1, 2023 under law of the Cayman Islands. It is a holding company and is not actively
engaged in any business. Under its memorandum of association, Top Wealth Group Holding Limited is authorized to issue 500,000,000&nbsp;Ordinary
Shares, par value US$0.0001 per share, of which 29,000,000&nbsp;Ordinary Shares are issued and outstanding. The registered office of
Top Wealth Group Holding Limited is at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009,
Cayman Islands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Top Wealth (BVI) Holding Limited was incorporated
under the law of the British Virgin Islands as the intermediate holding company of Top Wealth Group (International) Limited, on January&nbsp;18,
2023 as part of the reorganization. Top Wealth (BVI) Holding Limited is wholly-owned&nbsp;by Top Wealth Group Holding Limited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Top Wealth Group (International) Limited was
incorporated on September&nbsp;22, 2009 under the laws of Hong&nbsp;Kong. Top Wealth Group (International) Limited is our operating entity
and is indirectly wholly-owned by Top Wealth Group Holding Limited through Top Wealth (BVI) Holding Limited.</P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February&nbsp;1, 2023, the date of the incorporation
of Top Wealth Group Holding Limited, 1 Ordinary Share was issued to Ogier Global Subscriber (Cayman) Limited. On March&nbsp;1, 2023,
the 1 Ordinary Share was transferred from Ogier Global Subscriber (Cayman) Limited to Winwin Development Group Limited and the Top Wealth
Group Holding Limited further issued 99&nbsp;Ordinary Shares to Winwin Development Group Limited on the same date.</P>


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



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April&nbsp;18, 2023, 650&nbsp;Ordinary Shares
were further issued to Winwin Development Group Limited, whereby Top Wealth Group Holding Limited was then solely owned by Winwin Development
Group Limited as to 750&nbsp;Ordinary Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, on the same date, April&nbsp;18,
2023, Winwin Development Group Limited entered into Sale and Purchase Agreements with: Keen Sky Global Limited, State Wisdom Holdings
Limited, Beyond Glory Worldwide Limited, Snow Bear Capital Limited and Mercury Universal Investment Limited, respectively. Pursuant to
the Sales and Purchase Agreements, Winwin Development Group Limited is to sell, and Beyond Glory Worldwide Limited, Keen Sky Global Limited,
State Wisdom Holdings Limited, Snow Bear Capital Limited, and Mercury Universal Investment Limited are to acquire, 6.40%, 6.53%, 6.53%,
3.33%, 2.53% equity interests in Top Wealth Group Holding Limited, at the consideration of HK$1,424,000 (approximately US$182,564), HK$1,453,000
(approximately US$186,282), HK$1,453,000 (approximately US$186,282), HK$742,000 (approximately US$95,128), and HK$565,000 (approximately
US$72,436), respectively. On the same date, Winwin Development Group Limited executed the instrument of transfers whereby Winwin Development
Group Limited have transferred&nbsp;48,&nbsp;49,&nbsp;49,&nbsp;25, and 19&nbsp;Ordinary Shares, out of its 750&nbsp;Ordinary Shares,
to Beyond Glory Worldwide Limited, Keen Sky Global Limited, State Wisdom Holdings Limited, Snow Bear Capital Limited and Mercury Universal
Investment Limited, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October&nbsp;12, 2023, in contemplation of
Company&rsquo;s initial public offering, Top Wealth Group Holding Limited further issued 26,999,250&nbsp;Ordinary Shares in aggregate
to its shareholders at par value, on a pro rata basis proportional to the shareholders&rsquo; existing equity interests (collectively
refers as the &ldquo;Pro Rata Share Issuance&rdquo;), which has been treated as a share split. All references to the number of ordinary
shares and per-share data in the accompanying consolidated financial statements have been retroactively adjusted to reflect such issuance
of shares. After the Pro Rata Share Issuance, 27,000,000&nbsp;Ordinary Shares were issued and outstanding. The following table sets forth
the breakdown of the Pro Rata Share Issuance to each shareholder:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Shareholders</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of <BR> Ordinary <BR> Shares<BR>
    Issued</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Winwin Development Group Limited</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">20,159,440</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Beyond Glory Worldwide Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,727,952</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Keen Sky Global Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,763,951</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">State Wisdom Holdings Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,763,951</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Snow Bear Capital Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">899,975</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mercury Universal Investment Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">683,981</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent to the Pro Rata Share Issuance, Top
Wealth Group Holding Limited was 74.67% (representing 20,160,000&nbsp;Ordinary Shares) owned by Winwin Development Group Limited, 6.40%
(representing 1,728,000&nbsp;Ordinary Shares) owned by Beyond Glory Worldwide Limited, 6.53% (representing 1,764,000&nbsp;Ordinary Shares)
owned by Keen Sky Global Limited, 6.53% (representing 1,764,000&nbsp;Ordinary Shares) owned by State Wisdom Holdings Limited, 3.33% (representing
900,000&nbsp;Ordinary Shares) owned by Snow Bear Capital Limited, and 2.53% (representing 684,000&nbsp;Ordinary Shares) owned by Mercury
Universal Investment Limited, respectively. The percentage of the ownership of equity interests held by the shareholders remained the
same before and after the Pro Rata Share Issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October&nbsp;16, 2023, State Wisdom Holdings
Limited and Keen Sky Global Limited transferred 432,000 and 432,000&nbsp;Ordinary Shares to Greet Harmony Global Limited at the consideration
of HK$314,685 (approximately US$40,344) and HK$314,685 (approximately US$40,344), respectively. On the same&nbsp;day, Beyond Global Worldwide
Limited transferred 540,000&nbsp;Ordinary Shares to Mercury Universal Investment Limited at the consideration of HK$393,356 (approximately
US$50,430).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 18, 2024, the Company closed its initial
public offering of 2,000,000 Ordinary Shares at a public offering price of US$4.00 per Ordinary Share.</P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus, 29,000,000
Ordinary Shares were issued and outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the breakdown
of equity ownership of the Company as of the date of the prospectus:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Shareholders</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of <BR> Ordinary <BR> Shares
    Owned</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Percentage of <BR> Ordinary <BR>
    Shares Owned</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Winwin Development Group Limited</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">20,160,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">69.52</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Beyond Glory Worldwide Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,188,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.10</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Keen Sky Global Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,332,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.59</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">State Wisdom Holdings Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,332,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.59</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Snow Bear Capital Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">900,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.10</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mercury Universal Investment Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,224,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.22</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Greet Harmony Global Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">864,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.98</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_011"></A>MANAGEMENT&rsquo;S DISCUSSION
AND ANALYSIS OF<BR>
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The following discussion and analysis of our
financial condition and results of operations should be read in conjunction with our financial statements and the related notes included
elsewhere in this prospectus. This discussion contains forward-looking statements reflecting our current expectations that involve risks
and uncertainties. See &ldquo;Disclosure Regarding Forward-Looking Statements&rdquo; for a discussion of the uncertainties, risks, and
assumptions associated with these statements. Actual results and the timing of events could differ materially from those discussed in
our forward-looking statements as a result of many factors, including those set forth under &ldquo;Risk Factors&rdquo; and elsewhere
in this prospectus.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a holding company incorporated as an exempted
company under the laws of the Cayman Islands. As a holding company with no material operations of our own, we conduct our substantial
operations solely in Hong&nbsp;Kong and have been established since 2009 and diversified into the caviar business in 2021. Since our
establishment and up to 2016, we had mainly engaged in trading of sports and related products. We ceased our trading business in 2017
and had been inactive from 2017 to 2021 prior to launching our caviar business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Headquartered in Hong&nbsp;Kong, we are a fast-growing
supplier of luxury caviar products. We are currently specialized in supplying high quality sturgeon caviar. We are one of the major suppliers
of caviar in Hong&nbsp;Kong being able to secure a long-term and exclusive supply of caviar raw products from sturgeon farm.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since we established our caviar business in August&nbsp;2021,
we had supplied caviar to our customers under their brand labels (i.e. private labelling) or without brand labels. Subsequently in November&nbsp;2021,
we established our own caviar brand, &ldquo;Imperial Cristal Caviar&rdquo;, and started selling caviar under our own brand as well. With
its exquisite package design, our branded caviar is ideal to be presented as both culinary delights and festive gifts. Imperial Cristal
Caviar has continuously achieved tremendous sales growth since its launch in the market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our customers primarily and substantially include
food and beverage (&ldquo;<B>F&amp;B</B>&rdquo;) related distributors. We have strategically focused on business-to-business sales (B2B)
which would allow us access to our customers&rsquo; sales network and consumer base that helps us maximize the reach of our products
swiftly and effectively. As our caviar products gain popularity worldwide, our customer base has continuously expanded as a result of
customers&rsquo; referral and our marketing efforts.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The growth of high-net-worth individuals, technological
development and supportive policies are projected to collaboratively drive the prosperity of global caviar market.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Ever-growing numbers of global
                                            high-net-worth individuals and increasing demands for quality lifestyles:&nbsp;The substantial
                                            rise in the global economy over the&nbsp;years resulted in an apparent increase in the growth
                                            of ultra-high-net-worth individuals worldwide, with the number hitting record highs annually.
                                            As caviar turns to be synonymous with luxury in Western culture, it has long been favored
                                            by the ultra-wealthy class, which ensures the stability of the demand side. Besides, driven
                                            by the popularization of quality lifestyle, the growing number of high-net-worth individuals,
                                            who have cultivated full awareness of caviar&rsquo;s health benefits and skincare functions,
                                            are projected to generate more demands for caviar products in the foreseeable future.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Technological advancement in
                                            sturgeon-farming and caviar processing:&nbsp;The nature of long-lived, late-maturing sturgeon
                                            makes it difficult for artificially-farmed sturgeon to quickly make up for the market gap
                                            left by the banned wild-caught sturgeon. To fulfil the unsatisfied downstream demands, the
                                            market players keep advancing technologies to boost the production of artificially propagated
                                            caviar. Meanwhile, with the technological development of the global aquaculture industry,
                                            the efficiency of caviar processing and preparation is expected to surge, thus driving the
                                            expansion of caviar production volume.</TD></TR></TABLE>



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

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

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



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Series&nbsp;of supportive policies
                                            to boost caviar production:&nbsp;To prosper the production of caviar, countries around the
                                            globe rolled out supportive policies to propel the artificial reproduction of sturgeon, protect
                                            the sturgeon species, and standardize the relevant industries. Besides, international conventions
                                            like CITES are dedicated to advocating for regulating the illegal wild-caught sturgeon trade
                                            and encouraging the artificial breeding of farmed sturgeon, thus sustaining the international
                                            trade of caviar products. Furthermore, geopolitical conflicts significantly impacted the
                                            competitive landscape of the cross-border caviar trade as Russia was sanctioned to terminate
                                            its international seafood commerce, giving opportunities to other exporters like China to
                                            increase its market share from traditional power.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stimulated by the expanding demands, the trend
of brand-building and the springing up of China&rsquo;s market, the global caviar market will see continuous growth in the following&nbsp;years.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Downstream consumption demands
                                            to be extensive and diversified:&nbsp;As caviar is proven to be an excellent source of omega-3
                                            and six fatty acids, and other vitamins and minerals, the nutrition benefits of caviar got
                                            highly recognized by the market worldwide. The diversification of downstream consumption
                                            demands is expanding the caviar&rsquo;s application in the nutraceutical, cosmeceutical and
                                            pharmaceutical industries. Currently, except for food garnish and other edible uses, caviar
                                            is gradually applied for skin moisturizing, skin texture improvement and obesity treatment,
                                            etc. This wide range of benefits for caviar in the cosmetic and pharmaceutical sectors is
                                            projected to continue to boost demand in the future&nbsp;years.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Emerging branding trend brews
                                            market vitality:&nbsp;Currently, as the majority of market players are wholesalers who supply
                                            raw materials to top-tiered brands, caviar&rsquo;s market layout is featured by decentralization.
