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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p>

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

<!-- Field: Rule-Page --><div style="width: 100%"><div style="border-top: Black 4pt solid; font-size: 1pt; border-bottom: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>SECURITIES
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt; text-transform: uppercase"><b><span id="xdx_903_edei--EntityRegistrantName_dxL_c20220101__20221231_zbVJJAeRYx5e" title="::XDX::Tian%27an%20Technology%20Group%20Ltd"><span style="-sec-ix-hidden: xdx2ixbrl0023">TIAN&#8217;AN
TECHNOLOGY GROUP LTD.</span></span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Not
Applicable</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Translation
of Registrant&#8217;s Name Into English)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><span id="xdx_902_edei--EntityIncorporationStateCountryCode_dxL_c20220101__20221231_zLx5D6zngfF2" title="::XDX::D8"><span style="-sec-ix-hidden: xdx2ixbrl0024">British
Virgin Islands</span></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Jurisdiction
of Incorporation or Organization)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90D_edei--EntityAddressAddressLine1_c20220101__20221231_zNKRKte9x354"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityAddressAddressLine1">Room
501</ix:nonNumeric></span>, <span id="xdx_90C_edei--EntityAddressAddressLine2_c20220101__20221231_z7EueldG8Naa"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityAddressAddressLine2">No. 3, Lane 743</ix:nonNumeric></span>, </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90B_edei--EntityAddressAddressLine3_c20220101__20221231_zmsrGeXCP68h"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityAddressAddressLine3">Taopu
Road, Putuo District</ix:nonNumeric> </span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><span id="xdx_904_edei--EntityAddressCityOrTown_c20220101__20221231_zrBCEddgSQw8"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityAddressCityOrTown">Shanghai</ix:nonNumeric></span>,
<span id="xdx_908_edei--EntityAddressCountry_c20220101__20221231_zSHrItpNy1u3"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">China</ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
of Principal Executive Offices)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90A_edei--ContactPersonnelName_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z4CdS6wDfB8e"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:ContactPersonnelName">Heng
Fei Yang</ix:nonNumeric></span>, Chairman and Chief Executive Officer</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_905_edei--EntityAddressAddressLine1_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zKUKr8DSWYHb"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine1">Room
501</ix:nonNumeric></span>, <span id="xdx_900_edei--EntityAddressAddressLine2_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zzechxu4F7bf"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine2">No. 3, Lane 743</ix:nonNumeric></span>, </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_909_edei--EntityAddressAddressLine3_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zAHZQq8NyxR7"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine3">Taopu
Road, Putuo District</ix:nonNumeric></span> </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><span id="xdx_90F_edei--EntityAddressCityOrTown_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z02IVTKGrjv7"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressCityOrTown">Shanghai</ix:nonNumeric></span>,
<span id="xdx_906_edei--EntityAddressCountry_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zikMEmJEsxcc"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">China</ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tel:
+ </b><span id="xdx_901_edei--CityAreaCode_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z2Os0txz3Yh7"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:CityAreaCode">021</ix:nonNumeric></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-<span id="xdx_902_edei--LocalPhoneNumber_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zOC0wfAo9VBg"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:LocalPhoneNumber">69900680</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span id="xdx_908_edei--ContactPersonnelEmailAddress_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zfOa8c2Yjplc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:ContactPersonnelEmailAddress">tianankj@sina.com</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(b) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of Each Class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
    Symbol(s)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of Each Exchange On Which Registered</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--Security12bTitle_c20220101__20221231_z9N0iVdSJWT2"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:Security12bTitle">Ordinary
    Shares</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(g) of the Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">None</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Title
of Class)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">None</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Title
of Class)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report (December 31, 2022): <span id="xdx_908_edei--EntityCommonStockSharesOutstanding_iI_c20221231_zPq6e2j0QTqh"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">45,000,000</ix:nonFraction></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes &#9744; <span id="xdx_903_edei--EntityWellKnownSeasonedIssuer_c20220101__20221231_zv5yh5qiKhfd"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes &#9744; <span id="xdx_909_edei--EntityVoluntaryFilers_c20220101__20221231_zaxy77ibSi1k"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
&#8211; Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. <span id="xdx_90E_edei--EntityCurrentReportingStatus_c20220101__20221231_ziZujyLvei2c"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> &#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files) <span id="xdx_901_edei--EntityInteractiveDataCurrent_c20220101__20221231_z02GxCz6CJS1"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of &#8220;large accelerated filer, &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    Accelerated Filer </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    Filer </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 6%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 18%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_edei--EntityFilerCategory_c20220101__20221231_zYfY6MAFieY8"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-Accelerated
    Filer</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 29%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    Growth Company </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_edei--EntityEmergingGrowthCompany_c20220101__20221231_zwPWaV4ELXFg"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleantrue" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided
pursuant to Section 13(a) of the Exchange Act. <span id="xdx_905_edei--EntityExTransitionPeriod_c20220101__20221231_zcg5eXtwrHCj"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleanfalse" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;
The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--DocumentAccountingStandard_c20220101__20221231_zvwTZ0yoCh04"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric></span> &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 74%; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International Financial Reporting Standards as issued by the International</span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting Standards Board &#9744;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    &#9744;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow. &#9744; Item 17 &#9744; Item 18</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes &#9744; <span id="xdx_900_edei--EntityShellCompany_c20220101__20221231_zexRv8NG9mo7"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleanfalse" name="dei:EntityShellCompany">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Not Applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual
Report on Form 20-F</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Years
Ended December 31, 2022 and 2021</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">TABLE
OF CONTENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART
    I</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    1.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_001">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_002">Directors and Senior Management</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_003">Advisors</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_004">Auditors</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    2.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_005">OFFER STATISTICS AND EXPECTED TIMETABLE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_006">Offer Statistics</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_007">Method and Expected Timetable</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    3.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_008">KEY INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_009">Selected Financial Data</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_010">Capitalization and Indebtedness</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_011">Reasons for the Offer and Use of Proceeds</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_012">Risk Factors</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_013">INFORMATION ON THE COMPANY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">23</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_014">History and Development of the Company</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">23</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_015">Business Overview</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">25</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_016">Organizational Structure</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">40</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_017">Property, Plants and Equipment</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">40</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4A.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_018">UNRESOLVED STAFF COMMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">41</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    5.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_019">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">41</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_020">Operating Results</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">41</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#v_021">Liquidity and Capital Resources</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">44</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_001">Research and Development, Patents and Licenses, Etc.</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">45</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_002">Trend Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">45</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_003">Off Balance Sheet Arrangements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">45</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_004">Tabular Disclosure of Contractual Obligations</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">45</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_005">Safe Harbor</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">48</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    6.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_006">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">49</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_007">Directors and Senior Management</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">49</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_008">Compensation</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">49</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_009">Board Practices</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">49</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_010">Employees</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">51</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_011">Share Ownership</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">51</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    7.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_012">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">52</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_013">Major Shareholders</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">52</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_014">Related Party Transactions</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">52</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_015">Interests of Experts and Counsel</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">52</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    8.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_016">FINANCIAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">52</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_017">Consolidated Statements and Other Financial Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">52</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_018">Significant Changes</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">53</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    9.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_019">THE OFFER AND LISTING</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">53</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_020">Offer and Listing Details</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">53</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_021">Plan of Distribution</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">53</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_022">Markets</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">53</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_023">Selling Shareholders</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">53</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_024">Dilution</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">53</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_025">Expenses of the Issue</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">53</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    10.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_026">ADDITIONAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">54</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_027">Share Capital</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: center">54</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_028">Memorandum and Articles of Association</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">54</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_029">Material Contracts</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">58</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_030">Exchange Controls</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">58</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_031">Taxation</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">60</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_032">Dividends and Paying Agents</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">64</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_033">Statement by Experts</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">64</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_034">Documents on Display</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">64</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_035">Subsidiary Information</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">64</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    11.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_036">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">64</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    12.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_037">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">65</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_038">Debt Securities</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">65</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_039">Warrants and Rights</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">65</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_040">Other Securities</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">65</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_041">American Depositary Shares</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">65</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART
    II</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    13.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_043">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">65</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    14.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_044">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">65</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    15.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_045">CONTROLS AND PROCEDURES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">66</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_046">Disclosure Controls and Procedures</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">66</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_047">Management&#8217;s Annual Report on Internal Control Over Financial Reporting</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">66</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_048">Attestation Report of the Registered Public Accounting Firm</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">66</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_049">Changes in Internal Controls over Financial Reporting</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">66</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16A.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_050">AUDIT COMMITTEE FINANCIAL EXPERT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">66</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16B.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_051">CODE OF ETHICS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">66</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16C.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_052">PRINCIPAL ACCOUNTANT FEES AND SERVICES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">67</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16D.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_053">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">67</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16E.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_054">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">67</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16F.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_055">CHANGES IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">67</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16G.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_056">CORPORATE GOVERNANCE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">67</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16H.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_057">MINE SAFETY DISCLOSURE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">67</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART
    III</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    17.</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_059">FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">67</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INTRODUCTORY
NOTES</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use
of Certain Defined Terms</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise indicated by the context and for the purposes of this report only, references in this report to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Tian&#8217;an
    Technology Group Ltd.,&#8221; &#8220;the Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our company&#8221; or &#8220;our&#8221;
    are to Tian&#8217;an Technology Group Ltd a British Virgin Islands corporation, its subsidiaries and its consolidated affiliated
    entities. Tian&#8217;an Technology Group Ltd., is a limited company organized under the laws of the British Virgin Islands and is
    the holding company of Yunke Jingrong Information Technology Co., Ltd., its wholly owned subsidiary;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;China&#8221;
    or the &#8220;PRC&#8221; are to the People&#8217;s Republic of China, including Hong Kong and Macau, and excluding, for the purposes
    of this report only, Taiwan.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Ordinary
    shares&#8221; or &#8220;Shares&#8221; are to our ordinary shares, no par value per share;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;RMB,&#8221;
    &#8220;Renminbi&#8221; &#8220;Yuan,&#8221; or &#8220;&#165;&#8221; are to the legal currency of the People&#8217;s Republic of China;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;US$,&#8221;
    &#8220;U.S. dollars,&#8221; &#8220;$,&#8221; or &#8220;dollars&#8221; are to the legal currency of the United States; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Shanghai
    Qige Power Technology Co., Ltd., which is the operating company for Tian&#8217;an Technology Group Ltd., is a limited company organized
    under the laws of China and is the wholly owned subsidiary of Yunke Jingrong Information Technology Co., Ltd.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Yunke
    Jingrong Information Technology Co, Ltd. is a limited company organized under the laws of China and is the parent company for Shanghai
    Qige Power Technology Co., Ltd., its wholly owned subsidiary.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cautionary
Note Regarding Forward-Looking Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities
Act and Section 21E of the Exchange Act. We use words such as &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221;
&#8220;project,&#8221; &#8220;target,&#8221; &#8220;plan,&#8221; &#8220;optimistic,&#8221; &#8220;intend,&#8221; &#8220;aim,&#8221; &#8220;will&#8221;
or similar expressions which are intended to identify forward-looking statements. Such statements include, among others, those concerning
market and industry segment growth and demand and acceptance of new and existing products; any projections of sales, earnings, revenue,
margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; and any
statements regarding future economic conditions or performance, as well as all assumptions, expectations, predictions, intentions or
beliefs about future events. Investors are cautioned that any such forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, as well as assumptions, which, if they were to ever materialize or prove incorrect, could cause
the results of the Company to differ materially from those expressed or implied by such forward-looking statements. Potential risks and
uncertainties include, among other things, the possibility that we may not be able to maintain or increase our net revenues and profits
due to our failure to anticipate consumer preferences and develop new menswear products, our failure to execute our business expansion
plan, changes in domestic and foreign laws, regulations and taxes, changes in economic conditions, uncertainties related to China&#8217;s
legal system and economic, political and social events in China, a general economic downturn, a downturn in the securities markets, and
other risks and uncertainties which are generally set forth under Item 3 &#8220;Key information&#8212;D. Risk Factors&#8221; and elsewhere
in this report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Readers
are urged to carefully review and consider the various disclosures made by us in this report and our other filings with the SEC. These
reports attempt to advise interested parties of the risks and factors that may affect our business, financial condition and results of
operations and prospects. The forward-looking statements made in this report speak only as of the date hereof and we disclaim any obligation,
except as required by law, to provide updates, revisions or amendments to any forward-looking statements to reflect changes in our expectations
or future events.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART
I</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_001"></span>ITEM
    1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_002"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
    and Senior Management</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_003"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Advisors</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_004"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Auditors</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_005"></span>ITEM
    2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OFFER
    STATISTICS AND EXPECTED TIMETABLE</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_006"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offer
    Statistics</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_007"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Method
    and Expected Timetable</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_008"></span>ITEM
    3.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KEY
    INFORMATION</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_009"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selected
    Financial Data</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents selected financial data regarding our business. It should be read in conjunction with our consolidated financial
statements and related notes contained elsewhere in this annual report and the information under Item 5 &#8220;Operating and Financial
Review and Prospects.&#8221; The selected consolidated statements of operations and comprehensive loss data for the fiscal years ended
December 31, 2022 and 2021, and the selected consolidated statements of financial position data as of December 31, 2022 and 2021 have
been derived from our audited consolidated financial statements that are included in this annual report beginning on page F-1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United
States of America, or U.S. GAAP. The selected financial data information is only a summary and should be read in conjunction with the
historical consolidated financial statements and related notes contained elsewhere herein. The financial statements contained elsewhere
fully represent our financial condition and operations; however, they are not indicative of our future performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance
Sheet Data (Presented in $USD)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="7" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31,</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Current assets</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">74,702</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">62,378</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total assets</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">74,702</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">78,467</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Current liabilities</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">382,201</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">642,391</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total liabilities</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">382,201</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">649,995</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total equity</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(307,499</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(571,528</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total liabilities and equity</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">74,702</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">78,467</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statements
of Operations Data (Presented in $USD)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="7" style="border-bottom: Black 1.5pt solid; text-align: center">For the years ended December 31,</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%">Revenues</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">195,733</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">37,065</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Gross profit</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">52,828</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">11,958</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Operating expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">331,553</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">130,707</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Loss from operations</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(278,725</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(118,749</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Other loss, net</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(1,792</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(506</td><td style="text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_010"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capitalization
    and Indebtedness</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_011"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reasons
    for the Offer and Use of Proceeds</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_012"></span>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
    Factors</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>An
investment in our capital stock involves a high degree of risk. You should carefully consider the risks described below, together with
all of the other information included in this annual report, before making an investment decision. If any of the following risks actually
occurs, our business, financial condition or results of operations could suffer. In that case, the trading price of our common stock
could decline, and you may lose all or part of your investment.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related To Our Financial Condition and Business Model</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
Company&#8217;s independent registered public accounting firm has expressed substantial doubt about our ability to continue as a going
concern.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 the Company has incurred an accumulated deficit of $814,339 and a negative working capital of $307,499. At December
31, 2021, the Company&#8217;s accumulated deficit was $533,822 and the negative working capital is $580,013. The Company will require
additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as
a going concern is dependent on raising capital to fund its business plan and ultimately to attain profitable operations. Accordingly,
these factors raise substantial doubt as to the Company&#8217;s ability to continue as a going concern from a period of one year from
the issuance of these financial statements. The Company intends to continue to fund its business by way of private placements and financing
supports from related parties as may be required. As a result, the Company&#8217;s independent registered public accounting firm included
an explanatory paragraph in its report on our financial statements for the years ended December 31, 2022 and 2021 with respect to this
uncertainty. If the Company is unable to raise capital when needed or on acceptable terms, Shanghai Qige could be forced to delay, reduce,
or eliminate its technology development programs, commercialization efforts, general hiring, or to cease operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
the Company is an &#8220;emerging growth company,&#8221; the Company may take advantage of certain exemptions from various reporting
requirements that are applicable to other public companies that are not &#8220;emerging growth companies.&#8221;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is an &#8220;emerging growth company&#8221; as defined under the <i>Jumpstart our Business Startups Act </i>(&#8220;JOBS Act&#8221;).
We will remain an &#8220;emerging growth company&#8221; for up to five years, or until the earliest of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    last day of the first fiscal year in which our total annual gross revenues exceed $1.07 billion,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                                         date that we become a &#8220;large accelerated filer&#8221; as defined in Rule 12b-2 under the Securities Exchange Act of 1934,
                                                         which would occur if the market value of our Ordinary Shares that is held by non-affiliates exceeds $700 million as of the last
                                                         business day of our most recently completed second fiscal quarter, or</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    date on which we have issued more than $1 billion in non-convertible debt during the preceding three-year period.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an &#8220;emerging growth company&#8221;, the Company may take advantage of certain exemptions from various reporting requirements that
are applicable to other public companies that are not &#8220;emerging growth companies&#8221; including, but not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">not
being required to comply with the auditor attestation requirements of section 404(b) of the <i>Sarbanes-Oxley Act</i> (&#8220;Sarbanes
Oxley&#8221;) (we also will not be subject to the auditor attestation requirements of section 404(b) as long as we are a &#8220;smaller
reporting company&#8221;, which includes issuers that had a public float of less than $75 million as of the last business day of their
most recently completed second fiscal quarter);</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
disclosure obligations regarding executive compensation in our periodic reports and proxy statements; and</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, section 107 of the JOBS Act provides that an &#8220;emerging growth company&#8221; can take advantage of the extended transition
period provided in section 7(a)(2)(B) of the Securities Act of 1933 (the &#8220;Securities Act&#8221;) for complying with new or revised
accounting standards. Under this provision, an &#8220;emerging growth company&#8221; can delay the adoption of certain accounting standards
until those standards would otherwise apply to private companies. However, the Company choosing to &#8220;opt out&#8221; of such extended
transition period and, as a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption
of such standards is required for non-emerging growth companies. Section 107 of the JOBS Act provides that the Company&#8217;s decision
to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Defects,
errors or any other problems associated with Shanghai Qige&#8217;s products and services could diminish demand for its products or services,
harm its business and results of operations and subject us to liability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
Qige&#8217;s customers use its products and services for important aspects of their businesses, and any errors, defects or disruptions
to its products and services and any other performance problems with its products and services could damage its customers&#8217; businesses
and, in turn, hurt its brand and reputation. Real or perceived errors, failures, bugs or security vulnerabilities in Shanghai Qige&#8217;s
products could result in negative publicity, loss of or delay in market acceptance, loss of competitive position, lower customer retention
or claims by customers for losses sustained by them. In such an event, Shanghai Qige may be required, or may choose, for customer relations
or other reasons, to expend additional resources in order to help correct the problem. As a result, its reputation and brand could be
harmed, and the business, operating results and financial condition may be adversely affected. Shanghai Qige uses third-party suppliers
to manufacture its products. Such finished products may contain defects, errors or other product issues, which may negatively impact
the performance of Shanghai Qige&#8217;s products and services, and smart devices, damage its reputation, harm its ability to attract
new and existing customers, and incur significant support, repair or replacement costs even if Shanghai Qige can be reimbursed from the
third-party suppliers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shanghai
Qige generates a significant portion of its revenues from a limited number of major customers and any loss of business from these customers
could have a negative impact on revenues and harm our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
Qige derives a significant portion of its revenues from a limited number of major customers. Its five largest customers in the fiscal
years ended December 31, 2022 and 2021 accounted for 73.1% and approximately 98.5% of its revenues, respectively. Shanghai Qige&#8217;s
ability to maintain close relationships with major customers is essential to the success of its business. The purchase orders placed
by specific customers may vary from period to period, and typically does not have long-term purchase commitments from its customers.