                                            However, due to the strong bargaining power of named brands, they enjoy higher profit margins
                                            of terminal retail than manufacturers and suppliers. Predictably, the sturgeon farming enterprises
                                            are expected to launch self-owned brands, enlarge the investment in brand building and market
                                            to global consumers for more profit.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">The caviar market in China will
                                            see explosive growth:&nbsp;Encouraged by the modernization of Chinese aquaculture, increasing
                                            sturgeon domestication gives rise to domestic caviar production in China. Today, China&rsquo;s
                                            caviar is among the most affordable and the highest quality in the world, giving the Chinese
                                            caviar cartel considerable market control. However, for the masses in China, caviar is still
                                            a rare figure on the family table. Driven by continuous economic growth, consumers in China&rsquo;s
                                            high-tier cities are arousing their willingness to afford luxurious consumption for quality
                                            lifestyle and health benefits, which is projected to incentivize the future explosive growth
                                            of China&rsquo;s caviar market.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that our performance is principally
affected by the following key factors:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify"><I>Demographic and macroeconomic
                                            trends.&nbsp;</I>Ever-growing numbers of global high-net-worth individuals and increasing
                                            demands for quality lifestyles: The substantial rise in the global economy over the&nbsp;years
                                            resulted in an apparent increase in the growth of ultra-high-net-worth individuals worldwide,
                                            with the number hitting record highs annually. As caviar turns to be synonymous with luxury
                                            in Western culture, it has long been favored by the ultra-wealthy class, which ensures the
                                            stability of the demand side. Besides, driven by the popularization of quality lifestyle,
                                            the growing number of high-net-worth individuals, who have cultivated full awareness of caviar&rsquo;s
                                            health benefits and skincare functions, are projected to generate more demands for caviar
                                            products in the foreseeable future.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">Downstream consumption demands to be
extensive and diversified:&nbsp;As caviar is proven to be an excellent source of omega-3 and six fatty acids, and other vitamins and
minerals, the nutrition benefits of caviar got highly recognized by the market worldwide. The diversification of downstream consumption
demands is expanding the caviar&rsquo;s application in the nutraceutical, cosmeceutical and pharmaceutical industries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify">Currently, except for food garnish and
other edible uses, caviar is gradually applied for skin moisturizing, skin texture improvement and obesity treatment, etc. This wide
range of benefits for caviar in the cosmetic and pharmaceutical sectors is projected to continue to boost demand in the future&nbsp;years.</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>

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



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt"><I>&#9679;</I></TD><TD STYLE="text-align: justify"><I>Expansion into major
                                            consumer market in Europe and United&nbsp;States.&nbsp;</I>Our ability to expand our global
                                            market presence in developed markets with a strong consumer base, such as Europe, the United&nbsp;States,
                                            Japan, Dubai, Australia and Southeast Asia (collectively, the &ldquo;<B>Target Regions</B>&rdquo;).
                                            We intend to establish representative offices at each of the Target Regions to access the
                                            local consumers. We currently plan to recruit local sales and marketing staff to conduct
                                            marketing activities in such regions, ranging from (i)&nbsp;conducting product promotion;
                                            (ii)&nbsp;brand building; (iii)&nbsp;maintaining regular communication with local customers;
                                            (iv)&nbsp;collecting feedbacks from local consumers on our products; and (v)&nbsp;maintaining
                                            regular communication and interaction with different industry players, so we can stay abreast
                                            of the latest trend and development of local consumers&rsquo; tastes.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify"><I>Our ability to successfully
                                            execute our strategies and implement our initiatives.&nbsp;</I>Our performance will continue
                                            to depend on our ability to successfully execute our strategies and to implement our current
                                            and future initiatives. The key strategies include pursuing new customers in major markets
                                            in Europe and the United&nbsp;States including:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">maintaining the popularity, attractiveness,
                                            diversity and quality of our caviar products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&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: 48pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">maintaining or improving customers&rsquo;
                                            satisfaction with the quality of our caviar products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&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: 48pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">offering and maintaining a wide
                                            selection of high-quality caviar products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&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: 48pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">increasing brand awareness through
                                            marketing and brand promotion activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&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: 48pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">preserving our reputation and
                                            goodwill in the event of any negative publicity, internet and data security, product quality,
                                            price authenticity, or other issues affecting us or the caviar industry;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt"></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: 48pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our ability to enter into sales
                                            distribution agreements in the jurisdictions we planned to expand to and distribute our products
                                            to our end-users&nbsp;and strategic partners overseas through a third party logistics company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&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: 48pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our ability to launch successful
                                            marketing and sales activities to sell our products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&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: 48pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our ability to enter into supply
                                            agreements with new potential suppliers and maintain relationship with our existing suppliers
                                            at competitive prices;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&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: 48pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our ability to raise additional
                                            funds for operations; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&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: 48pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">our ability to enhance our operational
                                            efficiency.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>How We Assess the Performance of Our Business</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In assessing the performance of our business,
we consider a variety of performance and financial measures. The key measures used by our management are discussed below. The percentages
on the results presented below are calculated based on the rounded numbers.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net sales is equal to gross sales minus sales
returns as well as any sales incentives that we offer to our customers, such as rebates and discounts that are offsets to gross sales,
and certain other adjustments. Our net sales are driven by changes in case volumes, product inflation prior to pricing of our products,
and mix of products sold.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gross profit is equal to our net sales minus
our cost of goods sold. Cost of goods sold primarily includes inventory costs (net of supplier consideration) and inbound freight. Cost
of goods sold generally changes as we incur higher or lower costs from our suppliers and as our customer and product mix changes.</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>

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Comparison of the Year Ended December&nbsp;31,
2023 and December&nbsp;31, 2022</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following financial data are derived from,
and should be read in conjunction with, our consolidate financial statements for the year ended December&nbsp;31, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A summary of the Company&rsquo;s operating results
for the year ended December&nbsp;31 2023 and 2022 are as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended Dec 31</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Change</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">%</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%">Revenue</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">16,943,287</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">8,512,929</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">8,430,358</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">99.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">Cost of Sales</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(11,556,006</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(4,309,747</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(7,246,259</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">168.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Gross Profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,387,281</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,203,182</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,184,099</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28.2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Administrative Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,846,759</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(466,477</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,170,282</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Selling Expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(495,276</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,456,347</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">961,071</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(66.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Profit/(loss) before tax</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">3,045,248</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,280,358</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">974,890</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">42.75</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our revenue increased by USD8,430,358, or 99%,
from USD8,512,929 for the year ended December&nbsp;31, 2022 to USD16,943,287 for the year ended December&nbsp;31, 2023, primarily due
to the addition of new customers and also increased orders from some existing customers based on the increased popularity of caviar consumption
in the fine dining industry. Also, we started trading of fine wine in 2023, which contributed revenue of US$4,460,092, compared to Nil
in 2022. An analysis is set out below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended Dec 31</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Change</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">%</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Revenue from caviar</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">12,483,195</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">8,512,929</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">3,970,266</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">46.64</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Revenue from wine</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,460,092</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,460,092</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">100.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">16,943,287</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">8,512,929</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">8,430,358</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">99.0</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our cost of sales mainly comprised of purchase
costs for caviar and wine. For the year ended December&nbsp;31, 2023, our cost of sales amounted to USD11,556,006, an increase of USD7,246,259,
or 168%, from USD4,309,747 for the year ended December&nbsp;31, 2022. This increase was in line with the significant increase in revenue.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>For
    the Year Ended<BR> 31 December</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year on year change</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">USD</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">%</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Gross profit of caviar</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">4,957,157</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">4,203,182</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">753,975</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">17.9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gross profit of wine</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">430,124</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">430,124</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Gross Profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,387,281</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,203,182</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,184,099</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28.2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gross profit of caviar</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49.4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.7</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Gross profit of wine</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.64</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Gross Margin</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17.6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)%</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our gross profit margin for the year ended December&nbsp;31,
2023 was 31.8% as compared to 49.4% for the year ended December&nbsp;31, 2022. The reduction in our gross profit margin primarily stems
from an increase in volume purchases made by certain customers, which enabled them to secure more favorable discounts for those orders.</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>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Company&rsquo;s administrative expenses came
in at USD1,846,759 and USD466,477 for the year ended December&nbsp;31, 2023 and 2022 respectively, representing approximately 10.90%
and 5.48% of our total revenue for the corresponding period.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our administrative expenses for the year ended
30 June&nbsp;2023 primarily consist of (i)&nbsp;professional fee; (ii)&nbsp;staff cost; (iii)&nbsp;depreciation; (iv)&nbsp;rental fee;
(v)&nbsp;travelling and entertainment; (vi)&nbsp;office supplies and upkeep and (vii)&nbsp;miscellaneous expenses. The following table
sets forth the breakdown of our administrative expenses for the year ended December&nbsp;31, 2023 and 2022.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended December&nbsp;31</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">%</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD&rsquo;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">%</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Staff cost</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">444,388</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">24.1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">110,024</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">23.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">233,659</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">173,215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37.1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Operating lease payment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,038</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,282</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Office supplies and upkeep expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,793</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,997</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">921,110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,322</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Entertainment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,342</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,072</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Travelling expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,545</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,142</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sample and scrap inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,977</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,440</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">Miscellaneous</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">23,907</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">14,983</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,846,759</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">466,477</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The increase in administrative expenses during
the year ended December&nbsp;31, 2023 was primarily due to increased IPO related professional fees, including legal, audit, and consulting
fees of approximately USD921,110. The increase in staff cost for the year ended December&nbsp;31 2023 compared to December&nbsp;31 2022
was mainly due to the increase in headcount and workforce as our Company pushed for higher sales orders and acquisition of new customers.
The higher depreciation expense was due to the completion of the renovation of our office which was only completed in the first half
of 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our selling expense in 2022 primarily consist
of marketing campaign paid to a marketing agency as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended December&nbsp;31</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">%</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD&rsquo;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">%</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; text-indent: -10pt; padding-left: 10pt">Marketing expense</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">495,276</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">100</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,456,347</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">100</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The reduction in selling expenses for the year
ended December&nbsp;31 2023 compared to the corresponding period in 2022 can be primarily attributed to the absence of expenditure related
to engaging a marketing agency for promotional campaigns. Our own in-house marketing team had developed a better understanding of our
industry, target audience and product offerings since our early&nbsp;days. This decision to forego the engagement of a marketing agency
has proven to be cost efficient and allowed us to allocate resources more efficiently, reducing cost associated with marketing and agency
fee.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our liquidity and working capital requirements
primarily related to our operating expenses. Historically, we have met our working capital and other liquidity requirements primarily
through cash generated from our operations. Going forward, we expect to fund our working capital and other liquidity requirements from
various sources, including but not limited to cash generated from our operations, loans from banking facilities, the net proceeds from
the securities offering from the listing and other equity and debt financings as and when appropriate.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes our cash flows
for the&nbsp;years ended December&nbsp;31, 2023 and 2022:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended December&nbsp;31</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-weight: bold; text-align: left">Cash and cash equivalents at beginning of the year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">217,384</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,385</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net cash provided by (used in) operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(863,616</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,260</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net cash used in investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(481,173</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net cash provided by financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">780,582</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">576,912</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net increase (decrease) in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(83,034</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">215,999</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Cash and cash equivalents as at end of the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,350</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">217,384</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December&nbsp;31, 2023, our
net cash used in operating activities was USD863,616 and is mainly comprised of increase in accounts receivable as there were promotional
sales for the Christmas of 2023. For the&nbsp;years ended December&nbsp;31, 2022, our net cash of USD&nbsp;215,999 provided by operating
activities primarily reflected our net income, as adjusted for non-operating items, such as depreciation of right of use assets, plant
and equipment, deferred tax credit and effects of changes in working capital such as increase or decrease in inventories, accounts receivable,
accounts and other payables, deposits and accruals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December&nbsp;31 2023, there
was no cash outflow from investing activities while for the&nbsp;years ended December&nbsp;31, 2022, the cash outflows from our investing
activities were primarily attributable to acquisition of office equipment and leasehold improvement of our office.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December&nbsp;31, 2023, the
cash provided by financing activities were attributable to standby bridging loan facilities provided by a third party and also minority
shareholder, while for the&nbsp;years ended December&nbsp;31, 2022, the cash provided by financing activities were attributable to the
issue of capital and funds provided by our director.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that our Company has sufficient working
capital for our requirements for at least the next 12&nbsp;months from the date of this prospectus, in the absence of unforeseen circumstances,
taking into account the financial resources presently available to us, including cash and cash equivalents on hand, cash flows from our
operations and the estimated net proceeds from the IPO offering.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our capital expenditures for the&nbsp;years ended
December&nbsp;31 2023 and 2022 were nil and USD&nbsp;481,173 respectively. The capital expenditures incurred in the year ended December&nbsp;31
2022 are related to purchase of office equipment and leasehold improvement. We principally funded our capital expenditures through cash
flows from operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December&nbsp;31, 2023, we have no significant
off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes
in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are
material to our stockholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our financial statements and accompanying notes
have been prepared in accordance with U.S.&nbsp;GAAP.&nbsp;The preparation of these financial statements and accompanying notes requires
us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure
of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that are believed
to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets
and liabilities that are not readily apparent from other sources. We have identified certain accounting policies that are significant
to the preparation of our financial statements. These accounting policies are important for an understanding of our financial condition
and results of operation. Critical accounting policies are those that are most important to the portrayal of our financial conditions
and results of operations and require management&rsquo;s difficult, subjective, or complex judgment, often as a result of the need to
make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. Certain accounting estimates
are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting
the estimate may differ significantly from management&rsquo;s current judgments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following critical accounting policies rely
upon assumptions and estimates and were used in the preparation of our unaudited interim condensed consolidated financial statements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Use of Estimates</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the consolidated financial
statements in conformity with US GAAP requires management to make estimates and assumptions that affect the recorded amounts of assets,
liabilities, shareholders&rsquo; equity, revenues and expenses during the reporting period, and the disclosure of contingent liabilities
at the date of the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On an ongoing basis, management reviews its estimates
and if deemed appropriate, those estimates are adjusted. The most significant estimates include allowance for uncollectible accounts
receivable, inventory valuation, useful lives and impairment for property and equipment, valuation allowance for deferred tax assets,
accruals for potential liabilities and contingencies. Actual results could vary from the estimates and assumptions that were used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Revenue Recognition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognizes revenue in accordance
with Accounting Standards Update&nbsp;2014-09, &ldquo;Revenue from contracts with customers,&rdquo; (Topic&nbsp;606). Revenue is recognized
when a customer obtains control of promised goods or services. In addition, the standard requires disclosure of the nature, amount, timing,
and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the
consideration that the Company expects to receive in exchange for those goods. The Company applies the following five-step model in order
to determine this amount: (i)&nbsp;identification of the promised goods in the contract; (ii)&nbsp;determination of whether the promised
goods are performance obligations, including whether they are distinct in the context of the contract; (iii)&nbsp;measurement of the
transaction price, including the constraint on variable consideration; (iv)&nbsp;allocation of the transaction price to the performance
obligations; and (v)&nbsp;recognition of revenue when (or as) the Company satisfies each performance obligation. The Company&rsquo;s
main revenue stream is from sales of products. The Company recognizes as revenues the amount of the transaction price that is allocated
to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company&rsquo;s
performance obligations are transferred to customers at a point in time, typically upon delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has one major stream of revenue,
that is, the sale of caviar products in Hong&nbsp;Kong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Foreign Currency Translation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s principal country of operations
is Hong&nbsp;Kong. The financial position and results of its operation are determined using Hong&nbsp;Kong Dollars (&ldquo;HK$&rdquo;),
the local currency, as the functional currency. The Company&rsquo;s consolidated financial statements are reported using U.S.&nbsp;Dollar
(&ldquo;US$&rdquo; or &ldquo;$&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table outlines the currency exchange
rates that were used in preparing the accompanying consolidated financial statements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&nbsp;31, <BR> 2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&nbsp;31, <BR> 2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; padding-bottom: 4pt">USD to HK$ /Year End</TD><TD STYLE="width: 1%; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 4pt double; text-align: right">7.8</TD><TD STYLE="width: 1%; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 4pt double; text-align: right">7.8</TD><TD STYLE="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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; padding-bottom: 4pt">USD to HK$ Average Rate</TD><TD STYLE="width: 1%; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 4pt double; text-align: right">7.8</TD><TD STYLE="width: 1%; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 4pt double; text-align: right">7.8</TD><TD STYLE="width: 1%; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Fair Value Measurements</I></B><I>&nbsp;&mdash;&nbsp;</I>Fair
value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. Inputs used to measure fair value are classified using the following hierarchy:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Level 1.&nbsp;Unadjusted quoted
                                            prices in active markets for identical assets or liabilities that the reporting entity has
                                            the ability to access at the measurement date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Level 2.&nbsp;Inputs other than
                                            quoted prices included within Level 1 that are observable for the asset or liability, either
                                            directly or indirectly through corroboration with observable market data.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Level 3.&nbsp;Inputs are unobservable
                                            for the asset or liability and include situations in which there is little, if any, market
                                            activity for the asset or liability. The inputs used in the determination of fair value are
                                            based on the best information available under the circumstances and may require significant
                                            management judgment or estimation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s financial instruments include
cash and cash equivalents, accounts receivable, accounts payable and accrued expenses reflected as current assets and current liabilities.
Due to the short-term nature of these instruments, management considers their carrying value to approximate their fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>New accounting standards</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial Instruments&nbsp;&mdash;Credit Losses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June&nbsp;2016, the Financial Accounting Standards
Board (&ldquo;FASB&rdquo;) issued ASU No.&nbsp;2016-13 (Topic&nbsp;326), Financial Instruments&nbsp;&mdash;&nbsp;Credit Losses:&nbsp;Measurement
of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model
and requires an asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance became effective
for the Company beginning January&nbsp;1, 2023. The adoption did not have a material impact on the Company&rsquo;s consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivables are reviewed for impairment
on a quarterly basis and are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated
based on the Company&rsquo;s analysis of amounts due, historical delinquencies and write-offs, and current economic conditions, together
with reasonable and supportable forecasts of short-term economic conditions. The allowance for expected credit losses is recognized in
net income (loss) and any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined.