As a result, most of its customers could reduce or cease their use of Shanghai Qige&#8217;s products and services at any time without
any penalty or termination charges. A major customer in one year may not provide the same level of revenues in any subsequent year. In
addition, reliance on any individual customer for a significant portion of revenues may give that customer a degree of pricing leverage
when negotiating contracts and terms of service with Shanghai Qige.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
factors not within Shanghai Qige&#8217;s control could cause the loss of, or reduction in, business or revenues from any customer, and
these factors are not predictable. These factors include, among others, pricing pressure from competitors, a change in a customer&#8217;s
business strategy, or failure of a module supplier to develop competitive products. Customers may choose to pursue alternative technologies
and develop alternative products in addition to, or in lieu of, Shanghai Qige&#8217;s products, either on their own or in collaboration
with others, including competitors. The loss of any major customer, or a significant decrease in the volume of customer demand or the
price at which Shanghai Qige sells its products to customers, could materially adversely affect the Company&#8217;s financial condition
and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the Company is unable to retain key personnel and hire new key personnel, it may not be able to implement our business plan.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s ability to succeed depends upon the experience and contributions of our key personnel, and in particular, our founder
and CEO, Mr. Heng Fei Yang. The loss of the services of these individuals, if they are not adequately replaced, could have a substantial
adverse effect on the Company&#8217;s financial condition, results of operations, and prospects. The Company&#8217;s future success will
also depend on our ability to identify, attract, and retain additional qualified personnel as we expand our operations. There is no guarantee
that we will be successful in identifying, attracting, and retaining such personnel. Consequently, the loss of any of those individuals
may have a substantial effect on our future success or failure. The Company may have to recruit qualified personnel with competitive
compensation packages, equity participation, and other benefits that may affect the working capital available for our operations. Management
may have to seek to obtain outside independent professionals to assist them in assessing the merits and risks of any business proposals
as well as assisting in the development and operation of company projects. No assurance can be given that the Company will be able to
obtain such needed assistance on terms acceptable to us. Our failure to attract additional qualified employees or to retain the services
of key personnel could have a material adverse effect on our operating results and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shanghai
Qige&#8217;s ability to appropriately respond to changing consumer preferences and demand for new products or product enhancements could
significantly harm its customer relationships and product sales and harm our financial condition and operating results</i>.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
Qige&#8217;s industry is subject to changing consumer trends and preferences, especially with respect to technological advancement. Shanghai
Qige&#8217;s continued success depends in part on its ability to anticipate and respond to these changes, and it may not respond in a
timely or commercially appropriate manner to such changes. Its failure to accurately predict these trends could negatively impact consumer
opinion of its products and cause the loss of sales. The success of Shanghai Qige&#8217;s new product offerings and enhancements depends
upon a number of factors, including its ability to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">accurately
    anticipate customer needs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">innovate
    and develop new products or product enhancements that meet these needs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">successfully
    commercialize new products or product enhancements in a timely manner;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">price
    our products competitively;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">manufacture
    and deliver our products in sufficient volumes and in a timely manner; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">differentiate
    our product offerings from those of our competitors.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Shanghai Qige does not introduce new products or make enhancements to meet the changing needs of its customers in a timely manner, some
of its product offerings could be rendered obsolete, which could negatively impact revenues, financial condition and operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
Shanghai Qige is unable to build a sufficient distribution network to meet increasing demand of its products, its ability to execute
on its business plan as outlined in this prospectus will be impaired.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
Qige sells products through its direct sales force and distribution channel. Although Shanghai Qige&#8217;s sales and distribution satisfy
existing business needs, they might be insufficient to meet demand for its products as they continue to grow the business, which could
result in harm to sales and business operations, financial condition and results of operations. To mitigate such risk, the Company intends
to invest internally generated cash from operations and capital to be raised to add additional teams to Shanghai Qige&#8217;s direct
sales force, expand its geographic reach with new distribution channels into other provinces within China and overseas, and establish
more sales online. If planned efforts to expand sales and distribution channels are not effective, Shanghai Qige&#8217;s ability to execute
on business plans and to realize continued growth with be impaired.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Production
difficulties, quality control problems, inaccurate forecasting and reliance on third-party suppliers could harm Shanghai Qige&#8217;s
business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production
difficulties, quality control problems, inaccurate forecasting and Shanghai Qige&#8217;s reliance on third party suppliers to manufacture
and deliver products that meet its specifications in a timely manner could harm the business. Shanghai Qige could experience production
difficulties with respect to its products, including the availability of raw materials, components, packaging and products that do not
meet its specifications and quality control standards. These production difficulties and quality problems could result in stock outages
or shortages in the markets with respect to such products, harm sales, or create inventory write-downs for unusable products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Disruptions
resulting from the COVID-19 pandemic have had a material negative impact on our results of operations, and pose continuing additional
risks to our operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2019, a novel strain of COVID-19 was reported in Wuhan, China. On March 11, 2020, the World Health Organization categorized
it as a pandemic. To reduce the spread of the COVID-19, the Chinese government has employed measures including city lockdowns, quarantines,
travel restrictions, suspension of business activities and school closures. Due to difficulties resulting from the COVID-19 outbreak,
including, but not limited to, the temporary closure of the Company&#8217;s factory and operations beginning in early February, limited
support from the Company&#8217;s employees, delayed access to raw material supplies and inability to deliver products to customers on
a timely basis, the Company&#8217;s business was negatively impacted and is expected to generate lower revenue and net income during
the period from February to April 2020. The Company resumed operations on March 2, 2020 and, as such, the extent of the impact of COVID-19
on the Company&#8217;s results of operations and financial condition will depend on future developments, including the duration and spread
of the outbreak and the impact on the Company&#8217;s customers, which are still uncertain and cannot be reasonably estimated at this
point of time. The local government of the Company&#8217;s PRC subsidiary Shanghai Qige has issued shutdown measures throughout March
2022 to June 2022. The impact of the epidemic and sporadic resumption of work, Shanghai Qige&#8217;s operations and our financial results
have been adversely materially affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shanghai
Qige may face increased competition from new and existing firms with greater capital resources, which could cause market share and profitability
to decline if Shanghai Qige does not successfully meet competitive challenges</i>.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of the strong prospects and recent growth of Shanghai Qige&#8217;s existing business, Shanghai Qige may face new direct competition from
some counterparts engaged in other categories of the natural products and ingredients business, such as Fangda Carbon New Material Technology
Co., Ltd and Del Future Technology Holdings Group Co., Ltd. in China, which are engaged in sale of products that contain graphene materials.
The size, financial strength, technology foundation and development capabilities of the above-mentioned and similar companies are strong,
and potential competition from these firms will be a key competitive challenge in the near future. In addition, these companies may challenge
Shanghai Qige given their advanced supply chains and the cost advantages that come with that. Because of the strong capital and brand
strength of such companies, they might pose challenges to Shanghai Qige in the future. If Shanghai Qige is unable to continue to expand,
innovate, and collaborate to improve its market position in the face of new competition, market share, revenues, and profitability will
be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related To Legal Uncertainty</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
may incur material product liability claims, which could increase our costs and harm our financial condition and operating results.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
industry experiences significant product liability claims. As a supplier of products, we face an inherent business risk of exposure to
product liability claims in the event that our products malfunction and result in personal injury or death. We may be named in product
liability claims even if there is no evidence that our systems or components caused the accidents. Product liability claims could result
in significant losses as a result of expenses incurred in defending claims or the award of damages. In addition, we may be required to
participate in recalls involving these systems if any of our systems prove to be defective, or we may voluntarily initiate a recall or
make payments related to such claims as a result of various industry or business practices or the need to maintain good customer relationships.
Our other products may also be subject to product liability claims or recalls. We cannot assure you that our product liability insurance
will be sufficient to cover all product liability claims, that such claims will not exceed our insurance coverage limits or that such
insurance will continue to be available on commercially reasonable terms, if at all. Any product liability claim brought against us could
have a material adverse effect on our reputation and business as the Company currently carries no product liability insurance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Corporate Structure</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the PRC government finds that the agreements that establish the structure for conducting certain of our operations in China do not comply
with PRC regulations relating to the relevant industries, or if these regulations or the interpretation of existing regulations changes
in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
investment in China is extensively regulated and subject to numerous restrictions. Pursuant to the <i>Special Management Measures for
the Market Entry of Foreign Investment (Negative List) (2019)</i>, or the <i>2019 Negative List</i>, published by the National Development
and Reform Commission, and the Ministry of Commerce, or the MOFCOM, on June 30, 2019, and effective on July 30, 2019, with a few exceptions,
foreign investors are not allowed to own more than 50% of the equity interests in a value-added telecommunication services provider and
any primary foreign investor must have experience in providing value-added telecommunications services overseas and maintain a good track
record.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the PRC government finds that our contractual arrangements do not comply with its restrictions on foreign investment, or if the PRC government
otherwise finds that we or any of its subsidiaries are in violation of PRC laws or regulations or lack the necessary permits or licenses
to operate our business, the relevant PRC regulatory authorities, would have broad discretion in dealing with such violations or failures,
including, without limitation:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">revoking
    the business licenses and/or operating licenses of such entities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discontinuing
                                            or placing restrictions or onerous conditions on our operation through any transactions between
                                            our PRC</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">subsidiary
    and consolidated affiliated entities;</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Imposing
                                                         fines, confiscating the income from our PRC subsidiary or consolidated affiliated entities, or imposing other requirements with
                                                         which such entities may not be able to comply;</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">requiring
                                                         us to restructure our ownership structure or operations, including terminating the contractual arrangements with our variable
                                                         interest entity and deregistering the equity pledges of our variable interest entity, which in turn would affect our ability to
                                                         consolidate, derive economic interests from, or exert effective control over our variable interest entity; or</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricting
    or prohibiting our use of the proceeds of this offering to finance our business and operations in China.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these actions could cause significant disruption to our business operations and severely damage our reputation, which would in turn
materially and adversely affect our business, financial condition and results of operations. If any of these occurrences result in our
inability to direct the activities of our variable interest entity that most significantly impact its economic performance, and/or our
failure to receive the economic benefits from our variable interest entity, we may not be able to consolidate the entity in our consolidated
financial statements in accordance with US GAAP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>You
may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in the British Virgin
Islands against us or our management named in the prospectus based on foreign laws.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Company is incorporated under the laws of the British Virgin Islands. We conduct substantially all of our operations in China, and substantially
all of our assets are located in China. In addition, all our senior executive officers reside within China for a significant portion
of the time and most are PRC nationals. As a result, it may be difficult for our shareholders to effect service of process upon us or
those persons inside China. In addition, China does not have treaties providing for the reciprocal recognition and enforcement of judgments
of courts with the British Virgin Islands and many other countries and regions. Therefore, recognition and enforcement in China of judgments
of a court in any of these non-PRC jurisdictions in relation to any matter not subject to a binding arbitration provision may be difficult
or impossible.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, BVI companies may not have standing to initiate a shareholder derivative action in a federal court of the United States. The
circumstances in which any such action may be brought, and the procedures and defenses that may be available in respect to any such action,
may result in the rights of shareholders of a BVI company being more limited than those of shareholders of a company organized in the
United States. Accordingly, shareholders may have fewer alternatives available to them if they believe that corporate wrongdoing has
occurred. For more information, see &#8220;Description of Share Capital&#8212;Differences in Corporate Law&#8212;Shareholders&#8217;
Suits&#8221;. The BVI courts are also unlikely to recognize or enforce against us judgments of courts in the United States based on certain
liability provisions of U.S. securities law, and to impose liabilities against us, in original actions brought in the BVI, based on certain
liability provisions of U.S. securities laws that are penal in nature. There is no statutory enforcement in the BVI of judgments obtained
in the United States, although the courts of the BVI will in certain circumstances recognize such a foreign judgment and treat it as
a cause of action in itself which may be sued upon as a debt at common law so that no retrial of the issues would be necessary. For more
information, see &#8220;Enforceability of Civil Liabilities.&#8221; This means that even if shareholders were to sue us successfully,
they may not be able to recover anything to make up for the losses suffered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lastly,
under the provisions of the BVI Act, the memorandum and articles of association of a company are binding as between the company and its
members and between the members. In general, members are bound by the decision of the majority or special majorities as set out in the
articles of association or in the Act. As for voting, the usual rule is that with respect to normal commercial matters members may act
from self-interest when exercising the right to vote attached to their shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the majority members have infringed a minority member&#8217;s rights, the minority may seek to enforce its rights either by derivative
action or by personal action. The BVI Act provides that any member of a company is entitled to payment of the fair value of his shares
upon dissenting from certain matters. For more information, see &#8220;Description of Share Capital&#8212;Differences in Corporate Law&#8212;Shareholders&#8217;
Suits.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally
any other claims against a company by its members must be based on the general laws of contract or tort applicable in the BVI or their
individual rights as members as established by the company&#8217;s memorandum and articles of association, which are more limited than
the rights afforded investors under the laws of many states in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Governmental
control of currency conversion may limit our ability to utilize our revenues effectively and affect the value of your investment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government imposes controls on the convertibility of the Renminbi into foreign currencies and, in certain cases, the remittance of
currency out of China. We receive substantially all of our revenues in Renminbi. Under our current corporate structure, our British Virgin
Islands holding company primarily relies on dividend payments from us to fund any cash and financing requirements it may have. Under
existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and trade
and service-related foreign exchange transactions, can be made in foreign currencies without prior approval of the SAFE by complying
with certain procedural requirements. Specifically, under the existing exchange restrictions, without prior approval of SAFE, cash generated
from the operations of our PRC subsidiary in China may be used to pay dividends to our Holding Company. However, approval from or registration
with appropriate governmental authorities is required where Renminbi is to be converted into foreign currency and remitted out of China
to pay capital expenses such as the repayment of loans denominated in foreign currencies. As a result, our Holding Company may need to
obtain SAFE approval to use cash generated from our operations to pay off their respective debt in a currency other than Renminbi owed
to entities outside China, or to make other capital expenditure payments outside China in a currency other than Renminbi. The PRC government
may at its discretion restrict access to foreign currencies for current account transactions in the future. If the foreign exchange control
system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands, we may not be able to pay dividends
in foreign currencies to our shareholders, including holders of our Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Uncertainties
exist with respect to the interpretation and implementation of the newly enacted Foreign Investment Law and its implementing rules, and
how they may impact our business, financial condition and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
variable interest entity structure has been adopted by many PRC-based companies, including us, to obtain necessary licenses and permits
in the industries that are currently subject to foreign investment restrictions in China. The MOFCOM published a discussion draft of
the <i>Proposed Foreign Investment Law</i> in January 2015, or the <i>2015 Draft FIL</i>, according to which, variable interest entities
that are controlled via contractual arrangements would also be deemed as foreign-invested entities, if they are ultimately &#8220;controlled&#8221;
by foreign investors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2019, the PRC National People&#8217;s Congress, or the NPC, promulgated the <i>PRC Foreign Investment Law</i>, or the <i>Foreign
Investment Law</i>, and in December 2019, the State Council promulgated the <i>Implementing Regulations of the Foreign Investment Law
of PRC</i>, or the <i>FIE Implementing Regulations</i>, to further clarify and elaborate the relevant provisions of the <i>Foreign Investment
Law</i>. The <i>Foreign Investment Law</i> and the <i>FIE Implementing Regulations</i> both became effective from January 1, 2020 and
replaced the major existing laws and regulations governing foreign investment in the PRC. Pursuant to the <i>Foreign Investment Law</i>,
&#8220;foreign investments&#8221; refer to investment activities conducted by foreign investors (including foreign natural persons, foreign
enterprises or other foreign organizations) directly or indirectly in the PRC, which include any of the following circumstances: (i)
foreign investors setting up foreign-invested enterprises in the PRC solely or jointly with other investors, (ii) foreign investors obtaining
shares, equity interests, property portions or other similar rights and interests of enterprises within the PRC, (iii) foreign investors
investing in new projects in the PRC solely or jointly with other investors, and (iv) investment in other methods as specified in laws,
administrative regulations, or as stipulated by the State Council.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
<i>Foreign Investment Law</i> and <i>FIE Implementing Regulations</i> do not introduce the concept of &#8220;control&#8221; in determining
whether a company would be considered as a foreign-invested enterprise, nor do they explicitly provide whether the variable interest
entity structure would be deemed as a method of foreign investment. However, the <i>Foreign Investment Law</i> has a catch-all provision
that includes into the definition of &#8220;foreign investments&#8221; made by foreign investors in China in other methods as specified
in laws, administrative regulations, or as stipulated by the State Council, and as the <i>Foreign Investment Law</i> and <i>FIE Implementing
Regulations </i>are newly adopted and relevant government authorities may promulgate more laws, regulations or rules on the interpretation
and implementation of the <i>Foreign Investment Law</i>, the possibility cannot be ruled out that the concept of &#8220;control&#8221;
as stated in the 2015 <i>Draft FIL</i> may be embodied in, or the variable interest entity structure adopted by us may be deemed as a
method of foreign investment by, any of such future laws, regulations, and rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are deemed as a foreign-invested enterprise under any of such future laws, regulations, and rules, and any of the businesses that
we operate were to be in the &#8220;negative list&#8221; for foreign investment and therefore be subject to foreign investment restrictions
or prohibitions, further actions required to be taken by us under such laws, regulations and rules may materially and adversely affect
our business, financial condition and results of operations. Furthermore, if future laws, administrative regulations or rules mandate
further actions to be taken by companies with respect to existing contractual arrangements, we may face substantial uncertainties as
to whether we can complete such actions in a timely manner, or at all. Failure to take timely and appropriate measures to cope with any
of these or similar regulatory compliance challenges could materially and adversely affect our current corporate structure, business,
financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Doing Business in China</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in China&#8217;s economic, political or social conditions or government policies could have a material adverse effect on our business
and operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our assets and operations are located in China through our subsidiary Shanghai Qige. Accordingly, the Company&#8217;s business, financial
condition, results of operations and prospects may be influenced to a significant degree by political, economic and social conditions
in China generally. The Chinese economy differs from the economies of most developed countries in many respects, including the level
of government involvement, level of development, growth rate, control of foreign exchange and allocation of resources. Although the Chinese
government has implemented measures emphasizing the utilization of market forces for economic reform, the reduction of state ownership
of productive assets, and the establishment of improved corporate governance in business enterprises, a substantial portion of productive
assets in China is still owned by the government. In addition, the Chinese government continues to play a significant role in regulating
industry development by imposing industrial policies. The Chinese government also exercises significant control over China&#8217;s economic
growth through allocating resources, controlling payment of foreign currency-denominated obligations, setting monetary policy, and providing
preferential treatment to particular industries or companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Chinese economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various
sectors of the economy, and the rate of growth has been slowing since 2012. Any adverse changes in economic conditions in China, in the
policies of the Chinese government or in the laws and regulations in China could have a material adverse effect on the overall economic
growth of China. Such developments could adversely affect our business and operating results, lead to reduction in demand for our services
and adversely affect our competitive position. The Chinese government has implemented various measures to encourage economic growth and
guide the allocation of resources. Some of these measures may benefit the overall Chinese economy, but may have a negative effect on
us. For example, our financial condition and results of operations may be adversely affected by government control over capital investments
or changes in tax regulations. In addition, in the past the Chinese government has implemented certain measures, including interest rate
adjustment, to control the pace of economic growth. These measures may cause decreased economic activity in China, which may adversely
affect our business and operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Upon
the effectiveness of the Trial Administrative Measures, we could be subject to the Trial Administrative Measures, as the Company has:
(i) 50% or more of the issuer&#8217;s operating revenue, total profit, total assets or net assets as documented in its audited consolidated
financial statements for the most recent accounting year is accounted for by PRC domestic companies; and (ii) the main parts of the issuer&#8217;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; and, if required, we cannot
assure you that we will be able to complete such process on time or at all.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 17, 2023, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies
(the &#8220;Trial Administrative Measures&#8221;), which will take effect on March 31, 2023. Compared to the Draft Rules, the Trial Administrative
Measures further clarified and emphasized several aspects, including: (i) comprehensive determination of the &#8220;indirect overseas
offering and listing by PRC domestic companies&#8221; in compliance with the principle of &#8220;substance over form&#8221; and particularly,
an issuer will be required to go through the filing procedures under the Trial Administrative Measures if the following criteria are
met at the same time: a) 50% or more of the issuer&#8217;s operating revenue, total profit, total assets or net assets as documented
in its audited consolidated financial statements for the most recent accounting year is accounted for by PRC domestic companies, and
b) the main parts of the issuer&#8217;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; (ii) exemptions from immediate filing requirements for issuers that a) have already been listed or registered but
not yet listed in foreign securities markets, including U.S. markets, prior to the effective date of the Trial Administrative Measures,
and b) are not required to re-perform the regulatory procedures with the relevant overseas regulatory authority or the overseas stock
exchange, c) whose such overseas securities offering or listing shall be completed before September 30, 2023. However, such issuers shall
carry out filing procedures as required if they conduct refinancing or are involved in other circumstances that require filing with the
CSRC; (iii) a negative list of types of issuers banned from listing overseas, such as issuers under investigation for bribery and corruption;
(iv) regulation of issuers in specific industries; (v) issuers&#8217; compliance with national security measures and the personal data
protection laws; and (vi) certain other matters such as: an issuer must file with the CSRC within three business days after it submits
an application for initial public offering to competent overseas regulators; and subsequent reports shall be filed with the CSRC on material
events, including change of control or voluntary or forced delisting of the issuer(s) who have completed overseas offerings and listings.