Write-offs of accounts receivable, together with associated allowances for expected credit losses, are recognized in the period in which
balances are deemed uncollectible. The Company does not have a history of significant write-offs. As of June&nbsp;30, 2023 and December&nbsp;31,
2021, the total allowance for expected credit losses on the Company&rsquo;s accounts receivable were Nil and Nil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December&nbsp;14, 2023, the FASB issued ASU&nbsp;2023-09,
&ldquo;Income Taxes (Topic&nbsp;740):&nbsp;Improvements to Income Tax Disclosures&rdquo; to enhance the transparency and decision usefulness
of income tax disclosures. The amendments require that public business entities on an annual basis (1)&nbsp;disclose specific categories
in the rate reconciliation and (2)&nbsp;provide additional information for reconciling items that meet a quantitative threshold (if the
effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pre-tax income or loss
by the applicable statutory income tax rate). In addition, public business entities are required to provide certain qualitative disclosures
about the rate reconciliation and the amount of income taxes paid (net of refunds received) disaggregated (1)&nbsp;by federal (national),
state, and foreign taxes and (2)&nbsp;by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or
greater than 5 percent of total income taxes paid (net of refunds received). For public business entities, the standard is effective
for annual periods beginning after December&nbsp;15, 2024. The amendments in this ASU require a cumulative effect adjustment to the opening
balance of retained earnings (or other appropriate components of equity or net assets) as of the beginning of the annual reporting period
in which an entity adopts the amendments. The Company is evaluating the impact of this standard on the Company&rsquo;s consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have evaluated all the recently issued, but
not yet effective, accounting standards that have been issued or proposed by the Financial Accounting Standards Board or other standards-setting
bodies through the date of this report and do not believe the future adoption of any such standards will have a material impact on our
consolidated financial statements.</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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_012"></A>SELLING SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholders may from time to time
offer and sell any or all of the Ordinary Shares pursuant to this prospectus. However, we cannot advise you as to whether the Selling
Shareholders will, in fact, sell any or all of such Ordinary Shares. In addition, the Selling Shareholders identified below may have
sold, transferred or otherwise disposed of some or all of their Ordinary Shares since the date on which the information in the following
table is presented in transactions exempt from or not subject to the registration requirements of the Securities Act. See the section
titled &ldquo;Plan of Distribution.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus relates to the possible resale
by the Selling Shareholders of up to 6,840,000 Ordinary Shares. The Selling Shareholders may offer and sell, from time to time, any or
all of the Ordinary Shares being offered for resale by this prospectus. When we refer to &ldquo;Selling Shareholders&rdquo; in this prospectus,
we refer to the persons listed in the tables below, and the pledgees, donees, transferees, assignees, successors, and others who later
come to hold any of the Selling Shareholders&rsquo; interest in our securities after the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below provides, as of the date of this
prospectus, information regarding the beneficial ownership of the Ordinary Shares of the Selling Shareholders, the number of Ordinary
Shares that may be sold by the Selling Shareholders under this prospectus and that the Selling Shareholders will beneficially own after
this offering. We have based percentage ownership on 29,000,000&nbsp;Ordinary Shares outstanding as of the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Ordinary Shares being registered for resale
in connection with this offering will constitute a considerable percentage of our &ldquo;public float&rdquo; (defined as the number of
our outstanding Ordinary Shares held by non-affiliates). The Selling Shareholders named herein beneficially owns 6,840,000&nbsp;Ordinary
Shares which is equal to approximately 23.58% of our outstanding Ordinary Shares, as of the date of the prospectus. The Selling Shareholders
will be able to sell its Ordinary shares for so long as the registration statement of which this prospectus forms a part is available
for use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because the Selling Shareholders may dispose
of all, none or some portion of his Ordinary Shares, we cannot advise you as to whether the Selling Shareholders will in fact sell any
or all of such Ordinary Shares. No estimate can be given as to the number of securities that will be beneficially owned by the Selling
Shareholders upon termination of this offering. For purposes of the table below, however, we have assumed that after termination of this
offering none of the Ordinary Shares covered by this prospectus will be beneficially owned by the Selling Shareholders and further assumed
that the Selling Shareholders will not acquire beneficial ownership of any additional securities during the offering. In addition, the
Selling Shareholders may have sold, transferred or otherwise disposed of, or may sell, transfer or otherwise dispose of, at any time
and from time to time, our securities in transactions exempt from the registration requirements of the&nbsp;Securities Act&nbsp;after
the date on which the information in the table is presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Ordinary Shares</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Name</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number <BR> Beneficially <BR>
    Owned<BR>
    Prior&nbsp;to <BR> Offering</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number <BR> Registered<BR>
    for&nbsp;Sale<BR>
    Hereby</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number <BR> Beneficially <BR>
    Owned After <BR> Offering</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Percent<BR>
    Owned <BR> After<BR>
    Offering</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Beyond Glory Worldwide Limited</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,188,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,188,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Keen Sky Global Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,332,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,332,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">State Wisdom Holdings Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,332,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,332,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Snow Bear Capital Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">900,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">900,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Mercury Universal Investment Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,224,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,224,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Greet Harmony Global Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">864,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">864,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,840,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not aware of any arrangement that may,
at a subsequent date, result in a change of control of our Company.</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_013"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Ordinary Shares offered by this prospectus
are being offered by the Selling Shareholders. We are not selling any securities under this prospectus. We will not receive any of the
proceeds from the sale by the Selling Shareholders of the shares of Ordinary Shares, although we would receive the proceeds from any
cash exercise of such warrants. We will bear all fees and expenses incident to our obligation to register the Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholders may sell all or a portion
of the Ordinary Shares held by it and offered hereby from time to time directly or through one or more underwriters, broker-dealers or
agents. If the Ordinary Shares are sold through underwriters or broker-dealers, the Selling Shareholders will be responsible for underwriting
discounts or commissions or agent&rsquo;s commissions. The Ordinary Shares may be sold in one or more transactions at fixed prices, at
prevailing market prices at the time of the sale, at varying prices determined at the time of sale. These sales may be effected in transactions,
which may involve crosses or block transactions, pursuant to one or more of the following methods:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">ordinary brokerage transactions
                                            and transactions in which the broker-dealer solicits purchasers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">block trades in which the broker-dealer
                                            will attempt to sell the shares as agent but may position and resell a portion of the block
                                            as principal to facilitate the transaction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">purchases by a broker-dealer
                                            as principal and resale by the broker-dealer for its account;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">an exchange distribution in accordance
                                            with the rules of the applicable exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">privately negotiated transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">short sales effected after the
                                            date the registration statement of which this Prospectus is a part is declared effective
                                            by the SEC;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"></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: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">through the writing or settlement
                                            of options or other hedging transactions, whether through an options exchange or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">broker-dealers may agree with
                                            a selling security holder to sell a specified number of such shares at a stipulated price
                                            per share; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">a combination of any such methods
                                            of sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholders may, from time to time,
pledge or grant a security interest in some or all of the Ordinary Shares owned by them and, if they default in the performance of their
secured obligations, the pledgees or secured parties may offer and sell the Ordinary Shares, from time to time, under this prospectus,
or under an amendment to this prospectus under Rule&nbsp;424(b)(3)&nbsp;or other applicable provision of the Securities Act amending
the list of Selling Shareholders to include the pledgee, transferee or other successors in interest as Selling Shareholders under this
prospectus. The Selling Shareholders also may transfer the securities in other circumstances, in which case the transferees, pledgees
or other successors in interest will be the selling beneficial owners for purposes of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the sale of our Ordinary Shares
or interests therein, the Selling Shareholders may enter into hedging transactions with broker-dealers or other financial institutions,
which may in turn engage in short sales of the Ordinary Shares in the course of hedging the positions they assume. The Selling Shareholders
may also sell our Ordinary Shares short and deliver these securities to close out it short positions, or loan or pledge the Ordinary
Shares to broker-dealers that in turn may sell these securities. The Selling Shareholders may also enter into option or other transactions
with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to
such broker-dealer or other financial institution of shares offered by this prospectus, which shares such broker-dealer or other financial
institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aggregate proceeds to the Selling Shareholders
from the sale of the Ordinary Shares offered by them will be the purchase price of the Ordinary Shares less discounts or commissions,
if any. The Selling Shareholders reserve the right to accept and, together with their agents from time to time, to reject, in whole or
in part, any proposed purchase of Ordinary Shares to be made directly or through agents. We will not receive any of the proceeds from
this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Broker-dealers engaged by the Selling Shareholders
may arrange for other broker-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Shareholders
(or, if any broker-dealer acts as agent for the purchase of shares, from the purchaser) in amounts to be negotiated, but, except as set
forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance
with FINRA Rule&nbsp;2440, and in the case of a principal transaction a markup or markdown in compliance with FINRA IM-2440. The Selling
Shareholders do not expect these commissions and discounts to exceed what is customary in the types of transactions involved, and in
no case will the maximum compensation received by any broker-dealer exceed seven percent (7%). The Selling Shareholders also may resell
all or a portion of the shares in open market transactions in reliance upon Rule&nbsp;144 or any other exemption from registration under
the Securities Act, provided that they meet the criteria and conform to the requirements of that rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholders and any broker-dealers
or agents that are involved in selling the securities may be deemed to be &ldquo;underwriters&rdquo; within the meaning of the Securities
Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale
of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any underwriters, agents, or broker-dealers,
and any Selling Shareholders who are affiliates of broker-dealers, that participate in the sale of the Ordinary Shares or interests therein
may be &ldquo;underwriters&rdquo; within the meaning of Section&nbsp;2(11)&nbsp;of the Securities Act. Any discounts, commissions, concessions
or profit they earn on any resale of the shares may be underwriting discounts and commissions under the Securities Act. Selling Shareholders
who are &ldquo;underwriters&rdquo; within the meaning of Section&nbsp;2(11)&nbsp;of the Securities Act will be subject to the prospectus
delivery requirements of the Securities Act. Each Selling Shareholders has informed us that it does not have any written or oral agreement
or understanding, directly or indirectly, with any person to distribute the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We agreed to use commercially reasonable efforts
to keep the registration statement of which this prospectus forms a part effective until the earlier of (i)&nbsp;the date on which the
securities may be resold by the Selling Shareholders without registration and without regard to any volume or manner-of-sale limitations
by reason of Rule&nbsp;144, without the requirement for our Company to be in compliance with the current public information under Rule&nbsp;144
under the Securities Act or any other rule of similar effect or (ii)&nbsp;all of the securities have been sold pursuant to this prospectus
or Rule&nbsp;144 under the Securities Act or any other rule of similar effect. The resale securities will be sold only through registered
or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states, the resale securities
covered hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the
registration or qualification requirement is available and is complied with. Under applicable rules and regulations under the Exchange&nbsp;Act,
any person engaged in the distribution of the resale securities may not simultaneously engage in market making activities with respect
to the Ordinary Shares for the applicable restricted period, as defined in Regulation&nbsp;M, prior to the commencement of the distribution.
In addition, the Selling Shareholders will be subject to applicable provisions of the Exchange&nbsp;Act and the rules and regulations
thereunder, including Regulation&nbsp;M, which may limit the timing of purchases and sales of the Ordinary Shares by the Selling Shareholders
or any other person. We will make copies of this prospectus available to the Selling Shareholders and have informed them of the need
to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule&nbsp;172
under the Securities Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent required, the shares of our Ordinary
Shares to be sold, the name of the Selling Shareholders, the respective purchase prices and public offering prices, the names of any
agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer will be set forth in an accompanying
prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to comply with the securities laws of
some states, if applicable, the Ordinary Shares may be sold in these jurisdictions only through registered or licensed brokers or dealers.
In addition, in some states the Ordinary Shares may not be sold unless it has been registered or qualified for sale or an exemption from
registration or qualification requirements is available and is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are required to pay certain fees and expenses
incurred by us incident to the registration of the securities. We have agreed to indemnify the Selling Shareholders against certain losses,
claims, damages, and liabilities, including liabilities under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholders will pay any underwriting
discounts and commissions and expenses incurred by the Selling Shareholders for brokerage, accounting, tax, or legal services or any
other expenses incurred by the Selling Shareholders in disposing of the Ordinary Shares. We will bear all other costs, fees, and expenses
in effecting the registration of the securities covered by this prospectus, including, without limitation, all registration and filing
fees and fees and expenses of our counsel and our independent registered public accountants.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_014"></A>DESCRIPTION OF SHARE CAPITAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Top Wealth Group Holding Limited is an exempted
company incorporated in the Cayman Islands and our corporate affairs are governed by our articles of association, the Companies Act,
and the common law of the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At incorporation, our authorized share capital
is US$50,000, divided into 500,000,000 ordinary shares, par value US$0.0001 per share. Upon incorporation, 1 ordinary share of US$0.0001
was issued a par. On March 1, 2023, 99 ordinary shares of US$0.0001 each were issued at par. All these ordinary shares rank pari-passu
with the exiting share in all respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thereafter, on April&nbsp;28, 2023, 650 ordinary
shares of US$0.0001 each were issued to the Company&rsquo;s then-sole owner at par. All these ordinary shares rank pari-passu with the
exiting shares in all respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, on the same date, April 18, 2023,
the then-sole owner of the Company sold a total of 190 Ordinary Shares, out of its 750 Ordinary Shares, to five shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October&nbsp;12, 2023, in contemplation of
Company&rsquo;s initial public offering, the Company further issued 26,999,250 ordinary shares in aggregate to its existing shareholders
at par value, on a pro rata basis proportional to the shareholders&rsquo; existing equity interests (collectively refers as the &ldquo;Pro
Rata Share Issuance&rdquo;). After the Pro Rata Share Issuance, 27,000,000&nbsp;Ordinary Shares were issued and outstanding. All these
ordinary shares rank pari-passu with the exiting shares in all respect. This Pro Rata Share Issuance has treated as share split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 18, 2024, the Company closed its initial
public offering of 2,000,000 Ordinary Shares at a public offering price of US$4.00 per Ordinary Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus, 29,000,000
Ordinary Shares were issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Ordinary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ordinary shares are issued in registered
form, and are issued when registered in our register of members. Unless the board of directors determine otherwise, each holder of our
ordinary shares will not receive a certificate in respect of such ordinary shares. Our shareholders who are non-residents&nbsp;of the
Cayman Islands may freely hold and vote their ordinary shares. We may not issue shares or warrants to bearer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at the date of this Prospectus, the Company
has no outstanding options, warrants and other convertible securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the provisions of the Companies Act
and our articles regarding redemption and purchase of the shares, the directors have general and unconditional authority to allot (with
or without confirming rights of renunciation), grant options over or otherwise deal with any unissued shares to such persons, at such
times and on such terms and conditions as they may decide. The directors may deal with unissued shares either at a premium or at par,
or with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, return of capital
or otherwise. No share may be issued at a discount except in accordance with the provisions of the Companies Act. The directors may refuse
to accept any application for shares, and may accept any application in whole or in part, for any reason or for no reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Listing</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Ordinary Share are traded on the Nasdaq Capital
Market under the ticker symbol &ldquo;TWG.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Transfer Agent and Registrar</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transfer agent and registrar for the Ordinary
Shares is VStock Transfer, LLC.&nbsp;The transfer agent and registrar&rsquo;s address is 18 Lafayette Place, Woodmere, NY&nbsp;11598.</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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dividends</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of our Ordinary Shares are entitled
to such dividends as may be declared by our Board of Directors, subject to the Companies Act. Subject to the provisions of the Companies
Act and any rights attaching to any class or classes of shares under and in accordance with the articles, our articles provide that the
directors may from time to time declare dividends (including interim dividends) and other distributions on shares of the Company in issue
and authorize payment of the same out of the funds of the Company lawfully available therefor. Our shareholders may, by ordinary resolution,
declare dividends but no such dividend shall exceed the amount recommended by the directors. No dividend shall be paid otherwise than
out of profits or, subject to the restrictions of the Companies Act regarding the application of a company&rsquo;s share premium account
and with the sanction of an ordinary resolution, the share premium account. The directors when paying dividends to shareholders may make
such payment either in cash or in specie.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless provided by the rights attached to a share,
no dividend shall bear interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Voting Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to any rights or restrictions for the
time being attached to any class or classes of shares, on a show of hands every shareholder of record present in person or by proxy at
a general meeting shall have one vote and on a poll every shareholder of record present in person or by proxy shall have one (1)&nbsp;vote
for each share registered in his name in the register of Members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An ordinary resolution to be passed by the shareholders
requires the affirmative vote of a simple majority of the votes attached to the Ordinary Shares cast by those shareholders entitled to
vote who are present in person or by proxy (or, in the case of corporations, by their duly authorized representatives) at a general meeting,
while a special resolution requires the affirmative vote of a majority of not less than two-thirds of the votes attached to the Ordinary
Shares cast by those shareholders who are present in person or by proxy (or, in the case of corporations, by their duly authorized representatives)
at a general meeting. Both ordinary resolutions and special resolutions may also be passed by a unanimous written resolution signed by
all the shareholders of our company, as permitted by the Companies Act and our amended and restated memorandum and articles of association.
A special resolution will be required for important matters such as a change of name or making changes to our amended and restated memorandum
and articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Cumulative Voting</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Delaware law permits cumulative voting for the
election of directors only if expressly authorized in the certificate of incorporation. There are no prohibitions in relation to cumulative
voting under the laws of the Cayman Islands but our amended and restated memorandum and articles of association do not provide for cumulative
voting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Pre-emptive Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no pre-emptive rights applicable to
the issue by us of Ordinary Shares under our amended and restated memorandum and articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Options Grants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective on August&nbsp;1, 2022, Top Wealth
(International) Limited (&ldquo;TW HK&rdquo;), the Operating Subsidiary, entered into a Corporate Development Consultant Appointment
Agreement with Mr.&nbsp;Haitong, CHEN (the &ldquo;Consultancy Agreement&rdquo;), in which TW HK appointed Mr.&nbsp;Chen for a term of
10&nbsp;months commencing from August&nbsp;1, 2022 to June&nbsp;30, 2023, subject to extension or early termination, to provide corporate
development, project management, and capital financing consultancy services in connection to the Company&rsquo;s IPO in the United&nbsp;States.
Pursuant to the Consultancy Agreement, in addition to a fixed cash remuneration to Mr.&nbsp;Chen, TW HK will also cause TW Cayman to
grant stock options to Mr.&nbsp;Chen to acquire an aggregate of 1,080,000&nbsp;Ordinary Shares of TW Cayman after Company&rsquo;s IPO,
representing 4% of the Ordinary Shares of TW Cayman issued and outstanding prior to the IPO (the &ldquo;Consultancy Stock Option&rdquo;).
The options granted to Mr.&nbsp;Chen will vest and become exercisable over a period of three&nbsp;years in three equal tranches, on the
first, second, and third anniversary of the date of Company&rsquo;s listing on Nasdaq capital market. All options shall be exercised
after three anniversaries and within 60&nbsp;months of Company&rsquo;s listing, otherwise the unexercised options will be null and void.
The applicable exercise price for the Consultancy Stock Option that to be granted to Mr.&nbsp;Chen is fifty percent (50%) of the IPO
Price per Ordinary Shares offered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the expiration of the term of the Consultancy
Agreement, Mr.&nbsp;Chen and the Company mutually agreed not to extend Consultancy Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our Memorandum and Articles of Association</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following are summaries of the material provisions
of our amended and restated memorandum and articles of association and the Companies Act, insofar as they relate to the material terms
of our Ordinary Shares. They do not purport to be complete. Reference is made to our amended and restated memorandum and articles of
association, a copy of which is filed as an exhibit to the registration statement of which this prospectus is a part (and which is referred
to in this section as, respectively, the &ldquo;memorandum&rdquo; and the &ldquo;articles&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Meetings of Shareholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a Cayman Islands exempted company, we are
not obligated by the Companies Act to call shareholders&rsquo; annual general meetings; accordingly, we may, but shall not be obliged
to, in each year hold a general meeting as an annual general meeting. Any annual general meeting held shall be held at such time and
place as may be determined by our board of directors. All general meetings other than annual general meetings shall be called extraordinary
general meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The directors may convene a meeting of shareholders
whenever they think necessary or desirable. At least 5 clear&nbsp;days&rsquo; notice of a general meeting shall be given to shareholders
entitled to attend and vote at such meeting. The notice shall specify the place, the&nbsp;day and the hour of the meeting and the general
nature of that business. In addition, if a resolution is proposed as a special resolution, the text of that resolution shall be given
to all shareholders. Notice of every general meeting shall also be given to the directors. Subject to the Cayman Companies Act and with
the consent of the shareholders who, individually or collectively, hold at least 90 percent of the voting rights of all those who have
a right to vote at a general meeting, a general meeting may be convened on shorter notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors must convene a general
meeting upon the written requisition of one or more shareholders entitled to attend and vote at a general meeting of the Company holding
not less than 10% of the rights to vote at such general meeting in respect to the matter for which the meeting is requested, specifying
the purpose of the meeting and signed by each of the shareholders making the requisition. If the directors do not convene such meeting
within 21&nbsp;clear&nbsp;days&rsquo; from the date of receipt of the written requisition, those shareholders who requested the meeting
or any of them may convene the general meeting themselves within three&nbsp;months after the end of such period of 21 clear&nbsp;days
in which case reasonable expenses incurred by them as a result of the directors failing to convene a meeting shall be reimbursed by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No business may be transacted at any general
meeting unless a quorum is present at the time the meeting proceeds to business. A quorum shall consist of the presence (whether in person
or represented by proxy) of one shareholder if the Company has one shareholder and two shareholders if the Company has more than one
shareholder. If, within fifteen minutes from the time appointed for the meeting, a quorum is not present, the meeting, if convened upon
the requisition of shareholders, shall be dissolved. In any other case, it shall stand adjourned to the same time and place seven&nbsp;days
hence or to such other time or place as is determined by the directors, and if, at the adjourned meeting, a quorum is not present within
fifteen minutes from the time appointed for the meeting, the shareholders present in person or by proxy at the meeting shall be a quorum.