According to the Relevant Officials of the CSRC Answered Reporter Questions (&#8220;CSRC Answers&#8221;) and Trial Administrative Measures,
upon effectiveness, as a company applying for listing on Nasdaq, we could be subject to the filing process if (i) we cannot obtain the
clearance from SEC or Nasdaq before the effective date of the Trial Administrative Measures; or (ii) after we obtain the clearance from
SEC or Nasdaq before the effective date of the Trial Administrative Measures, we cannot complete the overseas listing before September
30, 2023. As the Trial Administrative Measures are newly issued, there remains uncertainty as to how it will be interpreted or implemented.
Therefore, we cannot assure you that when the Company is subject to such filing requirements, or we will be able to obtain clearance
from the CSRC in a timely fashion or at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
related to a future determination that the Public Company Accounting Oversight Board (the &#8220;PCAOB&#8221;) is unable to inspect or
investigate our auditor completely.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audit report included in this prospectus was issued by HHC a United States based accounting firm that is registered with the PCAOB and
can be inspected by the PCAOB. We have no intention of dismissing HHC in the future or of engaging any auditor not subject to regular
inspection by the PCAOB. There is no guarantee, however, that any future auditor engaged by the Company would remain subject to full
PCAOB inspection during the entire term of our engagement. The PCAOB is currently unable to conduct inspections in China without the
approval of Chinese government authorities. If it is later determined that the PCAOB is unable to inspect or investigate our auditor
completely, investors may be deprived of the benefits of such inspection. Any audit reports not issued by auditors that are completely
inspected by the PCAOB, or a lack of PCAOB inspections of audit work undertaken in China that prevents the PCAOB from regularly evaluating
our auditors&#8217; audits and their quality control procedures, could result in a lack of assurance that our financial statements and
disclosures are adequate and accurate. In addition, under the HFCAA, our securities may be prohibited from trading on the Nasdaq or other
U.S. stock exchanges if our auditor is not inspected by the PCAOB for three consecutive years, and this ultimately could result in our
Ordinary Shares being delisted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Although
the audit report included in this prospectus was issued by U.S. auditors who are currently inspected by the PCAOB, if it is later determined
that the PCAOB is unable to inspect or investigate our auditor completely, investors would be deprived of the benefits of such inspection
and our Ordinary Shares may be delisted or prohibited from trading.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audit report included in this prospectus was issued by HHC, a United States based accounting firm that is registered with the PCAOB and
can be inspected by the PCAOB. We have no intention of dismissing HHC in the future or of engaging any auditor not subject to regular
inspection by the PCAOB. As an auditor of companies that are registered with the SEC and publicly traded in the United States and a firm
registered with the PCAOB, our auditor is required under the laws of the United States to undergo regular inspections to assess its compliance
with the laws of the United States and professional standards. If we were to engage a different auditor in the future, we would engage
an auditor that is United States-based and subject to full PCAOB inspection with all materials related to the audit of our financial
statements accessible to the PCAOB. There is no guarantee, however, that any future auditor engaged by the Company would remain subject
to full PCAOB inspection during the entire term of our engagement. In such case, we will engage a new qualified and fully inspected auditor,
which may result in us delaying or restating our financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PCAOB is currently unable to conduct inspections in China without the approval of Chinese government authorities. If it is later determined
that the PCAOB is unable to inspect or investigate our auditor completely, investors may be deprived of the benefits of such inspection.
Any audit reports not issued by auditors that are completely inspected by the PCAOB, or a lack of PCAOB inspections of audit work undertaken
in China that prevents the PCAOB from regularly evaluating our auditors&#8217; audits and their quality control procedures, could result
in a lack of assurance that our financial statements and disclosures are adequate and accurate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of a continued regulatory focus in the United States on access to audit and other information currently protected by national law,
in particular mainland China&#8217;s, in June 2019, a bipartisan group of lawmakers introduced bills in both houses of the U.S. Congress
which, if passed, would require the SEC to maintain a list of issuers for which PCAOB is not able to inspect or investigate the audit
work performed by a foreign public accounting firm completely. The proposed Ensuring Quality Information and Transparency for Abroad-Based
Listings on our Exchanges (&#8220;EQUITABLE&#8221;) Act prescribes increased disclosure requirements for these issuers and, beginning
in 2025, the delisting from U.S. national securities exchanges such as the Nasdaq of issuers included on the SEC&#8217;s list for three
consecutive years. It is unclear if this proposed legislation will be enacted. Furthermore, there have been recent deliberations within
the U.S. government regarding potentially limiting or restricting China-based companies from accessing U.S. capital markets. On May 20,
2020, the U.S. Senate passed the Holding Foreign Companies Accountable Act (the &#8220;HFCAA&#8221;), which includes requirements for
the SEC to identify issuers whose audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely because
of a restriction imposed by a non-U.S. authority in the auditor&#8217;s local jurisdiction. The U.S. House of Representatives passed
the HFCAA on December 2, 2020, and the HFCAA was signed into law on December 18, 2020. Additionally, in July 2020, the U.S. President&#8217;s
Working Group on Financial Markets issued recommendations for actions that can be taken by the executive branch, the SEC, the PCAOB or
other federal agencies and department with respect to Chinese companies listed on U.S. stock exchanges and their audit firms, in an effort
to protect investors in the United States. In response, on November 23, 2020, the SEC issued guidance highlighting certain risks (and
their implications to U.S. investors) associated with investments in China-based issuers and summarizing enhanced disclosures the SEC
recommends China-based issuers make regarding such risks. On December 2, 2021, the SEC adopted final rules relating to the implementation
of certain disclosure and documentation requirements of the HFCAA. We will be required to comply with these rules if the SEC identifies
us as having a &#8220;non-inspection&#8221; year (as defined in the interim final rules) under a process to be subsequently established
by the SEC. The SEC is assessing how to implement other requirements of the HFCAA, including the listing and trading prohibition requirements
described above. Under the HFCAA, our securities may be prohibited from trading on the Nasdaq or other U.S. stock exchanges if our auditor
is not inspected by the PCAOB for three consecutive years, and this ultimately could result in our Ordinary Shares being delisted. Furthermore,
on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act (&#8220;AHFCAA&#8221;), which was
signed into law on December 29, 2022, amended the HFCAA and requires the SEC to prohibit an issuer&#8217;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. On September
22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as
contemplated under the HFCAA, whether the Board 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 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: (1) mainland China of the People&#8217;s Republic of China, because of a position taken by one or more authorities
in mainland China; and (2) Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or
more authorities in Hong Kong.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
the PCAOB be unable to fully conduct inspection of our auditor&#8217;s work papers, it will make it difficult to evaluate the effectiveness
of our auditor&#8217;s audit procedures or equity control procedures. Investors may consequently lose confidence in our reported financial
information and procedures or quality of the financial statements, which would adversely affect us and our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
the majority of our operations are in China via our subsidiary Shanghai Qige, our business is subject to the complex and rapidly evolving
laws and regulations there. The Chinese government may exercise significant oversight and discretion over the conduct of our business
and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value
of our Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to a variety of laws and regulations that involve matters important to, or may otherwise impact, our business, including,
among others, information security and censorship, foreign exchange and taxation. The introduction of new products and services may subject
us to additional laws, regulations, or other government scrutiny.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
laws and regulations are continually evolving and may change significantly. As a result, the application, interpretation, and enforcement
of these laws and regulations are often uncertain, particularly in the rapidly evolving industry in which we operate. In addition, these
laws and regulations may be interpreted and applied inconsistently by different agencies or authorities, and inconsistently with our
current policies and practices. These laws and regulations may also be costly to comply with, and such compliance or any associated inquiries
or investigations or any other government actions may:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delay
    or impede our development of new services,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Result
    in negative publicity, increase out operating costs,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Require
    significant management time and attention, and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
                                            us to remedies, administrative penalties and even criminal liabilities that may harm our
                                            business, including</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fines
    assessed for our current or historical operations, or demands or orders that we modify or even cease our business</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">practice.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 manner in which we conduct our business and could require us to change certain aspects of our business
to ensure compliance, which could decrease demand for our products and 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 as well as the
value of our Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
actions that may be taken by the Chinese government to exert more oversight and control over offerings that are conducted overseas and/or
foreign investment in China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities
to investors and cause the value of such securities to significantly decline or be worthless.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Uncertainties
with respect to the PRC legal system could adversely affect us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC legal system is a civil law system based on written statutes. Unlike the common law system, prior court decisions under the civil
law system may be cited for reference but have limited precedential value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
1979, the PRC government began to promulgate a comprehensive system of laws and regulations governing economic matters in general. The
overall effect of legislation over the past three decades has significantly enhanced the protections afforded to various forms of foreign
investments in China. However, China has not developed a fully integrated legal system, and recently enacted laws and regulations may
not sufficiently cover all aspects of economic activities in China. In particular, the interpretation and enforcement of these laws and
regulations involve uncertainties. Since PRC administrative and court authorities have significant discretion in interpreting and implementing
statutory provisions and contractual terms, it may be difficult to evaluate the outcome of administrative and court proceedings and the
level of legal protection we enjoy. These uncertainties may affect our judgment on the relevance of legal requirements and our ability
to enforce our contractual rights or tort claims. In addition, the regulatory uncertainties may be exploited through unmerited or frivolous
legal actions or threats in attempts to extract payments or benefits from us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the PRC legal system is based in part on government policies and internal rules, some of which are not published on a timely basis or
at all and may have retroactive effect. As a result, we may not be aware of our violation of any of these policies and rules until sometime
after the violation. In addition, any administrative and court proceedings in China may be protracted, resulting in substantial costs
and diversion of resources and management attention.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
PRC government exerts substantial influence over the manner in which we must conduct our business activities through our subsidiary Shanghai
Qige.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government has exercised and continues to exercise substantial control over virtually every sector of the PRC economy through regulation
and state ownership. Our ability to operate in China may be harmed by changes in its laws and regulations, including those relating to
taxation, import and export tariffs, environmental regulations, land use rights, property, and other matters. We believe that our operations
in China are in material compliance with all applicable legal and regulatory requirements. However, the central or local governments
of the jurisdictions in which we operate may impose new, stricter regulations or interpretations of existing regulations that would require
additional expenditures and efforts on our part to ensure our compliance with such regulations or interpretations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
government actions in the future, including any decision not to continue to support recent economic reforms and to return to a more centrally
planned economy and any regional or local variations in the implementation of economic policies, could have a significant effect on economic
conditions in China or particular regions thereof and could require us to divest ourselves of any interest we then hold in Chinese properties
or joint ventures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may rely on dividends and other distributions on equity paid by our PRC subsidiary, Shanghai Qige, to fund any cash and financing requirements
we may have, and any limitation on the ability of Shanghai Qige to make payments to us could have a material and adverse effect on our
ability to conduct our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a BVI holding company and we rely principally on dividends and other distributions on equity from our PRC subsidiary for our cash
requirements, including for services of any debt we may incur. The ability of our PRC subsidiary to pay dividends and other distributions
on equity, in turn, depends on the payment they receive from our variable interest entity as service fees pursuant to certain contractual
arrangements among our PRC subsidiary, our variable interest entity and its shareholders entered into to comply with certain restrictions
under PRC laws on foreign investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
our subsidiary&#8217;s ability to distribute dividends is based upon its distributable earnings. Current PRC regulations permit our PRC
subsidiary to pay dividends to its shareholder only out of their accumulated profits, if any, determined in accordance with PRC accounting
standards and regulations. In addition, our PRC subsidiary, our variable interest entity and its subsidiaries are required to set aside
at least 10% of their after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of their registered
capital. These reserves are not distributable as cash dividends. If our PRC 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 payments to us. Any limitation on the ability
of our PRC subsidiary to distribute dividends or other payments to its shareholders could materially and adversely limit our ability
to grow, make investments or acquisitions that could be beneficial to our businesses, pay dividends or otherwise fund and conduct our
business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
address the persistent capital outflow and the RMB&#8217;s depreciation against the U.S. dollar in the fourth quarter of 2016, the People&#8217;s
Bank of China and the State Administration of Foreign Exchange, or SAFE, have implemented a series of capital control measures in the
subsequent months, including stricter vetting procedures for China-based companies to remit foreign currency for overseas acquisitions,
dividend payments and shareholder loan repayments. For instance, the <i>Circular on Further Improving Reform of Foreign Exchange Administration
and Optimizing Genuineness and Compliance Verification</i>, or the <i>SAFE Circular 3</i>, issued on January 26, 2017, provides that
the banks shall, when dealing with dividend remittance transactions from domestic enterprise to its offshore shareholders of more than
$50,000, review the relevant board resolutions, original tax filing form and audited financial statements of such domestic enterprise
based on the principal of genuine transaction. The PRC government may continue to strengthen its capital controls and our PRC subsidiary&#8217;s
dividends and other distributions may be subject to tightened scrutiny in the future. Any limitation on the ability of our PRC subsidiary
to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments or acquisitions
that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the <i>PRC Enterprise Income Tax Law</i> and its implementation rules provide that a withholding tax at a rate of 10% will
be applicable to dividends payable by Chinese companies to non-PRC-resident enterprises unless reduced under treaties or arrangements
between the PRC central government and governments of other countries or regions where the non-PRC resident enterprises are tax resident.