Subject to the articles, at every meeting, the shareholders present in person or by proxy may choose someone of their number to be the
chairman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A corporation that is a shareholder shall be
deemed for the purpose of our memorandum and articles of association to be present at a general meeting in person if represented by its
duly authorized representative. Where a duly authorized representative is present at a meeting that shareholder who is a corporate is
deemed to be present in person; and the acts of the duly authorized representative are personal acts of that shareholder.</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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At any general meeting a resolution put to the
vote of the meeting shall be decided on a show of hands, unless a poll is (before, or on, the declaration of the result of the show of
hands) demanded by the chairman of the meeting or by one or more shareholders present who together hold not less than ten percent of
the voting rights of all those who are entitled to vote on the resolution. Unless a poll is so demanded, a declaration by the chairman
as to the result of a resolution and an entry to that effect in the minutes of the meeting, shall be conclusive evidence of the outcome
of a show of hands, without proof of the number or proportion of the votes recorded in favor of, or against, that resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a poll is duly demanded it shall be taken
in such manner as the chairman directs and the result of the poll shall be deemed to be the resolution of the meeting at which the poll
was demanded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of an equality of votes, whether
on a show of hands or on a poll, the chairman of the meeting at which the show of hands takes place or at which the poll is demanded,
may, if he wishes, cast a second or casting vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Meetings of Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The business of our company is managed by the
directors. Our directors are free to meet at such times and in such manner and places within or outside the Cayman Islands as the directors
determine to be necessary or desirable. The quorum for the transaction of business at a meeting of directors shall be two unless the
directors fix some other number. An action that may be taken by the directors at a meeting may also be taken by a resolution of directors
consented to in writing by all of the directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Winding Up</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are wound up, the shareholders may, subject
to the articles and any other sanction required by the Companies Act, pass a special resolution allowing the liquidator to do either
or both of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">to divide in specie among the
                                            shareholders the whole or any part of our assets and, for that purpose, to value any assets
                                            and to determine how the division shall be carried out as between the shareholders or different
                                            classes of shareholders; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">to vest the whole or any part
                                            of the assets in trustees for the benefit of shareholders and those liable to contribute
                                            to the winding up.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Calls on Ordinary Shares and forfeiture
of Ordinary Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the terms of allotment, the directors
may make calls on the shareholders in respect of any monies unpaid on their shares including any premium and each shareholder shall (subject
to receiving at least 14 clear&nbsp;days&rsquo; notice specifying when and where payment is to be made), pay to us the amount called
on his shares. Shareholders registered as the joint holders of a share shall be jointly and severally liable to pay all calls in respect
of the share. If a call remains unpaid after it has become due and payable the person from whom it is due and payable shall pay interest
on the amount unpaid from the&nbsp;day it became due and payable until it is paid at the rate fixed by the terms of allotment of the
share or in the notice of the call or if no rate is fixed, at the rate of ten percent per annum. The directors may waive payment of the
interest wholly or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have a first and paramount lien on all shares
(whether fully paid up or not) registered in the name of a shareholder (whether solely or jointly with others). The lien is for all monies
payable to us by the shareholder or the shareholder&rsquo;s estate:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">either alone or jointly with
                                            any other person, whether or not that other person is a shareholder; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">whether or not those monies are
                                            presently payable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At any time the directors may declare any share
to be wholly or partly exempt from the lien on shares provisions of the articles.</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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell, in such manner as the directors
may determine, any share on which the sum in respect of which the lien exists is presently payable, if due notice that such sum is payable
has been given (as prescribed by the articles) and, within 14 clear&nbsp;days of the date on which the notice is deemed to be given under
the articles, such notice has not been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Redemption, Repurchase and Surrender of
Ordinary Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue shares on terms that such shares
are subject to redemption, at our option, on such terms and in such manner as may be determined, before the issue of such shares, by
our board of directors or by an ordinary resolution of our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Companies Act and our memorandum and articles
of association permits us to purchase our own shares, subject to certain restrictions and requirements. Subject to the Companies Act
and any rights for the time being conferred on the shareholders holding a particular class of shares, we may by action of our directors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">issue shares that are to be redeemed
                                            or liable to be redeemed, at our option or the shareholder holding those redeemable shares,
                                            on the terms and in the manner our directors determine before the issue of those shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">with the consent by special resolution
                                            of the shareholders holding shares of a particular class, vary the rights attaching to that
                                            class of shares so as to provide that those shares are to be redeemed or are liable to be
                                            redeemed at our option on the terms and in the manner which the directors determine at the
                                            time of such variation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">purchase all or any of our own
                                            shares of any class including any redeemable shares on the terms and in the manner which
                                            the directors determine at the time of such purchase.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Companies Act, the repurchase of any
share may be paid out of our Company&rsquo;s profits, or out of the share premium account, or out of the proceeds of a fresh issue of
shares made for the purpose of such repurchase, or out of capital. If the repurchase proceeds are paid out of our Company&rsquo;s capital,
our Company must, immediately following such payment, be able to pay its debts as they fall due in the ordinary course of business. In
addition, under the Companies Act, no such share may be repurchased (1)&nbsp;unless it is fully paid up, and (2)&nbsp;if such repurchase
would result in there being no shares outstanding other than shares held as treasury shares. The repurchase of shares may be effected
in such manner and upon such terms as may be authorized by or pursuant to the articles. If the articles do not authorize the manner and
terms of the purchase, a company shall not repurchase any of its own shares unless the manner and terms of purchase have first been authorized
by a resolution of the company. In addition, under the Companies Act and our memorandum and articles of association, our Company may
accept the surrender of any fully paid share for no consideration unless, as a result of the surrender, the surrender would result in
there being no shares outstanding (other than shares held as treasury shares).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Variations of Rights of Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If at any time, our share capital is divided
into different classes of shares, all or any of the rights attached to any class of our shares may (unless otherwise provided by the
terms of issue of the shares of that class) be varied with the consent in writing of the holders of two-thirds of the issued shares of
that class or with the sanction of a resolution passed by a majority of not less than two-thirds of holders of shares of that class as
may be present in person or by proxy at a separate general meeting of the holders of shares of that class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the terms on which a class of shares was
issued state otherwise, the rights conferred on the shareholder holding shares of any class shall not be deemed to be varied by the creation
or issue of further shares ranking pari passu with the existing shares of that class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Changes in Capital</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may from time to time by an ordinary resolution
of our shareholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">increase our share capital by
                                            new shares of the amount fixed by that ordinary resolution and with the attached rights,
                                            priorities and privileges set out in that ordinary resolution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">consolidate and divide all or
                                            any of our share capital into shares&nbsp;of larger amount than our existing shares;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">convert all or any of our paid-up
                                            shares into stock, and reconvert that stock into paid up shares of any denomination;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">subdivide our existing shares,
                                            or any of them, into shares of a smaller amount than that fixed by the memorandum, provided
                                            that in the subdivision the proportion between the amount paid and the amount, if any, unpaid
                                            on each reduced share shall be the same as it was in case of the share from which the reduced
                                            share is derived; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">cancel any shares that, at the
                                            date of the passing of the resolution, have not been taken or agreed to be taken by any person
                                            and diminish the amount of our share capital by the amount of the shares so cancelled, or,
                                            in the case of shares without nominal par value, diminish the number of shares into which
                                            our capital is divided.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our shareholders may by special resolution, subject
to confirmation by the Grand Court of the Cayman Islands on an application by our company for an order confirming such reduction,&nbsp;reduce
its share capital in any manner authorized by the Companies Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Inspection of Books and Records</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of our Ordinary Shares will have no general
right under Cayman Islands law to inspect any account or book or document of the Company except as conferred by the Companies Act or
authorized by the Directors or by the Company in general meeting. However, we will provide our shareholders with annual audited financial
statements. See &ldquo;Where You Can Find Additional Information&rdquo; on page&nbsp;89.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Rights of Non-Resident or Foreign Shareholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no limitations imposed by our memorandum
and articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In
addition, there are no provisions in our memorandum and articles of association governing the ownership threshold above which shareholder
ownership must be disclosed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Issuance of additional Ordinary Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our articles of association authorizes our Board
of Directors to issue additional Ordinary Shares from authorized but unissued shares, to the extent available, from time to time as our
board of directors shall determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exempted Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an exempted company with limited liability
under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that
is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted
company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">does not have to file an annual
                                            return of its shareholders with the Registrar of Companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">is not required to open its register
                                            of members for inspection;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">does not have to hold an annual
                                            general meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">may issue negotiable or bearer
                                            shares or shares with no par value;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">may obtain an undertaking against
                                            the imposition of any future taxation (such undertakings are usually given for 20&nbsp;years
                                            in the first instance);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">may register by way of continuation
                                            in another jurisdiction and be deregistered in the Cayman Islands;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">may register as a limited duration
                                            company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">may register as a segregated
                                            portfolio company.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Limited liability&rdquo; means that the
liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional
circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances
in which a court may be prepared to pierce or lift the corporate veil).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Differences in Corporate Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Companies Act and the laws of the Cayman
Islands affecting Cayman Islands companies like us and our shareholders differ from laws applicable to U.S.&nbsp;corporations and their
shareholders. Set forth below is a summary of the material differences between the provisions of the laws of the Cayman Islands applicable
to us and the laws applicable to companies incorporated in the United&nbsp;States and their shareholders. Set forth below is a summary
of certain significant differences between the provisions of the Companies Act applicable to us and the comparable laws applicable to
companies incorporated in the State of Delaware in the United&nbsp;States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 38%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 38%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cayman Islands</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Title of Organizational Documents</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Certificate of Incorporation and Bylaws</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Certificate of Incorporation
                                    and Memorandum and Articles of Association</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Duties of Directors</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Under Delaware law, the
                                    business and affairs of a corporation are managed by or under the direction of its board of directors.
                                    In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests
                                    of the corporation and a fiduciary duty of loyalty to act in the best interests of its shareholders.