Pursuant to the <i>Arrangement between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation
and Tax Evasion on Income</i>, the withholding tax rate in respect to the payment of dividends by a PRC enterprise to a Hong Kong enterprise
may be reduced to 5% from a standard rate of 10% if the Hong Kong enterprise directly holds at least 25% of the PRC enterprise. Under
the <i>Circular of the State Administration of Taxation on the Issues concerning the Application of the Dividend Clauses of Tax Agreements</i>,
or <i>SAT Circular 81</i>, promulgated by the State Administration of Taxation, or the SAT, on February 20, 2009, a Hong Kong resident
enterprise must meet the following conditions, among others, in order to apply the reduced withholding tax rate: (i) it must be a company;
(ii) it must directly own the required percentage of equity interests and voting rights in the PRC resident enterprise; and (iii) it
must have directly owned such required percentage in the PRC resident enterprise throughout the 12 months prior to receiving the dividends.
Nonresident enterprises are not required to obtain pre-approval from the relevant tax authority in order to enjoy the reduced withholding
tax. Instead, nonresident enterprises and their withholding agents may, by self-assessment and on confirmation that the prescribed criteria
to enjoy the tax treaty benefits are met, directly apply the reduced withholding tax rate, and file necessary forms and supporting documents
when performing tax filings, which will be subject to post-tax filing examinations by the relevant tax authorities. Accordingly, our
Hong Kong subsidiary may be able to benefit from the 5% withholding tax rate for the dividends it receives from our PRC subsidiary, if
it satisfies the conditions prescribed under the <i>SAT Circular 81, </i>and other relevant tax rules and regulations. However, if the
relevant tax authorities consider the transactions or arrangements we have are for the primary purpose of enjoying a favorable tax treatment,
the relevant tax authorities may adjust the favorable withholding tax in the future. Accordingly, there is no assurance that the reduced
5% will apply to dividends received by our Hong Kong subsidiary from our PRC subsidiary. This withholding tax will reduce the amount
of dividends we may receive from our PRC subsidiary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fluctuations
in exchange rates could have a material and adverse effect on our results of operations and the value of your investment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of the Renminbi against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in political
and economic conditions in China and by China&#8217;s foreign exchange policies. On July 21, 2005, the PRC government changed its decade-old
policy of pegging the value of the Renminbi to the U.S. dollar, and the Renminbi appreciated more than 20% against the U.S. dollar over
the following three years. Between July 2008 and June 2010, this appreciation halted and the exchange rate between the Renminbi and the
U.S. dollar remained within a narrow band. Since June 2010, the Renminbi has fluctuated against the U.S. dollar, at times significantly
and unpredictably. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between
the Renminbi and the U.S. dollar in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
revaluation of the Renminbi may have a material and adverse effect on your investment. For example, to the extent that we need to convert
U.S. dollars we receive from this offering into Renminbi for our operations, appreciation of the Renminbi against the U.S. dollar would
have an adverse effect on the Renminbi amount we would receive from the conversion. Conversely, if we decide to convert our Renminbi
into U.S. dollars for the purpose of making payments for dividends on our Ordinary Shares or for other business purposes, appreciation
of the U.S. dollar against the Renminbi would have a negative effect on the U.S. dollar amount available to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Governmental
control of currency conversion may limit our ability to utilize our revenues effectively and affect the value of your investment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government imposes controls on the convertibility of the Renminbi into foreign currencies and, in certain cases, the remittance of
currency out of China. We receive substantially all of our revenues in Renminbi. Under our current corporate structure, our Company primarily
relies on dividend payments from our PRC subsidiary to fund any cash and financing requirements we may have. Under existing PRC foreign
exchange regulations, payments of current account items, including profit distributions, interest payments and trade and service-related
foreign exchange transactions, can be made in foreign currencies without prior approval of the SAFE by complying with certain procedural
requirements. Specifically, under the existing exchange restrictions, without prior approval of SAFE, cash generated from the operations
of our PRC subsidiary in China may be used to pay dividends to our company. However, approval from or registration with appropriate governmental
authorities is required where Renminbi is to be converted into foreign currency and remitted out of China to pay capital expenses such
as the repayment of loans denominated in foreign currencies. As a result, we need to obtain SAFE approval to use cash generated from
the operations of our PRC subsidiary and variable interest entity to pay off their respective debt in a currency other than Renminbi
owed to entities outside China, or to make other capital expenditure payments outside China in a currency other than Renminbi. The PRC
government may at its discretion restrict access to foreign currencies for current account transactions in the future. If the foreign
exchange control system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands, we may not
be able to pay dividends in foreign currencies to our shareholders, including holders of our Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Certain
PRC regulations may make it more difficult for us to pursue growth through acquisitions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Among
other things, the <i>Rules on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors</i>, or the <i>M&amp;A Rules</i>,
promulgated by six PRC regulatory agencies in 2006 and amended in 2009, established additional procedures and requirements that could
make merger and acquisition activities by foreign investors more time-consuming and complex. The <i>M&amp;A Rules </i>require, among
other things, that the MOFCOM be notified in advance of any change-of-control transaction in which a foreign investor acquires control
of a PRC domestic enterprise, if (i) any important industry is concerned, (ii) such transaction involves factors that have or may have
an impact on the national economic security, or (iii) such transaction will lead to a change in control of a domestic enterprise which
holds a famous trademark or PRC time-honored brand. Moreover, the <i>Anti-Monopoly Law</i> promulgated by the Standing Committee of the
NPC which became effective in 2008 requires that transactions that are deemed concentrations and involve parties with specified turnover
thresholds must be cleared by the MOFCOM before they can be completed. In addition, PRC national security review rules which became effective
in September 2011 require acquisitions by foreign investors of PRC companies engaged in military-related or certain other industries
that are crucial to national security be subject to security review before consummation of any such acquisition. We may pursue potential
strategic acquisitions that are complementary to our business and operations. Complying with the requirements of these regulations to
complete such transactions could be time-consuming, and any required approval processes, including obtaining approval or clearance from
the MOFCOM, may delay or inhibit our ability to complete such transactions, which could affect our ability to expand our business or
maintain our market share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>PRC
regulations relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial
owners or Shanghai Qige&#8217;s to liability or penalties, limit our ability to inject capital into Shanghai Qige, limit our Shanghai
Qige&#8217;s ability to increase its registered capital or distribute profits to us, or may otherwise adversely affect us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2014, SAFE promulgated the <i>Circular on Relevant Issues Concerning Foreign Exchange Control on Domestic Residents&#8217; Offshore
Investment and Financing and Roundtrip Investment through Special Purpose Vehicles</i>, or <i>SAFE Circular 37</i>, to replace the <i>Circular
on Relevant Issues Concerning Foreign Exchange Administration for Domestic Residents&#8217; Financing and Roundtrip Investment through
Offshore Special Purpose Vehicles</i>, or <i>SAFE Circular 75</i>, which ceased to be effective upon the promulgation of <i>SAFE Circular
37</i>. <i>SAFE Circular 37</i> requires PRC residents (including PRC individuals and PRC corporate entities) to register with local
branches of SAFE in connection with their direct or indirect offshore investment activities. <i>SAFE Circular 37</i> is applicable to
our shareholders who are PRC residents and may be applicable to any offshore acquisitions that we make in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
<i>SAFE Circular 37</i>, PRC residents who control, or have prior to the implementation of SAFE Circular 37 controlled, directly or indirectly
of offshore special purpose vehicles, or SPVs, will be required to register such investments with the SAFE or its local branches. The
term &#8220;control&#8221; under <i>SAFE Circular 37</i> is broadly defined as the operation rights, beneficiary rights or decision-making
rights acquired by PRC residents in the SPVs, by means of acquisition, trust, proxy, voting rights, repurchase, convertible bonds or
other arrangements. In addition, any PRC resident who is a direct or indirect shareholder of an SPV, is required to update its filed
registration with the local branch of SAFE with respect to that SPV, to reflect any material change. Moreover, any subsidiary of such
SPV in China is required to urge the PRC resident shareholders to update their registration with the local branch of SAFE. If any PRC
shareholder of such SPV fails to make the required registration or to update the previously filed registration, the subsidiary of such
SPV in China may be prohibited from distributing its profits or the proceeds from any capital reduction, share transfer or liquidation
to the SPV, and the SPV may also be prohibited from making additional capital contribution into its subsidiary in China. On February
13, 2015, the SAFE promulgated a <i>Circular on Further Simplifying and Improving Foreign Exchange Administration Policy on Direct Investment</i>,
or <i>SAFE Circular 13</i>, which became effective on June 1, 2015. Under <i>SAFE Circular 13</i>, applications for foreign exchange
registration of inbound foreign direct investment and outbound overseas direct investment, including those required under the <i>SAFE
Circular 37</i>, will be filed with qualified banks instead of the SAFE. The qualified banks will directly examine the applications and
accept registrations under the supervision of the SAFE.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
regulations may have a significant impact on our present and future structuring and investment. We have requested or intend to take all
necessary measures to require our shareholders who to our knowledge are PRC residents to make the necessary applications, filings and
amendments as required under these regulations. We further intend to structure and execute our future offshore acquisitions in a manner
consistent with these regulations and any other relevant legislation. However, because it is presently uncertain how the SAFE regulations
and any future legislation concerning offshore or cross-border transactions will be interpreted and implemented by the relevant government
authorities in connection with our future offshore financings or acquisitions, we cannot provide any assurances that we will be able
to comply with, qualify under, or obtain any approvals required by the regulations or other legislation. Furthermore, we cannot assure
you that any PRC shareholders of our company or any PRC company into which we invest will be able to comply with those requirements.
Any failure or inability by such individuals or entities to comply with SAFE regulations may subject us to fines or legal sanctions,
such as restrictions on our cross-border investment activities or our PRC subsidiary&#8217;s ability to distribute dividends to, or obtain
foreign exchange-denominated loans from, our company or prevent us from making distributions or paying dividends. As a result, our business
operations and our ability to make distributions to you could be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are classified as a PRC resident enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences
to us and our non-PRC shareholders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the <i>PRC Enterprise Income Tax Law</i> and its implementation rules, an enterprise established outside of the PRC with &#8220;de facto
management body&#8221; within the PRC is considered a &#8220;resident enterprise&#8221; and will be subject to the enterprise income
tax on its global income at the rate of 25%. The implementation rules define the term &#8220;de facto management body&#8221; as the body
that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties
of an enterprise. In 2009, the SAT issued the <i>Circular of the State Administration of Taxation on Issues Concerning the Identification
of Chinese-controlled Overseas Registered Enterprises as Resident Enterprises in accordance with the Actual Standards of Organizational
Management</i>, or the <i>SAT Circular 82</i>, which provides certain specific criteria for determining whether the &#8220;de facto management
body&#8221; of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to
offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the
criteria set forth in the circular may reflect the SAT&#8217;s general position on how the &#8220;de facto management body&#8221; text
should be applied in determining the tax resident status of all offshore enterprises. According to <i>SAT Circular 82</i>, an offshore
incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of
having its &#8220;de facto management body&#8221; in China and will be subject to PRC enterprise income tax on its global income only
if all of the following conditions are met: (i) the places where the senior management and senior management departments responsible
for the daily production, operation and management of the enterprise perform their duties are mainly located within the territory of
the PRC; (ii) decisions relating to the enterprise&#8217;s financial matters (such as money borrowing, lending, financing and financial
risk management) and human resource matters (such as appointment, dismissal and salary and wages) are made or are subject to approval
by organizations or personnel in the PRC; (iii) the enterprise&#8217;s primary assets, accounting books and records, company seals, and
board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives
habitually reside in the PRC. In addition, the SAT issued the <i>Bulletin of the State Administration of Taxation on Printing and Distributing
the Administrative Measures for Income Tax on Chinese-controlled Resident Enterprises Incorporated Overseas (Trial Implementation)</i>
in 2011, providing more guidance on the implementation of <i>SAT Circular 82</i>. This bulletin clarifies matters including resident
status determination, post determination administration, and competent tax authorities. In January 2014, the SAT issued the <i>Bulletin
of the State Administration of Taxation on Issues concerning the Determination of Resident Enterprises Based on the Standards of Actual
Management Institutions</i>, or <i>SAT Bulletin 9</i>. According to <i>SAT Bulletin 9</i>, a Chinese-controlled offshore incorporated
enterprise that satisfies the conditions prescribed under the <i>SAT Circular 82</i> for being recognized as a PRC tax resident must
apply for being recognized as a PRC tax resident to the competent tax authority at the place of registration of its main investor within
the territory of China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that Company is not a PRC resident enterprise for PRC tax purposes. However, the tax resident status of an enterprise is subject
to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term &#8220;de facto management
body.&#8221; If the PRC tax authorities determine that Company or any of our offshore subsidiaries is a PRC resident enterprise for enterprise
income tax purposes, we and our offshore subsidiary will be subject to PRC enterprise income on their worldwide income at the rate of
25%, which would materially reduce our net income. Furthermore, if we are treated as a PRC tax resident enterprise, we may be required
to withhold a 10% withholding tax from dividends we pay to our shareholders that are non-resident enterprises. In addition, non-resident
enterprise shareholders may be subject to PRC tax on gains realized on the sale or other disposition of Ordinary Shares, if such income
is treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends payable to our non-PRC
individual shareholders and any gain realized on the transfer of Ordinary Shares by such shareholders may be subject to PRC tax at a
rate of 20% unless a reduced rate is available under an applicable tax treaty. It is unclear whether non-PRC shareholders of Company
would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that Company
is treated as a PRC resident enterprise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 3, 2015, the SAT issued a <i>Bulletin of State Administration of Taxation on Several Issues concerning the Enterprise Income
Tax on the Indirect Transfer of Properties by Non-resident Enterprises</i>, or <i>SAT Bulletin 7</i>, which came into effect on February
3, 2015, but will also apply to cases where their PRC tax treatments are not yet concluded. Pursuant to <i>SAT Bulletin 7</i>, an &#8220;Indirect
Transfer&#8221; of PRC assets, including a transfer of equity interests in an unlisted non-PRC holding company of a PRC resident enterprise,
by non-PRC resident enterprises may be re-characterized and treated as a direct transfer of the underlying PRC assets, if such arrangement
does not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise income tax. As
a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax, and the transferee or other person who
is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the transfer of equity
interests in a PRC resident enterprise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
a non-resident enterprise transfers taxable assets in China indirectly by disposing of the equity interests of an overseas holding company,
the non-resident enterprise as either transferor or transferee, or the PRC entity whose equity is transferred, may report such Indirect
Transfer to the relevant tax authority. Under the &#8220;substance over form&#8221; principle, the PRC tax authority may disregard the
existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing,
avoiding or deferring PRC tax. As a result, gains derived from such Indirect Transfer may be subject to PRC enterprise income tax, and
the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently at a
rate of 10% for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject
to penalties under PRC tax laws if the transferee fails to withhold the taxes and the transferor fails to pay the taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face uncertainties as to the reporting and other implications of certain past and future transactions where PRC taxable assets are involved.
Our Company may be subject to filing obligations or taxed if our company is transferor in such transactions, and we may be subject to
withholding obligations if our company is a transferee in such transactions, under <i>SAT Bulletin 7</i> and <i>SAT Bulletin 37</i>.