                                    The duty of care requires that directors act in an informed and deliberative manner and inform themselves,
                                    prior to making a business decision, of all material information reasonably available to them. The
                                    duty of care also requires that directors exercise care in overseeing and investigating the conduct
                                    of the corporation&rsquo;s employees. The duty of loyalty may be summarized as the duty to act in
                                    good faith, not out of self-interest, and in a manner which the director reasonably believes to be
                                    in the best interests of the shareholders.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Under the laws of the Cayman Islands, directors have a fiduciary duty
    to act honestly in good faith with a view to the company&rsquo;s best interests. Our directors also have a duty to exercise the care,
    diligence and skill that a reasonably prudent person would exercise in comparable circumstances. A shareholder has the right to seek
    damages if a duty owed by the directors is breached.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Limitations on Personal Liability of Directors</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subject to the limitations described below, a certificate of incorporation
    may provide for the elimination or limitation of the personal liability of a director to the corporation or its shareholders for
    monetary damages for a breach of fiduciary duty as a director. Such provision cannot limit liability for breach of loyalty, bad faith,
    intentional misconduct, unlawful payment of dividends or unlawful share purchase or redemption. In addition, the certificate of incorporation
    cannot limit liability for any act or omission occurring prior to the date when such provision becomes effective.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The 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. However, as a matter of public policy, Cayman
    Islands law will not allow the limitation of a director&rsquo;s liability to the extent that the liability is a consequence of the
    director committing a crime or of the director&rsquo;s own fraud, dishonesty or wilful default.</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 38%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 38%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cayman Islands</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Indemnification of Directors, Officers, Agents,
    and Others</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A corporation has the power to indemnify any director, officer, employee,
    or agent of corporation who was, is, or is threatened to be made a party who acted in good faith and in a manner he believed to be
    in the best interests of the corporation, and if with respect to a criminal proceeding, had no reasonable cause to believe his conduct
    would be unlawful, against amounts actually and reasonably incurred.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">The ability of Cayman Islands
                                    companies to provide in their articles of association for indemnification of officers and directors
                                    is limited, insofar as it is not permissible for the directors to contract out of the core fiduciary
                                    duties they owe to the company, nor would any indemnity be effective if it were held by the Cayman
                                    Islands courts to be contrary to public policy, which would include any attempt to provide indemnification
                                    against civil fraud or the consequences of committing a crime.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our articles of association provide to the extent permitted by law,
    the directors and officers for the time being of the Company and any trustee for the time being acting in relation to any of the
    affairs of the Company and their heirs, executors, administrators and personal representatives respectively shall be indemnified
    out of the assets of the Company from and against all actions, proceedings, costs, charges, losses, damages and expenses which they
    or any of them shall or may incur or sustain by reason of any act done or omitted in or about the execution of their duty in their
    respective offices or trusts, except such (if any) as they shall incur or sustain by or through their own wilful neglect or default
    respectively and no such director, officer or trustee shall be answerable for the acts, receipts, neglects or defaults of any other
    director, officer or trustee or for joining in any receipt for the sake of conformity or for the solvency or honesty of any banker
    or other persons with whom any monies or effects belonging to the Company may be lodged or deposited for safe custody or for any
    insufficiency of any security upon which any monies of the Company may be invested or for any other loss or damage due to any such
    cause as aforesaid or which may happen in or about the execution of his office or trust unless the same shall happen through the
    wilful neglect or default of such director, officer or trustee.</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 38%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 38%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cayman Islands</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Interested Directors</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Under Delaware law, a transaction
                                    in which a director who has an interest in such transaction would not be voidable if (i)&nbsp;the
                                    material facts as to such interested director&rsquo;s relationship or interests are disclosed or
                                    are known to the board of directors and the board in good faith authorizes the transaction by the
                                    affirmative vote of a majority of the disinterested directors, even though the disinterested directors
                                    are less than a quorum, (ii)&nbsp;such material facts are disclosed or are known to the shareholders
                                    entitled to vote on such transaction and the transaction is specifically approved in good faith by
                                    vote of the shareholders, or (iii)&nbsp;the transaction is fair as to the corporation as of the time
                                    it is authorized, approved or ratified. Under Delaware law, a director could be held liable for any
                                    transaction in which such director derived an improper personal benefit.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Interested director transactions are governed by the terms of a company&rsquo;s
    Memorandum and Articles of Association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Voting Requirements</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The certificate
                                       of incorporation may include a provision requiring supermajority approval by the directors or
                                       shareholders for any corporate action.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, under Delaware law, certain
    business combinations involving interested shareholders require approval by a supermajority of the non-interested shareholders.</P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the
                                       protection of shareholders, certain matters must be approved by special resolution of the shareholders
                                       as a matter of Cayman Islands law, including alteration of the memorandum or articles of association,
                                       appointment of inspectors to examine company affairs, reduction of share capital (subject, in
                                       relevant circumstances, to court approval), change of name, authorization of a plan of merger
                                       or transfer by way of continuation to another jurisdiction or consolidation or voluntary winding
                                       up of the company.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Companies Act requires that a special
    resolution be passed by a majority of at least two-thirds or such higher percentage as set forth in the Memorandum and Articles of
    Association, of shareholders being entitled to vote and do vote in person or by proxy at a general meeting, or by unanimous written
    consent of shareholders entitled to vote at a general meeting.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Voting for election of Directors</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Under Delaware law, unless
                                    otherwise specified in the certificate of incorporation or bylaws of the corporation, directors shall
                                    be elected by a plurality of the votes of the shares present in person or represented by proxy at
                                    the meeting and entitled to vote on the election of directors.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Directors are appointed in accordance with the terms of the Memorandum
    and Articles of Association of the company.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Cumulative Voting</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No cumulative voting for the election of directors unless so provided
    in the certificate of incorporation.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our currently effective articles of association do not provide for
    cumulative voting.</FONT></TD></TR>
  </TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 38%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 38%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cayman Islands</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Directors&rsquo; Powers Regarding Bylaws</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The certificate of incorporation may grant the directors the power
    to adopt, amend or repeal bylaws.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">The Memorandum and Articles
                                    of Association may only be amended by a special resolution of the shareholders.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Nomination and Removal of Directors and Filling
    Vacancies on Board</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Shareholders may generally
                                    nominate directors if they comply with advance notice provisions and other procedural requirements
                                    in company bylaws. Holders of a majority of the shares may remove a director with or without cause,
                                    except in certain cases involving a classified board or if the company uses cumulative voting. Unless
                                    otherwise provided for in the certificate of incorporation, directorship vacancies are filled by
                                    a majority of the directors elected or then in office.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Nomination, appointment and removal of directors and filling of board
    vacancies are governed by the terms of the Memorandum and Articles of Association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Mergers and Similar Arrangements</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under
                                       Delaware law, with certain exceptions, a merger, consolidation, exchange or sale of all or substantially
                                       all the assets of a corporation must be approved by the board of directors and a majority of the
                                       outstanding shares entitled to vote thereon. Under Delaware law, a shareholder of a corporation
                                       participating in certain major corporate transactions may, under certain circumstances, be entitled
                                       to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair
                                       value of the shares held by such shareholder (as determined by a court) in lieu of the consideration
                                       such shareholder would otherwise receive in the transaction.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Delaware law also provides that a parent
    corporation, by resolution of its board of directors, may merge with any subsidiary, of which it owns at least 90% of each class
    of capital stock without a vote by shareholders of such subsidiary. Upon any such merger, dissenting shareholders of the subsidiary
    would have appraisal rights.</P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Companies Act permits mergers and consolidations between Cayman
    Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a)&nbsp;&ldquo;merger&rdquo;
    means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such
    companies as the surviving company, and (b)&nbsp;a &ldquo;consolidation&rdquo; means the combination of two or more constituent companies
    into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company.
    In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger
    or consolidation, which must then be authorized by (a)&nbsp;a special resolution of the shareholders of each constituent company,
    and (b)&nbsp;such other authorization, if any, as may be specified in such constituent company&rsquo;s articles of association. The
    written plan of merger or consolidation must be filed with the Registrar of Companies together with a declaration as to the solvency
    of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that
    a copy of the certificate of merger or consolidation will be given to the shareholders and creditors of each constituent company
    and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required
    for a merger or consolidation which is effected in compliance with these statutory procedures.</FONT></TD></TR>
  </TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 38%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 38%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cayman Islands</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Save in certain limited
                                    circumstances under the Companies Act&nbsp;of&nbsp;the Cayman Islands, a shareholder of a Cayman
                                    constituent company who dissents from the merger or consolidation is entitled to payment of the fair
                                    value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands
                                    court) upon dissenting to the merger or consolidation, provide the dissenting shareholder complies
                                    strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will
                                    preclude the exercise by the dissenting shareholder of any other rights to which he or she might
                                    otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds
                                    that the merger or consolidation is void or unlawful.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Separate
                                       from the statutory provisions relating to mergers and consolidations, the Companies Act also contains
                                       statutory provisions that facilitate the reconstruction and amalgamation of companies by way of
                                       schemes of arrangement; provided that the arrangement is approved by a majority in number of each
                                       class of shareholders and creditors with whom the arrangement is to be made, and who must in addition
                                       represent three-fourths in value of each such class of shareholders or creditors, as the case
                                       may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened
                                       for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned
                                       by the Grand Court of the Cayman Islands. Dissentient members/creditors are entitled to appear
                                       and be heard. At the hearing, the Grand Court considers (in light of any opposition) whether:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -12pt">&#9679;&nbsp;&nbsp;&nbsp;approval
    of the scheme was reasonable (whether a reasonable member would have approved it);</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -12pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -12pt">&#9679;&nbsp;&nbsp;&nbsp;each
    class was fairly represented at the meeting;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -12pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -12pt">&#9679;&nbsp;&nbsp;&nbsp;the
    majority acted bona fide without coercion of the minority to promote interests adverse to those of the class;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -12pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -12pt">&#9679;&nbsp;&nbsp;&nbsp;all
    notice periods were complied with;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -12pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -12pt">&#9679;&nbsp;&nbsp;&nbsp;the
    resolutions carried by the requisite majority.</P></TD></TR>
  </TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 38%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 38%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cayman Islands</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Shareholder Suits</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Class actions and derivative actions generally are available to shareholders
    under Delaware law for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable
    law. In such actions, the court generally has discretion to permit the winning party to recover attorneys&rsquo; fees incurred in
    connection with such action.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In principle,
                                       we will normally be the proper plaintiff and as a general rule a derivative action may not be
                                       brought by a minority shareholder. However, based on English authorities, which would in all likelihood
                                       be of persuasive authority in the Cayman Islands, there are exceptions to the foregoing principle,
                                       including when:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -12pt">&#9679;&nbsp;&nbsp;&nbsp;a
    company acts or proposes to act illegally or ultra vires;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -12pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -12pt">&#9679;&nbsp;&nbsp;&nbsp;the
    act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has
    not been obtained; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -12pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -12pt">&#9679;&nbsp;&nbsp;&nbsp;those
    who control the company are perpetrating a &ldquo;fraud on the minority.&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -12pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Inspection of Corporate Records</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Under Delaware law, shareholders of a Delaware corporation have the
    right during normal business&nbsp;hours to inspect for any proper purpose, and to obtain copies of list(s)&nbsp;of shareholders and
    other books and records of the corporation and its subsidiaries, if any, to the extent the books and records of such subsidiaries
    are available to the corporation.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Shareholders of a Cayman
                                    Islands exempted company have no general right under Cayman Islands law to inspect or obtain copies
                                    of a list of shareholders or other corporate records (other than the copies of Memorandum and Articles
                                    of Association and any special resolutions passed by such companies, and the registers of mortgages
                                    and charges of such companies) of the company. However, these rights may be provided in the company&rsquo;s
                                    Memorandum and Articles of Association.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Shareholder Proposals</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Unless provided in the corporation&rsquo;s certificate of incorporation
    or bylaws, Delaware law does not include a provision restricting the manner in which shareholders may bring business before a meeting.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">Cayman Islands law provides shareholders with only limited rights to requisition a general meeting,
    and does not provide shareholders with any right to table resolutions at a general meeting. However, these rights may be provided
    in a company&rsquo;s articles of association. Our articles provide that the directors may whenever they think fit, and they shall
    on the requisition of Members of the Company holding at the date of the deposit of the requisition not less than one-tenth of such
    of the paid-up capital of the Company as at the date of the deposit carries the right of voting at general meetings of the Company,
    proceed to convene a general meeting of the Company. If the directors do not within 21&nbsp;days from the date of the deposit of
    <FONT STYLE="font-size: 10pt">the requisition duly proceed to convene a general meeting, the requisitionists, or any of them representing
    more than one-half of the total voting rights of all of them, may themselves convene a general meeting, but any meeting so convened
    shall not be held after the expiration of three&nbsp;months after the expiration of the said 21&nbsp;days.</FONT></TD></TR>
  </TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 38%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 38%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cayman Islands</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Approval of Corporate Matters by Written Consent</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Delaware law permits shareholders
                                    to take action by written consent signed by the holders of outstanding shares having not less than
                                    the minimum number of votes that would be necessary to authorize or take such action at a meeting
                                    of shareholders.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Companies Act allows a special resolution to be passed in writing
    if signed by all the voting shareholders (if authorized by the Memorandum and Articles of Association).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Calling of Special Shareholders Meetings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Delaware law permits the
                                    board of directors or any person who is authorized under a corporation&rsquo;s certificate of incorporation
                                    or bylaws to call a special meeting of shareholders.</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The Companies Act does not have provisions governing the proceedings
    of shareholders meetings which are usually provided in the Memorandum and Articles of Association.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Dissolution; Winding Up</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Under the Delaware General Corporation Law, unless the board of directors
    approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation.
    Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation&rsquo;s
    outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting
    requirement in connection with dissolutions initiated by the board of directors.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Under the Companies Act and our articles, the Company may be wound
    up by a special resolution of our shareholders, or if the winding up is initiated by our board of directors, by either a special
    resolution of our members or, if our company is unable to pay its debts as they fall due, by an ordinary resolution of our members.
    In addition, a company may be wound up by an order of the courts of the Cayman Islands. The court has authority to order winding
    up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_015"></A>EXPENSES RELATED TO THIS
OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Set forth below is an itemization of the total
expenses, excluding underwriting discounts and non-accountable expense allowance that we expect to incur in connection with this offering.
With the exception of the SEC registration fee, all amounts are estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt">SEC Registration Fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">913.67</TD><TD STYLE="width: 1%; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Legal Fees and Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Accounting Fees and Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Transfer Agent Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><P STYLE="margin: 0pt 0">10,000</P></TD><TD STYLE="text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Miscellaneous Expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><P STYLE="margin: 0pt 0">9,086.33</P></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Total Expenses</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"><P STYLE="margin: 0pt 0">100,000</P></TD><TD STYLE="padding-bottom: 4pt; text-align: left"></TD></TR>
  </TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt">*</TD><TD STYLE="text-align: justify">Estimated expenses are not presently known because they depend upon,
                                     among other things, the number of offerings that will be made pursuant to this registration statement,
                                     the amount and type of securities being offered, and the timing of such offerings; we cannot compute
                                     the total until the exact expenses are known.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_016"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are being represented by Ortoli Rosenstadt
LLP with respect to certain legal matters as to U.S.&nbsp;federal securities law. The validity of the Ordinary Shares offered hereby
and certain legal matters as to Cayman Islands law will be passed upon for us by&nbsp;Ogier, our counsel as to Cayman Islands law.</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><A NAME="a_017"></A>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of Top
Wealth Group Holding Limited at December&nbsp;31, 2023 and 2022, appearing in this prospectus have been audited by OneStop Assurance
PAC, independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included
in reliance upon such report given on the authority of such firm as experts in accounting and auditing. The offices of OneStop Assurance
PAC are located at 10 Anson Road, #13-09 International Plaza, Singapore 079903.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_018"></A>WHERE YOU CAN FIND ADDITIONAL
INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed with the SEC an annual report and
registration statement on Form&nbsp;F-1 (including amendments and exhibits to the registration statement) under the Securities Act with
respect to the Ordinary Shares offered hereby. Our SEC filings are available to the public over the Internet at the SEC&rsquo;s website
at <I>http://www.sec.gov</I>. This prospectus, which constitutes a part of the registration statement, does not contain all of the information
set forth in the registration statement or the exhibits filed therewith. For further information about us and the Ordinary Shares offered
hereby, reference is made to the registration statement and the exhibits filed therewith. Statements contained in this prospectus regarding
the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete,
and in each instance we refer you to the copy of such contract or other document filed as an exhibit to the registration statement. However,
statements in the prospectus contain the material provisions of such contracts, agreements and other documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to periodic reporting and other
informational requirements of the Exchange&nbsp;Act, as applicable to foreign private issuers. Accordingly, we will be required to file
reports, including annual reports on Form&nbsp;20-F, and other information with the SEC.&nbsp;As a foreign private issuer, we are exempt
from the rules of the Exchange&nbsp;Act prescribing the furnishing and content of proxy statements to shareholders under the federal
proxy rules contained in Sections&nbsp;14(a), (b), and (c)&nbsp;of the Exchange&nbsp;Act, and our executive officers, directors, and
principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section&nbsp;16 of the Exchange&nbsp;Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, we will not be required under the
Exchange&nbsp;Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S.&nbsp;companies
whose securities are registered under the Exchange&nbsp;Act. A copy of the registration statement and the exhibits filed therewith may
be inspected without charge at the public reference room maintained by the SEC, located at 100 F Street, NE, Washington, DC 20549, and
copies of all or any part of the registration statement may be obtained from that office. Please call the SEC at&nbsp;1-800-SEC-0330
for further information about the public reference room. The SEC also maintains a website that contains reports, information statements
and other information regarding registrants that file electronically with the SEC.&nbsp;The address of the website is <I>www.sec.gov</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have maintained our website at <I>https://www.imperialcristalcaviar.com/
</I>and <I>https://ir.imperialcristalcaviar.com</I>. The registration statement and the documents referred to under &ldquo;Incorporation
of Certain Information by Reference&rdquo; are also available on our website. Information contained on, or that can be accessed through,
our website is not a part of, and shall not be incorporated by reference into, this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No dealers, salesperson, or other person is authorized
to give any information or to represent anything not contained in this prospectus. You must not rely on any unauthorized information
or representations. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions
where it is lawful to do so. The information contained in this prospectus is current only as of its date.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_019"></A>INCORPORATION OF CERTAIN
INFORMATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are allowed to incorporate by reference the
information we file with the SEC, which means that we can disclose important information to you by referring to those documents. The
information incorporated by reference is considered to be part of this prospectus. We incorporate by reference into this prospectus the
financial statements and other information included in the documents listed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1978057/000121390024047264/ea0205990-20f_topwealth.htm">Form&nbsp;20-F</A>
                                            for the year ended December&nbsp;31,&nbsp;2023, as filed with the SEC on May&nbsp;29, 2024;
                                            and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Our Registration Statements on
                                            Form&nbsp;F-1 as filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1978057/000121390023089176/ff12023_topwealth.htm">November&nbsp;21,
                                            2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1978057/000121390023096420/ff12023a1_topwealth.htm">December&nbsp;18,
                                            2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1978057/000121390024001424/ff12023a2_topwealth.htm">January&nbsp;5,
                                            2024</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1978057/000121390024012001/ff12024a4_topwealth.htm">February&nbsp;9,
                                            2024</A> (to the extent expressly incorporated by reference into our effective registration
                                            statements filed by us under the Securities Act).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements included in the Form
20-F that are incorporated by reference into this prospectus are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Report of Independent Registered
                                            Public Accounting Firm (PCAOB ID: 6732);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Consolidated Balance Sheets as
                                            of December 31, 2023 and 2022;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Consolidated Statements of Operation
                                            and Other Comprehensive Income(loss) for the financial years ended December 31, 2023, 2022
                                            and 2021;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Consolidated Statements of Changes
                                            in Shareholders&rsquo; Equity for the financial years ended December 31, 2023, 2022 and 2021;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Consolidated Statements of Cash
                                            Flows for the financial years ended December 31, 2023, 2022 and 2021; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 24pt">&#9679;</TD><TD STYLE="text-align: justify">Notes to the Consolidated Financial
                                            Statements for the financial years ended December 31, 2023, 2022 and 2021.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These documents are also available on the SEC&rsquo;s
website at <A HREF="http://www.sec.gov/Archives/edgar/data/1978057/000121390024047264/ea0205990-20f_topwealth.htm">https://www.sec.gov/Archives/edgar/data/1978057/ 000121390024047264/ea0205990-20f_topwealth.htm.</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information relating to us contained in this
prospectus does not purport to be comprehensive and should be read together with the information contained in the documents incorporated
or deemed to be incorporated by reference in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any statements contained in a previously filed
document incorporated by reference into this prospectus is deemed to be modified or superseded for purposes of this prospectus to the
extent that a statement contained in this prospectus, or in a subsequently filed document also incorporated by reference herein, modifies
or supersedes that statement. As you read the above documents, you may find inconsistencies in information from one document to another.
This prospectus may contain information that updates, modifies or is contrary to information in one or more of the documents incorporated
by reference in this prospectus. If you find inconsistencies between the documents and this prospectus, you should rely on the statements
made in the most recent document. All information appearing in this prospectus is qualified in its entirety by the information and financial
statements, including the notes thereto, contained in the documents incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will provide without charge to any person
(including any beneficial owner) to whom this prospectus is delivered, upon oral or written request, a copy of any document incorporated
by reference in this prospectus but not delivered with the prospectus (except for exhibits to those documents unless a documents states
that one of its exhibits is incorporated into the document itself). Such request should be directed to: Top Wealth Group Holding Limited,
Units&nbsp;714&nbsp;&amp; 715, 7F, Hong&nbsp;Kong Plaza, 188 Connaught Road West, Hong&nbsp;Kong, telephone number: +852 36158567.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You also may access the incorporated reports
and other documents referenced above on our website at <I>https://www.imperialcristalcaviar.com/ </I>and <I>https://ir.imperialcristalcaviar.com</I>.
The information contained on, or that can be accessed through, our website is not part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information contained
or incorporated by reference in this prospectus. We have not authorized any other person to provide you with different information. If
anyone provides you with different or inconsistent information, you should not rely on it. We are not making an offer to sell these securities
in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus is
accurate only as of the date on the front cover of this prospectus, or such earlier date, that is indicated in this prospectus. Our business,
financial condition, results of operations and prospects may have changed since that date.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