For transfer of Ordinary Shares in our company by investors that are non-PRC resident enterprises, our PRC subsidiary may be requested
to assist in the filing under <i>SAT Bulletin 7</i> and <i>SAT Bulletin 37</i>. As a result, we may be required to expend valuable resources
to comply with <i>SAT Bulletin 7</i> and <i>SAT Bulletin 37</i> or to request the relevant transferors from whom we purchase taxable
assets to comply with these circulars, or to establish that our Company should not be taxed under these circulars, which may have a material
adverse effect on our financial condition and results of operations</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment
in China-based issuers, such action could significantly limit or completely hinder our ability to offer or continue to offer securities
to investors and cause the value of such securities to significantly decline or be worthless.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 28, 2021, the Measures for Cybersecurity Review (2021 version) was promulgated and became effective on February 15, 2022. Pursuant
to Article 2 of Measures for Cybersecurity Review (2021 version), the purchase of network products and services by critical information
infrastructure operator and the data processing activities carries out online platform operators, which affects or may affect national
security, shall be subject to cybersecurity review in accordance with the present Measures. Pursuant to Article 7, an online platform
operator who possesses the personal information of more than 1 million users shall declare to the Office of Cybersecurity Review for
cybersecurity review.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 14, 2021, the CAC published the Network Internet Data Protection Draft Regulations (draft for comments). Article 13 of the Network
Internet Data Protection Draft Regulations (draft for comments) reiterates that data handlers that process the personal information of
more than one million users listing in a foreign country should apply for a cybersecurity review in compliance with relevant national
regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business does not involve the collection of user data, implicate cybersecurity, or involve any other type of restricted industry. However,
since the Measures for Cybersecurity Review (2021 version) just became effective on February 15, 2022, it is unclear on how it will be
interpreted and implemented by the relevant PRC authorities. In addition, since the deadline for feedback of the Network Internet Data
Protection Draft Regulations (draft for comments) is December 13, 2021 and the formal Network Internet Data Protection Regulations is
not promulgated, it is unclear on how it will be amended by the relevant PRC authorities. As of the date of this prospectus, our PRC
subsidiaries have not been involved in any investigations on cybersecurity review initiated by the relevant PRC authorities, and has
not received any requirements to obtain permissions from relevant PRC authorities to issue our Ordinary Shares to foreign investors or
were denied such permissions by relevant PRC authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
if there is significant change to current political arrangements between mainland China and Hong Kong, or the applicable laws, regulations,
or interpretations change, and our Company or our PRC subsidiaries are required to obtain such approvals in the future, and that our
Company does not receive or maintain the approvals or is denied permissions from the PRC authorities, or inadvertently concludes that
such approvals are not required, we could incur material costs to ensure compliance, be subject to fines and no longer be permitted to
continue our current business operations. We may 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 interest of the investors and cause significant depreciation of the price of our Ordinary
Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Uncertainties
with respect to the PRC legal system could limit the legal protections available to you and us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conduct all of our business in China through our subsidiary, Shanghai Qige. Our Company is generally subject to laws and regulations
applicable to foreign investments in China and, in particular, laws applicable to foreign-invested enterprises. The PRC legal system
is based on written statutes, and prior court decisions may be cited for reference but have limited precedential value. Since 1979, a
series of new PRC laws and regulations have significantly enhanced the protections afforded to various forms of foreign investments in
China. 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 involve uncertainties, which may limit legal protections available
to you. In addition, any litigation in China may be protracted and result in substantial costs and diversion of resources and management
attention.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
our preferential tax treatments and government subsidies are revoked or become unavailable or if the calculation of our tax liability
is successfully challenged by the PRC tax authorities, we may be required to pay tax, interest and penalties in excess of our tax provisions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chinese government has provided tax incentives to Chinese private companies, including reduced enterprise income tax rates. For example,
under the <i>PRC Enterprise Income Tax Law</i> and its implementation rules, the statutory enterprise income tax rate is 25%. However,
the income tax of an enterprise that has been determined to be a high and new technology enterprise can be reduced to a preferential
rate of 15%. According to the Administrative Measures for the Accreditation of High-tech Enterprises promulgated by three PRC regulatory
agencies, including SAT, the qualification of high and new enterprise is effective for a renewable three-year permitted. Our Chinese
subsidiaries does not meet the qualification of high and new enterprise, our Chinese subsidiaries are subject to the statutory enterprise
income tax rate of 25%. Any increase in the enterprise income tax rate applicable to our PRC subsidiary, or any discontinuation, retroactive
or future reduction or refund of any of the preferential tax treatments and local government subsidies currently enjoyed by our subsidiaries
in China, could adversely affect our business, financial condition, and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
in the ordinary course of our business, we are subject to complex income tax and other tax regulations, and significant judgment is required
in the determination of a provision for income taxes. Although we believe our tax provisions are reasonable, if the PRC tax authorities
successfully challenge our position and we are required to pay tax, interest, and penalties in excess of our tax provisions, our financial
condition and results of operations would be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
failure to fully comply with PRC labor-related laws may expose us to potential penalties.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
operating in China are required to participate in mandatory employee social security schemes that are organized by municipal and provincial
governments, including pension insurance, unemployment insurance, childbirth insurance, work-related injury insurance, medical insurance
and housing provident funds. Such schemes have not been implemented consistently by the local governments in China given the different
levels of economic development in different locations, but generally require us to make contributions to employee social security plans
at specified percentages of the salaries, bonuses and certain allowances of our eligible full-time employees, up to a maximum amount
specified by the local government from time to time. We have accrued in financial statements and have made full contributions to the
social insurance and housing provident funds in accordance for our eligible full-time employees as required by the relevant PRC laws
and regulations. As the date of this prospectus, none of our entities or subsidiaries had received any notice from local authorities
or any claim or request from the employees in this regard. Our failure to make full contributions to social insurance and to comply with
applicable PRC labor-related laws regarding housing funds may subject us to late payment penalties and other fines or labor disputes,
and we could be required to make up the contributions for these plans, which may adversely affect our financial condition and results
of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to applicable PRC laws and regulations, employers must open social insurance registration accounts and housing provident fund accounts
and pay social insurance and housing provident funds for employees. We may, in the future, become subject to penalties imposed by the
local social insurance authorities and the local housing provident fund management centers if we fail to discharge our obligations in
relation to payment of social insurance and housing provident funds as an employer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
to comply with PRC regulations relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC
resident shareholders to personal liability, limit our ability to acquire PRC companies or to inject capital into our Holding Company,
or otherwise materially adversely affect us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Circular on Relevant Issues concerning Foreign Exchange Administration of Overseas Investment and Financing and Return Investments
Conducted by Domestic Residents through Overseas Special Purpose Vehicle, or Circular 37, which was promulgated by SAFE, and became effective
on July 4, 2014, (1) a PRC resident must register with the local SAFE branch before he or she contributes assets or equity interests
in an overseas special purpose vehicle, or an Overseas SPV, that is directly established or controlled by the PRC resident for the purpose
of conducting investment or financing; and (2) following the initial registration, the PRC resident is also required to register with
the local SAFE branch for any major change, in respect of the Overseas SPV, including, among other things, a change in the Overseas SPV&#8217;s
PRC resident shareholder, name of the Overseas SPV, term of operation, or any increase or reduction of the Overseas SPV&#8217;s registered
capital, share transfer or swap, and merger or division.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have requested the beneficial holders of our Ordinary Shares who are PRC residents to register with the relevant branch of SAFE in connection
with their equity interests in us and our acquisitions of equity interests in our PRC subsidiaries pursuant to Circular 37 or the predecessor
regulation of Circular 37, namely the Notice on Relevant Issues Concerning Foreign Exchange Administration for PRC Residents Engaging
in Financing and Roundtrip Investments via Overseas Special Purpose Vehicles, as the case may be. Because of uncertainty over how Circular
37 will be interpreted and implemented, and how or whether SAFE will apply it to us, we cannot predict how it will affect our business
operations or future strategies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, such PRC residents may not always be able to complete the necessary registration procedures required by Circular 37. We also
have little control over either our present or prospective direct or indirect shareholders or the outcome of such registration procedures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be exposed to liabilities under the Foreign Corrupt Practices Act and Chinese anti-corruption laws, and any determination that we
violated these laws could have a material adverse effect on our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the Foreign Corrupt Practice Act, or FCPA, and other U.S. laws that prohibit improper payments or offers of payments to
foreign governments and their officials and political parties by U.S. persons and issuers as defined by the relevant statute, for the
purpose of obtaining or retaining business. We have operations, agreements with third parties, and make most of our sales in China. PRC
anti-corruption laws also strictly prohibit bribery of government officials. Our activities in China create the risk of unauthorized
payments or offers of payments by the employees, consultants, sales agents, or distributors, even though they may not always be subject
to our control. It is our policy to implement safeguards to discourage these practices by our employees. However, our existing safeguards
and any future improvements may prove to be less than effective, and the employees, consultants, sales agents, or distributors may engage
in conduct for which we might be held responsible. Particularly, most of the hospitals and inoculation centers in China are state-owned
entities, whose employees may be recognized as foreign government officials for the purpose of FCPA. Therefore, any payments, expensive
gifts or other benefits provided to an employee of the state-owned hospital or inoculation center may be deemed violation of FCPA. Violations
of FCPA or PRC anti-corruption laws may result in severe criminal or civil sanctions, and we may be subject to other liabilities, which
could negatively affect our business, prospects, operating results and financial condition. In addition, the U.S. government may seek
to hold us liable for successor liability under FCPA violations committed by companies in which we invest or that we acquire.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to our Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Certain
existing shareholders have substantial influence over our company and their interests may not be aligned with the interests of our other
shareholders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors and officers collectively own an aggregate of 88.9% of the total voting power of our outstanding Ordinary Shares. As a result,
they have substantial influence over our business, including significant corporate actions such as mergers, consolidations, sales of
all or substantially all of our assets, election of directors and other significant corporate actions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">They
may take actions that are not in the best interest of us or our other shareholders. This concentration of ownership may 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 may reduce the price of the Shares. These actions may be taken even if they are opposed by
our other shareholders. In addition, the significant concentration of share ownership may adversely affect the trading price of the Shares
due to investors&#8217; perception that conflicts of interest may exist or arise. For more information regarding our principal shareholders
and their affiliated entities, see &#8220;Principal Shareholders.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations
regarding our Shares, the market price for our Shares and trading volume could decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our Ordinary Shares will be influenced by research or reports that industry or securities analysts publish about our
business. If one or more analysts who cover us downgrade our Ordinary Shares, the market price for our Ordinary Shares would likely decline.
If one or more of these analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial
markets, which in turn could cause the market price or trading volume for our Shares to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
sale or availability for sale of substantial amounts of our Shares could adversely affect their market price.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.
Ordinary Shares held by our existing shareholders may be sold in the public market in the future subject to the restrictions in Rule
144 and Rule 701 under the Securities Act. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Ordinary Shares for return on
your investment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently intend to retain most, if not all, of our available funds and any future earnings to fund the development and growth of our
business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment
in our Ordinary Shares as a source for any future dividend income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has complete discretion as to whether to distribute dividends. 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 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. There is no guarantee 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions
applicable to United States domestic public companies.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
we are a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations
in the United States that are applicable to U.S. domestic issuers, including: (i) the rules under the Exchange Act requiring the filing
of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC; (ii) the sections of the Exchange Act regulating the solicitation
of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; (iii) the sections of the Exchange
Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from
trades made in a short period of time; and (iv) the selective disclosure rules by issuers of material nonpublic information under Regulation
FD.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we will continue to
publish our results on a quarterly basis through press releases, distributed pursuant to the rules and regulations of the Nasdaq Stock
Exchange. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the
information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be
filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information, which would be
made available to you, were you investing in a U.S. domestic issuer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
a foreign private issuer, we are permitted to, and we will, rely on exemptions from certain Nasdaq Stock Exchange corporate governance
standards applicable to domestic U.S. issuers. This may afford less protection to holders of our shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exempted from certain corporate governance requirements of the Nasdaq Stock Exchange by virtue of being a foreign private issuer.
We are required to provide a brief description of the significant differences between our corporate governance practices and the corporate
governance practices required to be followed by domestic U.S. companies listed on the Nasdaq Stock Exchange. The standards applicable
to us are considerably different than the standards applied to domestic U.S. issuers. For instance, we are not required to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
    a majority of the board be independent (although all of the members of the audit committee must be independent under the U.S. Securities
    Exchange Act of 1934, as amended, or the Exchange Act); </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
    a compensation committee or a nominating or corporate governance committee consisting entirely of independent directors; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
    regularly scheduled executive sessions with only independent directors; or </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
    executive sessions of solely independent directors each year. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have relied on and intend to continue to rely on some of these exemptions. As a result, you may not be provided with the benefits of
certain corporate governance requirements of the Nasdaq Stock Exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we fail to establish and maintain proper internal financial reporting controls, our ability to produce accurate financial statements
or comply with applicable regulations could be impaired.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management has not completed an assessment of the effectiveness of our internal controls over financial reporting, and our independent
registered public accounting firm has not conducted an audit of our internal control over financial reporting. In the course of auditing
our consolidated financial statements for the years ended December 31, 2022 and 2021, we identified several material weaknesses in our
internal control over financial reporting and other control deficiencies as of December 31, 2022. A &#8220;material weakness&#8221; is
a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility
that a material misstatement of the company&#8217;s annual or interim financial statements will not be prevented or detected on a timely
basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
material weaknesses identified to date relate to a lack of accounting staff and resources with appropriate knowledge of generally accepted
accounting principles in the United States (&#8220;U.S. GAAP&#8221;) and SEC reporting and compliance requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the identification of the material weaknesses and control deficiencies, we have taken remedial measures including (i) hiring more qualified
accounting personnel with relevant U.S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function
and to set up a financial and system control framework; (ii) implementing regular and continuous U.S. GAAP accounting and financial reporting
training programs for our accounting and financial reporting personnel; and (iii) setting up an internal audit function as well as engaging
an external consulting firm to assist us with assessment of Sarbanes-Oxley compliance requirements and improvement of overall internal
control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this report, we have not fully addressed the above-referenced weaknesses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
implementation of these measures may not fully address the material weaknesses in our internal control over financial reporting, and
we cannot conclude that they have been fully remedied. Our failure to correct theses material weaknesses or our failure to discover and
address any other material weaknesses could result in inaccuracies in our financial statements and could also impair our ability to comply
with applicable financial reporting requirements and related regulatory filings on a timely basis. As a result, our business, financial
condition, results of operations and prospects, as well as the trading price of our Ordinary Shares, may be materially and adversely
affected. Moreover, ineffective internal control over financial reporting significantly hinders our ability to prevent fraud. In addition,
once we cease to be an &#8220;emerging growth company&#8221; as such term is defined in the JOBS Act, our independent registered public
accounting firm must attest to and report on the effectiveness of our internal control over financial reporting. Our management may conclude
that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control
over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing,
may issue a report that is qualified if it is not satisfied with our internal controls or the level at which our controls are documented,
designed, operated or reviewed, or if it interprets the relevant requirements differently from us. In addition, after we become a public
company, our reporting obligations may place a significant strain on our management, operational and financial resources and systems
for the foreseeable future. We may be unable to timely complete our evaluation testing and any required remediation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_013"></span>ITEM
    4.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INFORMATION
    ON THE COMPANY</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_014"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>History
    and Development of the Company</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tian&#8217;an
Technology Group Ltd. (&#8220;Tian&#8217;an&#8221;) is a holding company that was incorporated under the laws of the British Virgin Islands
on April 8, 2021. As a holding company with no material operations of our own, we conduct our operations through Yunke Jingrong Information
Technology Co., Ltd. (&#8220;Yunke&#8221;), our wholly owned subsidiary. Shanghai Qige Power Technology Co., Ltd. (&#8220;Shanghai Qige&#8221;)
is a wholly owned subsidiary of Yunke and our operating company in China. Through our subsidiary, Shanghai Qige, we were engaged in the
technology driven sales of power control and service systems solutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the third quarter of 2022, the Company shifted its business model and through Shanghai Qige, focused on graphene production enterprises
and engaged in the health therapy industry. We utilize the far-infrared heat therapy characteristics of graphene, which is incorporated
into our products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Private
Placement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May and June 2022, the Company issued 5 million shares in a private placement to 66 individuals for RMB 3,400,700 or approximately $500,000.
The relevant subscription receivable was collected in May and June 2022. Each of the following issuances was exempt from registration
under the Securities Act in reliance on Regulation D under the Securities Act or pursuant to Section 4(a)(2) of the Securities Act regarding
transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in
offshore transactions. No underwriters were involved in these issuances. We engaged in no general solicitation or advertising with regard
to the offering and the offering was made solely to &#8220;Accredited Investors&#8221; as defined in Rule 501 of Regulation D under the
Securities Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates our corporate structure as of the date of this report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><img src="form20-f_001.jpg" alt="" style="height: 250px; width: 350px" /><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    equity structure is a direct shareholding structure, that is, the overseas entity to be listed in the U.S., Tian&#8217;an, directly
    controls Yunke and Shanghai Qige. See &#8220;<i>Corporate History and Structure</i>&#8221; above for additional details.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
    our direct holding structure, the use of funds within our corporate group is legal and compliant with the laws and regulations of
    the PRC. Because Tian&#8217;an and Yunke have no actual operations, there is no funding for these entitles and all the revenue that
    is generated by Shanghai Qige is used to operate Shanghai Qige. After foreign investors&#8217; funds enter the Company at the close
    of this offering, the funds can be directly transferred to our PRC subsidiary Shanghai Qige through a WFOE structure.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    present the Company has no restrictions on the use of its cash. We have a fund management policy in place which has corresponding
    internal control rules that are compliant with the laws and regulations of the PRC</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    present, we have never distributed any dividends and do not intend to in the future. However, if the Company decides to distribute
    dividends to its shareholders, the Company will transfer the dividends from the operating subsidiary in accordance with the laws
    and regulations of the PRC and other countries. Then the subsidiary will transfer the dividends to Tian&#8217;an, and the dividends
    will be distributed from Tian&#8217;an to all shareholders respectively in proportion to the shares they hold, regardless of whether
    the shareholders are U.S. investors or investors in other countries or regions.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
address persistent capital outflows and the RMB&#8217;s depreciation against the U.S. dollar in the fourth quarter of 2016, the People&#8217;s
Bank of China and the State Administration of Foreign Exchange, or SAFE, have implemented a series of capital control measures in the
subsequent months, including stricter vetting procedures for China-based companies to remit foreign currency for overseas acquisitions,
dividend payments and shareholder loan repayments. The PRC government may continue to strengthen its capital controls and our PRC subsidiaries&#8217;
dividends and other distributions may be subject to tightened scrutiny in the future. The PRC government also imposes controls on the
conversion of RMB into foreign currencies and the remittance of currencies out of the PRC. Therefore, we may experience difficulties
in completing the administrative procedures necessary to obtain and remit foreign currency for the payment of dividends from our profits,
if any. Furthermore, if our subsidiaries in the PRC incur debt on their own in the future, the instruments governing the debt may restrict
their ability to pay dividends or make other payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Enterprise Income Tax Law and its implementation rules provide that a withholding tax at a rate of 10% will be applicable
to dividends payable by Chinese companies to non-PRC-resident enterprises unless reduced under treaties or arrangements between the PRC
central government and the governments of other countries or regions where the non-PRC resident enterprises are tax resident. Pursuant
to the tax agreement between Mainland China and the Hong Kong Special Administrative Region, the withholding tax rate in respect to the
payment of dividends by a PRC enterprise to a Hong Kong enterprise may be reduced to 5% from a standard rate of 10%. However, if the
relevant tax authorities determine that our transactions or arrangements are for the primary purpose of enjoying a favorable tax treatment,
the relevant tax authorities may adjust the favorable withholding tax in the future. Accordingly, there is no assurance that the reduced
5% withholding rate will apply to dividends received by our Hong Kong subsidiary from our PRC subsidiaries. This withholding tax will
reduce the amount of dividends we may receive from our PRC subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>COVID-19
Impact</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business operations have been affected and may continue to be affected by the ongoing COVID-19 pandemic. Although we resumed our operations
since early March 2020 and the impact of COVID-19 on our operating results and financial performance for fiscal year 2020, 2021 and 2022
were temporary, a resurgence could negatively affect the execution of customer contracts, the collection of customer payments, or disrupt
our supply chain, and the continued uncertainties associated with COVID 19 may cause our revenue and cash flows to underperform in the
next 12 months from the date of issuance of our 2022 consolidated financial statements. The extent of the future impact of the COVID-19
pandemic on our business and results of operations is still uncertain.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
Financial Performance Indicators</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
assessing our financial performance, we consider a variety of financial performance measures, including principal growth in net revenue
and gross profit, our ability to control costs and operating expenses to improve our operating efficiency and net income. Our review
of these indicators facilitates timely evaluation of the performance of our business and effective communication of results and key decisions,
allowing our business to respond promptly to competitive market conditions and different demands and preferences from our customers.
The key measures that we use to evaluate the performance of our business are set forth below and are discussed in greater details under
&#8220;Results of Operations&#8221;:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_015"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
    Overview</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tian&#8217;an
Technology Group Ltd. (&#8220;Tian&#8217;an&#8221;) is a holding company that was incorporated under the laws of the British Virgin Islands
on April 8, 2021. Yunke Jingrong Information Technology Co., Ltd. (&#8220;Yunke&#8221;) is our wholly owned subsidiary. Shanghai Qige
Power Technology Co., Ltd. (&#8220;Shanghai Qige&#8221;) is a wholly owned subsidiary of Yunke and our operating company in China. Through
our subsidiary, Shanghai Qige, we were engaged in the technology driven sales of power control and service systems solutions, which products
are used in low-speed electric vehicles, such as electric forklifts, golf carts, street sweepers and other types of specialized field
vehicles.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
Qige&#8217;s main product was a series of brushless DC motor controllers. Brushless DC motors, for which its controllers are commonly
paired with, are common in industrial applications across the world.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
Qige&#8217;s products and operations were materially impacted by the recent pandemic-related lockdowns in China such that its revenues
for the six months ended June 30, 2022 were $0. In order to mitigate the adverse impacts on Shanghai Qige&#8217;s business, we actively
embraced marketplace changes. We reviewed our internal structure and policies, areas of business and business model and determined Shanghai
Qige needed to enter into a differentiated and new business field.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aging population is an important trend in the development of the social system and a manifestation of human civilization progress. More
and more countries around the world are accelerating their entry into an aging population society. The United Nations General Assembly
pointed out that &#8220;the impact of population aging on the economy and society is both an opportunity and a challenge&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China
became an aged society in 2021 and its population aging will continue to deepen. In the context of a new round of industrial upgrading
and technology, the medical industry has entered the stage of digitalization, intelligence, standardization and internationalization.
The field of &#8220;big health&#8221; is a highly comprehensive and cross cutting industry, with numerous branches developed from medicine
among various sub industries. Big health centers around the concept that individuals should not just treat diseases, but work proactively
to prevent them. The relatively traditional fields within the industry include medical devices, pharmaceutical manufacturing, and health
services, which hold the vast majority of market share in the industry. On the basis of the industrial field, in recent years, with the
development of technology, digitization, and the Internet, more intelligent, digital, and high-end industrial segments have emerged,
including precision medicine, medical big data, internet healthcare, and consumer health services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the level of demand in the health market at any time, the growth of its market size is relatively resilient and difficult to replace.
From 2016 to 2020, the market size of China&#8217;s big health industry increased from 25.9 trillion yuan to 41.8 trillion yuan, and
is expected to continue to increase at a compound annual growth rate of nearly 10%, reaching approximately 64.2 trillion yuan by 2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on this trend, the Company has integrated graphene production and focused its research on graphene health therapy. With the latest scientific
research achievements in graphene far-infrared heating technology, we have engaged in the health therapy industry. We believe utilizing
the far-infrared heat therapy characteristics of graphene, a new breakthrough in product technology is achieved allowing more people
to enjoy high-quality health therapy services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Graphene</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Graphene
is a type of material composed of carbon atoms and sp &#178; A two-dimensional carbon nanomaterial with a hexagonal honeycomb lattice
composed of hybrid orbitals. Simply, it is a single layer of carbon atoms arranged in a hexagonal lattice structure, forming a two-dimensional
(2D) material with exceptional mechanical, electrical, and thermal properties. As a new type of nanomaterial, graphene has ultra-high
strength and thermal conductivity, making it the most disruptive new material among many materials. It is widely studied for its potential
use in various fields such as electronics, energy storage, and biomedicine. Because of its excellent optical, electrical, and mechanical
properties, along with good stability, it is also becoming prominent in physical therapy and health related products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Graphene
has the characteristics of uniform heating, fast heating reaction, and low energy consumption. In addition, its most prominent feature
is that it can release far-infrared light with a wavelength of 6-14um after being powered on. The infrared spectrum emitted by the human
body is similar, so it is called &#8220;life light wave&#8221;. The comprehensiveness and permeability of graphene far-infrared radiation
plays a therapeutic role in the microcirculation tissue system throughout the body, both inside and outside. In addition, in activating
visceral cells, providing tissue regeneration ability, keeping the visceral environment in good condition, it plays a moderate role in
helping to prevent diseases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Graphene
has emerged as one of the most promising nanomaterials because of its unique combination of exceptional properties: it is not only the
thinnest but also one of the strongest materials; it conducts heat better than all other materials; it is an excellent conductor of electricity;
it is optically transparent, yet so dense that it is impermeable to gases &#8211; not even helium, the smallest gas atom, can pass through
it.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
graphene community expects that, by strengthening standards and creating tailored high-quality materials, graphene materials will go
beyond niche products and spearhead applications to broad market penetration by 2025. Then, graphene could be incorporated in ubiquitous
commodities such as tires, batteries, sensor and electronics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Graphene
material is non-toxic and harmless, does not produce odors or chemical pollution, and is harmless to human health.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cooperation
Agreement with Xiwang New Materials Technology Co., Ltd.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company entered into a strategic cooperation framework agreement (the &#8220;Cooperation Agreement&#8221;) with Xiwang New Materials
Technology Co., Ltd. (&#8220;Xiwang&#8221;) on October 18, 2022. Pursuant to the Cooperation Agreement, Xiwang will provide us
various graphene based products with market prices and offer technical support and after sales services for our customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Customers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
Qige&#8217;s customers purchase its products mainly via sales agreements, similar to a purchase order (each a &#8220;Sales Agreement&#8221;).
Each Sales Agreement outlines the purchasing terms and conditions to which both Shanghai Qige and the customer must adhere. Shanghai
Qige&#8217;s customers generally purchase from it in bulk, though Shanghai Qige allows for small or singular purchases. Shanghai Qige&#8217;s
delivery and payment terms vary depending on the amount of products being purchased. However, in all cases, Shanghai Qige requires payment
in full prior to the delivery of its products. Shanghai Qige allows wholesale customers a 30 day payment period. Shanghai Qige&#8217;s
products also have a standard warranty of twelve (12) months, which is customary for the health therapy industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shanghai
Qige&#8217;s Main Products</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Far-infrared
is a main component of graphene. Since infrared therapy enhances and improves circulation in the skin and other parts of the body, it
can bring oxygen and nutrients to injured tissues, promoting healing. It helps ease pain, relieve inflammation, and protect against oxidative
stress.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
current product line consists of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Graphene
Far Infrared Energy Room</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
product is similar to a sauna. This product is intended to promote blood circulation and metabolism, improve blood rheology, metabolism
and nervous system function, and overall enhance the body&#8217;s immune capacity. The temperature is self-adjustable, up to 65 degrees.
It is not controlled by a controller, but the machine itself comes with a graphene heating film.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_002.gif" alt="A picture containing wall, indoor, design&#10;&#10;Description automatically generated" style="height: 200px; width: 113px" /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Pure
Graphene Heating Music Blanket</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
product is lightweight, convenient, has a stable performance, and has a long service life. The blanket employs a graphene heating film,
which emits a far-infrared wavelength. This wavelength is very similar to the human far-infrared wavelength, and is intended to have
a therapeutic effect. The blanket is intended to improve shoulder periarthritis, waist strain, shoulder strain, and cold legs. The heating
speed is quick, heating only after 10 seconds with a surface temperature of up to 35 &#8451;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="text-align: right; width: 49%">&#160;<img src="form20-f_003.jpg" alt="" style="height: 314px; width: 200px" /></td>
    <td style="width: 2%"></td>
  <td style="text-align: left; width: 49%"><img src="form20-f_004.jpg" alt="" style="height: 268px; width: 300px" /></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Graphene
Pillow</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
product improves the breathability of the average pillow, keeping you dry and comfortable during sleep. The surface of graphene pillow
has been specially treated to have excellent antibacterial and anti-mite functions, which can reduce allergic reactions and help with
respiratory health. By controlling the current, graphene pillows can be heated to a suitable temperature, which is intended to improve
cervical spondylosis (age-related wear and tear affecting the spinal disks in the neck<b>)</b>, cerebral blood supply, and sleep. The
pillow is lightweight and small in size making it easy to carry and suitable for travel and outdoor use.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img src="form20-f_005.jpg" alt="" style="width: 350px" /></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Pure
Graphene Heating Knee Compartment</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
product activates infrared through an electric current, exerting the effect of far infrared heating which promotes blood circulation
and can alleviate muscle and joint pain. Graphene material has good breathability and softness and will not produce any odor, making
it comfortable to wear. The pure graphene heating knee compartment can continuously generate heat for multiple hours without the need
for an external power source which can effectively relieve joint pain. The pure graphene heating knee compartment has a small size, light
weight, and is easy to carry, making it easy to use anytime and anywhere.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="text-align: right; width: 49%"><img src="form20-f_006.jpg" alt="" style="width: 300px" /></td>
  <td style="width: 1%"></td>
  <td style="width: 49%"><p style="margin-top: 0; margin-bottom: 0"><img src="form20-f_007.jpg" alt="" style="height: 250px; width: 386px" /></p></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Pure
Graphene Heating Knee Pads</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
product is intended to care for the knee joint area. The pads have heating film material, which heat up in 3 seconds, are comfortable
to wear, breathable without stuffiness and snug to the joints. They release 6 to 14 microns of far-infrared radiation with the same frequency
as the human body, targeting the knee joint areas. They are designed in a way that that allows the knee to comfortably bend without constraint
and walking is not affected. Three temperature levels can be switched with one click, and making it simple and convenient to reach the
heat that is most comfortable for the user.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
core technology of the graphene heating film is intended to create intense physiotherapeutic effects. The knee pads are most suitable
for people who experience arthritis, hyper osteogeny, knee rheumatoid arthritis, rheumatism and post-surgery bone trauma.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_008.jpg" alt="" style="width: 350px" />&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Pure
Graphene Eye Mask</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
product is intended to enhance blood circulation on the eye acupressure point. We believe the appearance to fashionable and pleasing.
The SBR sponge 3D fitting design is breathable, soft, and comfortable. The integrated hot press cutting molding technology provides zero
pressure around the eyes, and the wearer can wear it without any light interference. The eye mask helps provide a comforting experience
that will block out light and promote sleep, penetrate into the muscle tissue around the eyes, relax the eyes, and relieve eye pressure.
The eye mask uses a 5V ultra-low voltage, which is completely safe and energy efficient.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><img src="form20-f_009.jpg" alt="" style="width: 250px" /></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
graphene is derived from carbon and more specifically, graphite, it has no known adverse effects on humans and the environment. While
research into the matter is admittedly limited at this point, the chemistry of graphene and anecdotal information derived from those
who&#8217;ve worked with it for a decade indicates that it is indeed safe and may one day be used in biomedical industries and perhaps
even in daily life.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Add
to that, the material does not burn or melt. It is chemically stable and resilient to UV rays. Furthermore, it has excellent insulation
properties &#8211; the perfect material for fire protection gear as well as for heat and acoustic insulation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shanghai
Qige&#8217;s Suppliers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company entered into a strategic cooperation framework
agreement (the &#8220;Cooperation Agreement&#8221;) with Xiwang New Materials Technology Co., Ltd. (&#8220;Xiwang&#8221;) on October 18,
2022. Pursuant to the Cooperation Agreement, Xiwang will provide us various graphene based products with market prices and offer technical
support and after sales services for our customers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is seeking other suppliers to extend its product portfolios
and reduce the supply chain risks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shanghai
Qige&#8217;s Market Opportunity</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
global graphene market size was valued at  $175.9 million in 2022 and is expected to expand at a compound annual growth rate (CAGR)
of 46.6% from 2023 to 2030. The market is expected to be driven by the growing electronics industry in emerging economies and high penetration
in composite applications. The graphene industry is also expected to witness significant growth on account of increasing demand from
research institutes and multinational companies for the purpose of research and development.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
major share of key players is concentrated in developed regions, hence regional partnership and distribution agreements are the major
strategic initiatives adopted by several key players. Some of the key players in the market include Haydale Graphene Industries PLC;
Graphensic AB; Directa Plus; Graphene Technologies; Thomas Swan &amp; Co., Ltd.; Grafoid, Inc.; ACS Materials Todayl, LLC; CVD Equipment
Corporation; AMO GmbH; Applied Graphene Materials; and BGT Material Limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asia
Pacific was the largest market with a revenue of  $67.8 million in 2022. It is also the fastest-growing region with a projected CAGR
of 51.0% over the forecast period. The region promises to become a key contributor to the global demand in the graphene industry, owing
to the presence of a large number of manufacturers and consumers. Furthermore, increasing production volumes in various sectors including
automobile, marine, defense, and aerospace are expected to drive the market in this region over the forecast period. China is expected
to emerge as a prominent market for graphene with a CAGR of 60.9% over the forecast period in terms of volume. This is mainly due to
the favorable government support to promote investments in the manufacturing sector. The Chinese government has put forward strong policies
to ensure support for graphene research and development. The Chinese government is increasingly investing in the country&#8217;s graphene
industry innovation center.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that we have a comprehensive product line. Given than, we believe we are well positioned with our current product line to capitalize
on growing graphene industry within the health therapy sector.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Strengths</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
Qige is dedicated to sales of high quality products that are tailored to customers&#8217; requirements and needs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We will tailor our technology research and
development to satisfy the needs of our customers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
marketing strategy is to rapidly reflect and adjust our product portfolios based on our analysis and research of market trend and
the feedback from our customers. Shanghai Qige continues to review its sale data to improve its products and find new products to
satisfy customer requirements. Shanghai Qige maintains communication with its customers and makes offers based on what it believes their
current and future need sets are. Shanghai Qige offers preferential pricing when it believes it will be most effective and to
maintain long term relationships with its customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
Qige&#8217;s products are designed to provide customized settings and functional optimization. Shanghai Qige believes the industrial
application of its advanced technological achievements improves the quality of its products, and also contributes to the control of product
costs, both of which benefit its customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
extensive research, Shanghai Qige has developed a marketing strategy targeting the health therapy industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Continuous
Development </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
its inception, Shanghai Qige has focused on providing cost-effective products that suit their customers&#8217; individual needs. At present,
Shanghai Qige only cooperates with third parties to develop products that are suitable for customers, and purchases and sells them to
customers from the third-party suppliers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
Qige&#8217;s research and development management system is focused toward current market needs such that it can meet those needs with
technological innovation as a core solution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Growth
Strategy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
Qige will continue to adhere to its business principles of providing high quality and safe products to its consumers and promote social
responsibility. We believe that Shanghai Qige&#8217;s pursuit of these goals will lead to sustainable growth driven by its capacity expansion
based on market demand, solidify its position in the industry, and create long-term value for shareholders, employees and other stakeholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Technological
                                            innovation</i></b>. Shanghai Qige intends to closely track and study the development trend
                                            of domestic and international graphene based products and other technology research so it
                                            can maintain its technological standards to meet consumer needs.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
    development. </i></b>Shanghai Qige hopes to expand its sales and distribution network to penetrate new geographic markets, further
    gaining market share in existing markets and accessing a broader range of customers. Shanghai Qige will continue to expand its sales
    network, leveraging its local resources to quickly enter new markets, while also minimizing requirements for capital outlay. Shanghai
    Qige plans to focus on brand customers and concentrate on high-end industry upgrades to its existing marketing system.</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Industrial
    merger and acquisition plan. </i></b>Shanghai Qige&#8217;s goal is to strengthen its market position and accelerate its expansion
    by expanding its scale and gaining additional market share. Shanghai Qige plans to increase investment in its business and expand
    its production capacity through horizontal or vertical acquisitions, strategic partnership and joint venture. Shanghai Qige plans
    to invest additional capital in technology research and development. With more exposure and promotion, Shanghai Qige&#8217;s product
    and brand will be better recognized. Currently Shanghai Qige has no agreements or letters of intent for any acquisitions, partnerships
    or ventures.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Human
    resource development. </i></b>We believe Shanghai Qige&#8217;s success greatly depends on its ability to attract, incentivize and
    retain talented professionals. With a view to maintaining and improving its competitive advantage in the market, Shanghai Qige plans
    to implement a series of initiatives to attract additional and retain mid- to high-level personnel, including formulating a market-oriented
    employee compensation structure and implementing a standardized multi-level performance review mechanism.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research
and Development</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 20pt; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not expect significant changes in our research and development for foreseeable future. We will focus on the analysis of the
market trends and feedback from our customers to adjust our product portfolios.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sales
and Marketing </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
Qige&#8217;s experienced sales and marketing team is equipped with professional technical support personnel familiar with different application
fields. We believe Shanghai Qige has sufficient business personnel in the regions it does business and employs a multi-dimensional marketing
network system that supports customer service. Our customer service includes comprehensive consultation before, during and after product
use. Our consultation entails discussion around product efficacy and applicable symptoms, and after-sales service guarantees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
present, Shanghai Qige has two methods by which it markets:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
    of Shanghai Qige&#8217;s sales are from current customer introductions, references and word-of-mouth promotion. Its marketing model
    is designed to drive organic growth, leverage positive word-of-mouth, and remove friction from the evaluation and purchasing process.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
    Qige also employs a sales and marketing team. Its team will actively contact their potential customers, not limited to phone calls.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
Pivot</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
Qige&#8217;s products and operations were materially impacted by the recent pandemic-related lockdowns in China such that its revenues
for the six months ended June 30, 2022 were $0. In order to mitigate the adverse impacts on Shanghai Qige&#8217;s business, we actively
embraced marketplace changes. This adjustment is reflected in our financial statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Challenges</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
Qige&#8217;s projects are based on research of current market trends, forecasts of future market development, and close communication with customers. Based on results of our projects, we will adjust our product portfolios
accordingly to extend or limit our product lines. In general, it
takes a minimum of 6 months or longer to launch a new product. Although Shanghai Qige conducts detailed market research and technical
pre-research before product development and implementation, the ultimate success of its ability to launch a successful product is also
affected by the product development cycle, launch timing, customer preferences, competitors&#8217; product strategies, and need of the
applicable market. Shanghai Qige&#8217;s industry is influenced by many factors, most of which can be difficult to predict. If Shanghai
Qige&#8217;s research and development is inaccurate, or fails altogether, its projects may not achieve the expected economic benefits,
which may lead to a decline in Shanghai Qige&#8217;s profitability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
present, our main products are graphene based thermal therapy products. Graphene is produced in almost every part of world, but the
countries that are rich in producing graphene include China, Ukraine, and Russia. In 2020, China&#8217;s graphite output was
approximately accounted for 650,000 tons or 62% of the world&#8217;s total graphite production. However, Ukraine and Russia also
accounted for around 43,000 tons annual graphite production in total in 2020. Currently, the conflict between Russia and Ukraine has
not affected Shanghai Qige&#8217;s supply chain, material costs or internal staffing. However, in the face of current continuing
military conflict between Ukraine and Russia, we keep overseeing our business and development plans, for possible threats posed by
such risks.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REGULATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section sets forth a summary of the most significant rules and regulations that affect our business activities in China and the European
Union or our shareholders&#8217; rights to receive dividends and other distributions from us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulations
Relating to Foreign Investment in China</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
investment law</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2019, the National People&#8217;s Congress, or the NPC, promulgated the <i>Foreign Investment Law of the PRC</i>, or the <i>Foreign
Investment Law</i>, which became effective on January 1, 2020, and replaced the <i>Sino-foreign Equity Joint Venture Enterprise Law</i>,
the <i>Sino-foreign Cooperative Joint Venture Enterprise Law,</i> and the <i>Wholly Foreign-invested Enterprise Law</i>. The organization
form, organization, and activities of foreign-invested enterprises shall be governed, among others, by the <i>PRC Company Law</i> and
the <i>PRC Partnership Enterprise Law</i>. Foreign-invested enterprises established in accordance with the <i>Sino-foreign Equity Joint
Venture Enterprise Law</i>, the <i>Sino-foreign Cooperative Joint Venture Enterprise Law,</i> and the <i>Wholly Foreign-invested Enterprise
Law </i>before the implementation of the <i>Foreign Investment Law</i> may retain the original business organization and so on within
five years after the implementation of the <i>Foreign Investment Law</i>. The <i>Foreign Investment Law</i> provides that that foreign
investment refers to investment activities directly or indirectly conducted within China by foreign natural persons, enterprises or other
entities (the &#8220;foreign investors&#8221;), which include the following forms: (a) a foreign investor, individually or collectively
with other investors, establishes a foreign-invested enterprise within PRC; (b) a foreign investor acquires stock shares, equity shares,
property portions, or other like rights and interests of an enterprise within PRC; (c) a foreign investor, individually or collectively
with other investors, invests in a new project within the PRC; and (d) other forms of investments under laws, administrative regulations,
or provisions prescribed by the State Council of the PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 26, 2019, the State Council promulgated the <i>Implementing Regulations of the Foreign Investment Law of the PRC</i>, or the
<i>FIE Implementing Regulations</i>, which became effective on January 1, 2020. The <i>FIE Implementing Regulations</i> strictly implements
the legislative principles and purpose of the <i>Foreign Investment Law</i>, it emphasizes on promoting and protecting the foreign investment
and refines the specific measures. On the same day, the Supreme People&#8217;s Court issued the <i>Interpretation on the Application
of the Foreign Investment Law of the PRC</i>, which also came into effect on January 1, 2020 and provides for interpretations on the
application of laws in cases of investment contracts disputes between equal parties. This interpretation shall apply to any contractual
dispute arising from the acquisition of the relevant rights and interests by a foreign investor by way of gift, division of property,
the merger of enterprises, division of enterprises, etc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the <i>FIE Implementing Regulations</i>, the registration of foreign-invested enterprises shall be handled by the State Administration
for Market Regulation, or the SAMR or its authorized local counterparts. Where a foreign investor invests in an industry or field subject
to licensing in accordance with laws, the relevant competent government department responsible for granting such license shall review
the license application of the foreign investor in accordance with the same conditions and procedures applicable to PRC domestic investors
unless it is stipulated otherwise by the laws and administrative regulations, and the competent government department shall not impose
discriminatory requirements on the foreign investor in terms of licensing conditions, application materials, reviewing steps and deadlines,
etc. However, the relevant competent government departments shall not grant the license or permit enterprise registration if the foreign
investor intends to invest in the industries or fields as specified in the Special Administrative Measures for Market Access of Foreign
Investment (Negative List) (2021 Version), or the Negative List 2021, without satisfying the relevant requirements. If a foreign investor
invests in a prohibited field or industry as specified in the Negative List 2021, the relevant competent government department shall
order the foreign investor to stop the investment activities, dispose of the shares or assets or take other necessary measures within
a specified time limit, and restore to the status prior to the occurrence of the aforesaid investment, and the illegal gains, if any,
shall be confiscated. If the investment activities of a foreign investor violate the special administrative measures for access restrictions
on foreign investments as stipulated in the negative list, the relevant competent government department shall order the investor to make
corrections within the specified time limit and take necessary measures to meet the relevant requirements. If the foreign investor fails
to make corrections within the specified time limit, the aforesaid provisions regarding the circumstance that a foreign investor invests
in the prohibited field or industry shall apply.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulation
on Product Liability</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC laws and regulations governing the product liability primarily consist of the <i>PRC Product Quality Law</i> (1993), as lately amended
in 2018; <i>Law on the Protection of the Rights and Interests of Consumers </i>(1993), as lately amended in 2013, or the <i>Consumers
Protection Law</i>; and the <i>PRC Civil Code</i>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the <i>PRC Product Quality Law</i>, producers and vendors of defective products may incur liability for losses and injuries caused by
such products. There are three circumstances under which producers or vendors can have immunity from the defective product liability:
1) the defective products are never put into the market; 2) the products defect which caused the damages did not exist when the products
were put into the market; 3) the exam techniques and skills were not able to find out the defects when the products were put into the
market. So far, our product quality is in conformity with the national requirements and we have passed the regulatory agency&#8217;s
examination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the <i>PRC Civil Code</i>, manufacturers or retailers of defective products that cause property damage or physical injury to any person
will be subject to civil liability. The <i>Consumers Protection Law</i> was enacted to protect the legitimate rights and interests of
end-users and consumers and to strengthen the supervision and control of the quality of products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the <i>PRC Civil Code</i>, a customer who suffers injury from a defective product can claim damages from either the manufacturer or vendor
of the defective product. And, where personal injury is caused by tort, the tortfeasor shall compensate the victim for the reasonable
costs and expenses for treatment and rehabilitation, as well as death compensation and funeral costs and expenses if it causes the death
of the victim. There is no cap on monetary damages the plaintiffs may seek under the <i>PRC Civil Code</i>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulations
Relating to Employment</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the <i>PRC Labor Law</i>, promulgated by the Standing Committee of NPC in July 1994 and most recently amended in December 2018, and
the <i>PRC Labor Contract Law</i>, promulgated by the Standing Committee of NPC in June 2007 and amended in December 2012, employers
must execute written labor contracts with full-time employees. If an employer fails to enter into a written employment contract with
an employee within one year from the date on which the employment relationship is established, the employer must rectify the situation
by entering into a written employment contract with the employee and pay the employee twice the employee&#8217;s salary for the period
from the day following the lapse of one month from the date of establishment of the employment relationship to the day prior to the execution
of the written employment contract. All employers must comply with local minimum wage standards. Violation of the <i>PRC Labor Law</i>
and the <i>PRC Labor Contract Law</i> may result in the imposition of fines and other administrative and criminal liability in the case
of a serious violation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2012, the <i>PRC Labor Contract Law</i> was amended to impose more stringent requirements on the use of employees of temp agencies,
who are known in China as &#8220;dispatched workers&#8221;. Dispatched workers are entitled to equal pay with full-time employees for
equal work. Employers are only allowed to use dispatched workers for temporary, auxiliary, or substitutive positions, and the number
of dispatched workers may not exceed 10% of the total number of employees. As of the date hereof, our consolidated subsidiaries did not
use dispatched workers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enterprises
in China are required by PRC laws and regulations to participate in certain employee benefit plans, including social insurance funds,
namely a pension plan, a medical insurance plan, an unemployment insurance plan, a work-related injury insurance plan, and a maternity
insurance plan, and a housing provident fund, and contribute to the plans or funds in amounts equal to certain percentages of salaries,
including bonuses and allowances, of the employees as specified by the local government from time to time at locations where they operate
their businesses or where they are located. According to the <i>PRC Social Insurance Law </i>(amended in 2018), an employer that fails
to make social insurance contributions may be ordered to rectify the non-compliance and pay the required contributions within a stipulated
deadline and be subject to a late fee of up to 0.05% of the unpaid amount per day, as the case may be. If the employer still fails to
rectify the failure to make social insurance contributions within the stipulated deadline, it may be subject to a fine ranging from one
to three times the amount overdue. According to the <i>Regulations on Management of Housing Fund</i> employers must not suspend or reduce
the payment of housing provident funds for their employees. Under the circumstances where financial difficulties indeed exist due to
which an employer is unable to pay or pay up housing provident funds, the permission of the labor union of the employer and the approval
of the local housing provident funds commission must first be obtained before the employer can suspend or reduce their payment of housing
provident funds. Where an employer does not open accounts of housing provident funds for its employees, the relevant authorities have
the power to order such employer to do so within a prescribed period, failure of which can result in a fine of over RMB 10,000 and up
to RMB 50,000 charged on the employer. An enterprise that fails to make housing fund contributions may be ordered to rectify the noncompliance
and pay the required contributions within a stipulated deadline; otherwise, an application may be made to a local court for compulsory
enforcement.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulations
Relating to Foreign Exchange</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal regulations governing foreign currency exchange in China are the <i>Foreign Exchange Administration Regulations</i>, most recently
amended in August 2008. Payments of current account items, such as profit distributions and trade and service-related foreign exchange
transactions, can usually be made in foreign currencies without prior approval from the SAFE, by complying with certain procedural requirements.
By contrast, approval from or registration with appropriate governmental authorities is required where the Renminbi is to be converted
into foreign currency and remitted out of China to pay capital expenses such as the repayment of foreign currency-denominated loans,
direct investments, repatriation of investments and investments in securities outside of China.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 30, 2015, SAFE issued the <i>Circular of the State Administration of Foreign Exchange on Reforming the Management Approach regarding
the Settlement of Foreign Exchange Capital of Foreign-invested Enterprises</i>, or <i>SAFE Circular 19, </i>most recently amended in
December 2019. Pursuant to <i>SAFE Circular 19</i>, the foreign exchange capital of foreign-invested enterprises is subject to the discretional
foreign exchange settlement, which means the foreign exchange capital in the capital account of foreign-invested enterprises upon the
confirmation of rights and interests of monetary contribution by the local foreign exchange bureau (or the book-entry registration of
monetary contribution by the banks) may be settled at the banks based on the actual operational needs of the enterprises. The proportion
of discretionary settlement of foreign exchange capital of foreign-invested enterprises is currently 100%. SAFE can adjust such proportion
in due time based on the circumstances of the international balance of payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SAFE
promulgated the <i>Circular of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign Exchange Settlement
Management Policy of Capital Account</i>, or <i>SAFE Circular 16</i>, effective June 2016, which reiterates some of the rules set forth
in <i>SAFE Circular 19</i>. <i>SAFE Circular 16</i> provides that discretionary foreign exchange settlement applies to foreign exchange
capital, foreign debt offering proceeds and remitted foreign listing proceeds, and the corresponding RMB capital converted from the foreign
exchange may be used to extend loans to related parties or repay inter-company loans (including advances by third parties). However,
there are substantial uncertainties with respect to <i>SAFE Circular 16</i>&#8217;s interpretation and implementation in practice. <i>SAFE
Circular 19</i> and <i>SAFE Circular 16</i> may delay or limit us from using the proceeds of offshore offerings to make additional capital
contributions to our PRC subsidiary and any violations of these circulars could result in severe monetary or other penalties.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2017, SAFE promulgated the <i>Circular on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness
and Compliance Verification</i>, or <i>SAFE Circular 3</i>, which stipulates several capital control measures with respect to the outbound
remittance of profits from domestic entities to offshore entities, including (i) banks must check whether the transaction is genuine
by reviewing board resolutions regarding profit distribution, original copies of tax filing records and audited financial statements,
and (ii) domestic entities must retain income to account for previous years&#8217; losses before remitting any profits. Moreover, pursuant
to <i>SAFE Circular 3</i>, domestic entities must explain in detail the sources of capital and how the capital will be used, and provide
board resolutions, contracts, and other proof as a part of the registration procedure for outbound investment.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 23, 2019, SAFE issued <i>Circular of the State Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border
Trade and Investment</i>, or <i>SAFE Circular 28</i>, which took effect on the same day. <i>SAFE Circular 28</i> allows non-investment
foreign-invested enterprises to use their capital funds to make equity investments in China, provided that such investments do not violate
the Negative List and the target investment projects are genuine and in compliance with laws. Since <i>SAFE Circular 28</i> was issued
only recently, its interpretation and implementation in practice are still subject to substantial uncertainties.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulations
on Dividend Distribution</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to <i>PRC Company Law</i>, wholly foreign-owned companies in China may pay dividends only out of their accumulated profits as determined
in accordance with PRC accounting standards and regulations. In addition, wholly foreign-owned companies are required to set aside at
least 10% of their after-tax profits each year, if any, to fund a statutory reserve fund until the accumulative amount of such fund reaches
50% of its registered capital. Although the statutory reserves can be used, among other ways, to increase the registered capital and
eliminate future losses in excess of retained earnings of the respective companies, the reserve funds are not distributable as cash dividends
except in the event of a liquidation. At the discretion of the wholly foreign-owned companies, they may allocate a portion of their after-tax
profits based on PRC accounting standards to staff welfare and bonus funds. These reserve funds and staff welfare and bonus funds are
not distributable as cash dividends.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulations
on Offshore Financing</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SAFE
promulgated the <i>Circular on Relevant Issues Concerning Foreign Exchange Control on Domestic Residents&#8217; Offshore Investment and
Financing and Roundtrip Investment through Special Purpose Vehicles</i>, or <i>SAFE Circular 37</i>, on July 4, 2014, which replaced
the former circular commonly known as <i>SAFE Circular 75</i>. <i>SAFE Circular 37</i> requires PRC residents to register with local
branches of SAFE in connection with their direct establishment or indirect control of an offshore entity, for the purpose of overseas
investment and financing, with such PRC residents&#8217; legally owned assets or equity interests in domestic enterprises or offshore
assets or interests, referred to in <i>SAFE Circular 37 </i>as a &#8220;special purpose vehicle&#8221;. <i>SAFE Circular 37 </i>further
requires an amendment to the registration in the event of any significant changes with respect to the special purpose vehicle, such as
increase or decrease of capital contributed by PRC individuals, share transfer or exchange, merger, division, or other material events.
In the event that a PRC shareholder holding interests in a special purpose vehicle fails to fulfill the required SAFE registration, the
PRC subsidiaries of that special purpose vehicle may be prohibited from making profit distributions to the offshore parent and from carrying
out subsequent cross-border foreign exchange activities, and the special purpose vehicle may be restricted in its ability to contribute
additional capital into its PRC subsidiary. Furthermore, failure to comply with the various SAFE registration requirements described
above could result in liability under PRC law for the evasion of foreign exchange controls. We have taken steps to notify significant
beneficial owners of Ordinary Shares whom we know are PRC residents of their filing obligations. However, we may not at all times be
fully aware or informed of the identities of all our shareholders or beneficial owners that are required to make such registrations,
and we may not always be able to compel them to comply with all relevant foreign exchange regulations. As a result, we cannot assure
you that all of our shareholders or beneficial owners who are PRC residents will at all times comply with, or in the future make or obtain
any applicable registrations or approvals required by all relevant foreign exchange regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 13, 2015, SAFE released <i>Circular of the State Administration of Foreign Exchange on Further Simplifying and Improving the
Direct Investment-related Foreign Exchange Administration Policies</i>, or <i>SAFE Circular 13, </i>most recently amended in December
2019, under which local banks will examine and handle foreign exchange registration for overseas direct investment, including the initial
foreign exchange registration and amendment registration, starting from June 1, 2015.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>SAFE
Circular 3</i> stipulates several capital control measures with respect to the outbound remittance of profit from domestic entities to
offshore entities, including (i) under the principle of a genuine transaction, banks shall check the board resolutions regarding profit
distribution, the original version of tax filing records and audited financial statements; and (ii) domestic entities shall hold income
to account for previous years&#8217; losses before remitting the profits. Moreover, pursuant to <i>SAFE Circular 3</i>, domestic entities
shall make detailed explanations of the sources of capital and utilization arrangements, and provide board resolutions, contracts, and
other proof when completing the registration procedures in connection with an outbound investment.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulations
Relating to Tax</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividend
Withholding Tax</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the <i>PRC Enterprise Income Tax Law </i>and its implementation rules, if a non-resident enterprise has not set up an organization
or establishment in China, or has set up an organization or establishment but the income derived has no actual connection with such organization
or establishment, it will be subject to a withholding tax on its PRC-sourced income at a rate of 10%. Pursuant to the <i>Arrangement
between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income</i>,
the withholding tax rate in respect to the payment of dividends by a PRC enterprise to a Hong Kong enterprise is reduced to 5% from a
standard rate of 10% if the Hong Kong enterprise directly holds at least 25% of the PRC enterprise. Pursuant to the <i>Circular of the
State Administration of Taxation on the Issues concerning the Application of the Dividend Clauses of Tax Agreements</i>, or <i>SAT Circular
81</i>, a Hong Kong resident enterprise must meet the following conditions, among others, in order to enjoy the reduced withholding tax:
(i) it must directly own the required percentage of equity interests and voting rights in the PRC resident enterprise; and (ii) it must
have directly owned such percentage in the PRC resident enterprise throughout the 12 months prior to receiving the dividends. Furthermore,
the <i>Bulletin of the State Taxation Administration on Issuing the Administrative Measures for Entitlement to Treaty Benefits for Non-resident
Taxpayers</i>, which became effective in January 2020, requires that where non-resident taxpayers judge by themselves that they meet
the conditions for entitlement to treaty benefits, they may obtain such entitlement themselves at the time of making tax declarations,
or at the time of making withholding declarations via withholding agents. At the same time, they shall collect, gather, and retain relevant
materials for future reference in accordance with the provisions of these measures, and shall accept the follow-up administration of
tax authorities. Accordingly, our direct subsidiary, Yunke and, may be able to enjoy the 5% withholding tax rate for the dividends they
receive from Shanghai Qige, if it satisfies the conditions prescribed under <i>SAT Circular 81</i> and other relevant tax rules and regulations.
However, according to <i>SAT Circular 81</i>, if the relevant tax authorities consider the transactions or arrangements we have are for
the primary purpose of enjoying a favorable tax treatment, the relevant tax authorities may adjust the favorable withholding tax in the
future. Additionally, the <i>Announcement of the State Administration of Taxation on Issues concerning &#8220;Beneficial Owners&#8221;
in Tax Treaties</i>, promulgated by the SAT on February 3, 2018, and took effect on April 1, 2018, further clarified the analysis standard
when determining one&#8217;s qualification for beneficial owner status.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Enterprise
Income Tax</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal regulations governing enterprise income tax in China are the <i>PRC Enterprise Income Tax Law</i> and its implementing rules,
which became effective on January 1, 2008, most recently amended in December 2018. Under the <i>PRC Enterprise Income Tax Law</i>, enterprises
are classified as resident enterprises and non-resident enterprises. PRC resident enterprises typically pay an enterprise income tax
at the rate of 25%. Uncertainties exist with respect to how the <i>PRC Enterprise Income Tax Law</i> applies to the tax residence status
of Tian&#8217;an Technology Group Ltd. and our subsidiaries.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the <i>PRC Enterprise Income Tax Law</i>, an enterprise established outside China with its &#8220;de facto management bodies&#8221; located
within China is considered a &#8220;resident enterprise&#8221;, meaning that it is treated in a manner similar to a PRC domestic enterprise
for enterprise income tax purposes. The implementing rules of the <i>PRC Enterprise Income Tax Law </i>define the &#8220;de facto management
body&#8221; as a managing body that in practice exercises &#8220;substantial and overall management and control over the production and
operations, personnel, accounting, and properties&#8221; of the enterprise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SAT issued the <i>Circular of the State Administration of Taxation on Issues Concerning the Identification of Chinese-controlled Overseas
Registered Enterprises as Resident Enterprises in accordance with the Actual Standards of Organizational Management</i>, or <i>SAT Circular
82</i>, in 2009, and most recently amended in December 2017. According to <i>SAT Circular 82</i>, a Chinese-controlled offshore incorporated
enterprise will be regarded as a PRC tax resident by virtue of having a &#8220;de facto management body&#8221; in China and will be subject
to PRC enterprise income tax on its worldwide income only if all of the following criteria are met: (a) the places where the senior management
and senior management departments responsible for the daily production, operation and management of the enterprise perform their duties
are mainly located within the territory of China; (b) decisions relating to the enterprise&#8217;s financial matters (such as money borrowing,
lending, financing and financial risk management) and human resource matters (such as appointment, dismissal and salary and wages) are
made or are subject to approval by organizations or personnel in China; (c) the enterprise&#8217;s primary assets, accounting books and
records, company seals, and board and shareholders meeting minutes are located or maintained in China, and (d) 50% or more of voting
board members or senior executives habitually reside in China. In addition, the SAT issued the <i>Bulletin of the State Administration
of Taxation on Printing and Distributing the Administrative Measures for Income Tax on Chinese-controlled Resident Enterprises Incorporated
Overseas (Trial Implementation) </i>in 2011, most recently amended in June 2018, providing more guidance on the implementation of <i>SAT
Circular 82</i>. This bulletin clarifies matters including resident status determination, post determination administration, and competent
tax authorities. In January 2014, the SAT issued the <i>Bulletin of the State Administration of Taxation on Issues concerning the Determination
of Resident Enterprises Based on the Standards of Actual Management Institutions</i>, or <i>SAT Bulletin 9</i>. According to <i>SAT Bulletin
9</i>, a Chinese-controlled offshore incorporated enterprise that satisfies the conditions prescribed under the <i>SAT Circular 82</i>
for being recognized as a PRC tax resident must apply for being recognized as a PRC tax resident to the competent tax authority at the
place of registration of its main investor within the territory of China.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not believe that we meet all of the conditions outlined in the immediately preceding paragraph. We believe that Tian&#8217;an and
our subsidiaries should not be treated as a &#8220;resident enterprise&#8221; for PRC tax purposes if the criteria for &#8220;de facto
management body&#8221; as set forth in <i>SAT Circular 82</i> were deemed applicable to us. However, as the tax residency status of an
enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the
term &#8220;de facto management body&#8221; as applicable to our offshore entities, we may be treated as a resident enterprise for PRC
tax purposes under the <i>PRC Enterprise Income Tax Law,</i> and we may, therefore, be subject to PRC income tax on our global income.
We are actively monitoring the possibility of &#8220;resident enterprise&#8221; treatment for the applicable tax years and are evaluating
appropriate organizational changes to avoid this treatment, to the extent possible.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that Tian&#8217;an or any of our subsidiaries is considered to be a PRC resident enterprise: Tian&#8217;an or our subsidiaries,
as the case may be, may be subject to the PRC enterprise income tax at the rate of 25% on our worldwide taxable income; dividend income
that Tian&#8217;an or our subsidiaries, as the case may be, received from our PRC subsidiaries may be exempt from the PRC withholding
tax; and interest paid to our overseas shareholders or Shares holders who are non-PRC resident enterprises as well as gains realized
by such shareholders or Shares holders from the transfer of our shares or Shares may be regarded as PRC-sourced income and as a result
be subject to PRC withholding tax at a rate of up to 10%, subject to any reduction or exemption set forth in relevant tax treaties, and
similarly, dividends paid to our overseas shareholders or Shares holders who are non-PRC resident individuals, as well as gains realized
by such shareholders or Shares holders from the transfer of our shares or Shares, may be regarded as PRC-sourced income and as a result
be subject to PRC withholding tax at a rate of 20%, subject to any reduction or exemption set forth in relevant tax treaties. &#8220;Risk
Factor&#8212;Risks Related to Doing Business in China&#8212;If we are classified as a PRC resident enterprise for PRC income tax purposes,
such classification could result in unfavorable tax consequences to us and our non-PRC shareholders or Shares holders.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SAT
issued <i>Bulletin of the State Administration of Taxation on Several Issues concerning the Enterprise Income Tax on the Indirect Transfers
of Properties by Non-Resident Enterprises</i>, or <i>SAT Bulletin 7</i>, on February 3, 2015, which replaced or supplemented certain
previous rules under the <i>Circular of the State Administration of Taxation on Strengthening the Administration of Enterprise Income
Tax on Incomes from Equity Transfers of Non-Resident Enterprises</i>, or <i>SAT Circular 698</i>. Under <i>SAT Bulletin 7</i>, an &#8220;indirect
transfer&#8221; of assets, including equity interests in a PRC resident enterprise, by non-PRC resident enterprises may be re-characterized
and treated as a direct transfer of PRC taxable assets, if such arrangement does not have a reasonable commercial purpose and was established
for the purpose of avoiding payment of PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject
to PRC enterprise income tax. According to <i>SAT Bulletin 7</i>, &#8220;PRC taxable assets&#8221; include assets attributed to an establishment
in China, immovable properties in China, and equity investments in PRC resident enterprises. In respect of an indirect offshore transfer
of assets of a PRC establishment, the relevant gain is to be regarded as effectively connected with the PRC establishment and therefore
included in its enterprise income tax filing, and would consequently be subject to PRC enterprise income tax at a rate of 25%. Where
the underlying transfer relates to the immovable properties in China or to equity investments in a PRC resident enterprise, which is
not effectively connected to a PRC establishment of a non-resident enterprise, a PRC enterprise income tax at 10% would apply, subject
to available preferential tax treatment under applicable tax treaties or similar arrangements, and the party who is obligated to make
the transfer payments has the withholding obligation. There is uncertainty as to the implementation details of <i>SAT Bulletin 7</i>.
If <i>SAT Bulletin </i>7 was determined by the tax authorities to be applicable to some of our transactions involving PRC taxable assets,
our offshore subsidiaries conducting the relevant transactions might be required to spend valuable resources to comply with <i>SAT Bulletin
7</i> or to establish that the relevant transactions should not be taxed under <i>SAT Bulletin 7</i>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 17, 2017, the SAT issued the <i>Bulletin of the State Administration of Taxation on Issues Concerning the Withholding of Non-resident
Enterprise Income Tax at Source</i>, or <i>SAT Bulletin 37</i>, which came into effect on December 1, 2017. The <i>SAT Bulletin 37</i>
further clarifies the practice and procedure of the withholding of nonresident enterprise income tax.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
the payers fail to withhold any or sufficient tax, the non-PRC residents, as the transferors, are required to declare and pay such taxes
to the tax authorities on their own within the statutory time limit. Failure to comply with the tax payment obligations by the non-PRC
residents will result in penalties, including full payment of taxes owed, fines ranging from fifty percent to five times the amount of
unpaid or underpaid tax, and default interest on those taxes.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enterprises
that are recognized as high and new technology enterprises in accordance with the <i>Administrative Measures for the Determination of
High and New Tech Enterprises</i> issued by the Ministry of Science, or the MOF, and the SAT are entitled to enjoy a preferential enterprise
income tax rate of 15%. Under which the validity period of the high and new technology enterprise qualification shall be three years
from the date of issuance of the certificate. An enterprise can re-apply for such recognition as a high and new technology enterprise
before or after the previous certificate expires.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>PRC
Value-Added Tax</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the <i>Interim Regulations on Value-Added Tax of the PRC</i>, which was promulgated by the State Council on December 13, 1993, most
recently amended on November 19, 2017, and the <i>Implementation Rules for the Interim Regulations on Value-Added Tax of the PRC</i>,
which was promulgated by the MOF, and SAT on December 25,1993, and became effective on January 1, 2009, and as amended on October 28,
2011, any entity or individual conducting product sales is required to pay a value-added tax, or VAT, on the gross sales price of goods.
VAT rates range up to 17%, depending on the type of products sold. On March 21, 2019, MOF, SAT and the General Administration of Customs
jointly promulgated the <i>Announcement on Relevant Policies for Deepening Value-Added Tax Reform</i>, which became effective on April
1, 2019 and provides that (i) with respect to VAT taxable sales acts or import of goods originally subject to VAT rates of 16% and 10%
respectively, such tax rates shall be adjusted to 13% and 9%, respectively; (ii) with respect to purchase of agricultural products originally
subject to tax rate of 10%, such tax rate shall be adjusted to 9%; (iii) with respect to purchase of agricultural products for the purpose
of production or consigned processing of goods subject to tax rate of 13%, such tax shall be calculated at the tax rate of 10%; (iv)
with respect to export of goods and services originally subject to tax rate of 16% and export tax refund rate of 16%, the export tax
refund rate shall be adjusted to 13%; and (v) with respect to export of goods and cross-border taxable acts originally subject to tax
rate of 10% and export tax refund rate of 10%, the export tax refund rate shall be adjusted to 9%. The VAT may be offset by VAT paid
by the Company on raw materials and other materials included in the cost of producing or acquiring its finished products.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulations
Relating to Overseas Listing and M&amp;A</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 8, 2006, six PRC regulatory agencies, including the China Securities Regulatory Commission, or the CSRC, promulgated the <i>Rules
on the Merger and Acquisition of Domestic Enterprises by Foreign Investors</i>, or the <i>M&amp;A Rules</i>, which became effective on
September 8, 2006, and were amended on June 22, 2009. The <i>M&amp;A Rules</i>, among other things, require offshore special purpose
vehicles formed for overseas listing purposes through acquisitions of PRC domestic companies and controlled by PRC domestic enterprises
or individuals to obtain the approval of the CSRC prior to the listing and trading of such special purpose vehicle&#8217;s securities
on an overseas stock exchange. In September 2006, the CSRC published on its official website procedures regarding its approval of overseas
listings by special purpose vehicles. The CSRC approval procedures require the filing of a number of documents with the CSRC. Although
the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like our recent IPO are subject
to the <i>M&amp;A Rules</i>, the interpretation, and application of the regulations remain unclear, and any future offerings may ultimately
require approval from the CSRC. If CSRC approval is required, it is uncertain whether it would be possible for us to obtain the approval
and any failure to obtain or delay in obtaining CSRC approval for a future securities offering would subject us to sanctions imposed
by the CSRC and other PRC regulatory agencies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
<i>M&amp;A Rules</i> and other regulations and rules concerning mergers and acquisitions established additional procedures and requirements
that could make merger and acquisition activities by foreign investors more time-consuming and complex. For example, the <i>M&amp;A Rules
</i>require that MOFCOM be notified in advance of any change-of-control transaction in which a foreign investor takes control of a PRC
domestic enterprise, if (i) any important industry is concerned, (ii) such transaction involves factors that impact or may impact national
economic security, or (iii) such transaction will lead to a change in control of a domestic enterprise which holds a famous trademark
or PRC time-honored brand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, according to the <i>Notice on Establishing the Security Review System for Mergers and Acquisitions of Domestic Enterprises
by Foreign Investors</i> issued by the General Office of the State Council on February 3, 2011, and which became effective on March 4,
2011, the <i>Rules on Implementation of Security Review System for the Merger and Acquisition of Domestic Enterprises by Foreign Investors
</i>issued by MOFCOM on August 25, 2011, and which became effective on September 1, 2011, the <i>Measures for the Security Review of
Foreign Investments</i> issued by MOFCOM and NDRC on December 19, 2020, which became Effective on January 18, 2021, mergers and acquisitions
by foreign investors that raise &#8220;national defense and security&#8221; concerns and mergers and acquisitions through which foreign
investors may acquire de facto control over domestic enterprises that raise &#8220;national security&#8221; concerns are subject to strict
review by MOFCOM, and the regulations prohibit any activities attempting to bypass such security review, including by structuring the
transaction through a proxy or contractual control arrangement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_016"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Organizational
    Structure</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tian&#8217;an
Technology Group Ltd. (&#8220;Tian&#8217;an&#8221;) is a holding company that was incorporated under the laws of the British Virgin Islands
on April 8, 2021. Yunke Jingrong Information Technology Co., Ltd. (&#8220;Yunke&#8221;) is our wholly owned subsidiary. Shanghai Qige
Power Technology Co., Ltd. (&#8220;Shanghai Qige&#8221;) is a wholly owned subsidiary of Yunke and our operating company in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates our corporate structure as of the date of this annual report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_001.jpg" alt="" style="width: 350px" /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_017"></span>D.</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property,
    Plants and Equipment </b></span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property,
Plants, and Equipment</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
current property and equipment consist of fixed assets and offices with a total net book value of $0 and $16,089 as of December 31, 2022
and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain an office in Room 501, No.3, Lane 743, Taopu Road, Putuo District, Shanghai, China with space of 58.13 square meters which we
leased from October 14, 2022 to October 13, 2023. The monthly rent for our office space is $643.45 (equivalent to RMB $4,500), which we
pay on a quarterly basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_018"></span>ITEM
    4A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNRESOLVED
    STAFF COMMENTS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_019"></span>ITEM
    5.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPERATING
    AND FINANCIAL REVIEW AND PROSPECTS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_020"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating
    Results</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
Financial Performance Indicators</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
assessing our financial performance, we consider a variety of financial performance measures, including principal growth in net revenue
and gross profit, our ability to control costs and operating expenses to improve our operating efficiency and net income. Our review
of these indicators facilitates timely evaluation of the performance of our business and effective communication of results and key decisions,
allowing our business to respond promptly to competitive market conditions and different demands and preferences from our customers.
The key measures that we use to evaluate the performance of our business are set forth below and are discussed in greater details under
&#8220;Results of Operations&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
Loss</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
net revenue is driven by changes in the number of customers, sales volume, selling price, and mix of products sold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
lockdowns in cities across China due to COVID-19 restrictions, Shanghai Qige lost much of its original customer base and product demand
decreased. Our products and operations were materially impacted. In order to mitigate the adverse impacts on Shanghai Qige&#8217;s business,
we actively embraced marketplace changes. We reviewed our internal structure and policies, areas of business and business model and determined
Shanghai Qige needed to enter into a differentiated and new business field.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on our trend analysis, the Company has integrated graphene production and focused its research on graphene health therapy. With the latest
scientific research achievements in graphene far-infrared heating technology, we have engaged in the health therapy industry. We believe
utilizing the far-infrared heat therapy characteristics of graphene, a new breakthrough in product technology is achieved allowing more
people to enjoy high-quality health therapy</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the above factors, we had a net loss of $280, 517 for the year ended December 31, 2022, compared to a net loss of $119,255
for the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gross
Profit</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
profit was $52,828 for the fiscal year ended December 31, 2022, an increase of $40,870 or 342%, compared to $11,958 of gross profit
for the fiscal year ended December 31, 2021. The increase was mainly due to the extension of Shanghai Qige&#8217;s product lines and customer
base.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Expenses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operating expenses consist of selling expenses, general and administrative expenses and research and development expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
general and administrative expenses primarily include overseas listing related expenses and fees. We expect our professional fees for
legal, audit, and advisory services to increase as we become a public company since we completed our offering in March 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research expenses primarily consist of personnel salaries, social security, and travel expenses. Research and development expenses were
6%, and 91% of our revenues for the years ended December 31, 2022 and 2021, respectively. We expect our research and development
expenses, including, but not limited to, salaries and material expenses, to decrease in the foreseeable future, as we plan to shift our
focus to engaging in finding new customers and expanding our market. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Comparison
of Results of Operations for the Years Ended December 31, 2022 and 2021</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the results of our operations during the fiscal years ended December 31, 2022 and 2021, respectively, and
provides information regarding the dollar and percentage increase or (decrease) during such periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Presented
in $USD)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</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>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 60%">Revenue</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">37,065</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Cost of revenue</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">25,107</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Gross profit</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">52,828</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">11,958</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">18,015</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">$</td><td style="text-align: right">130,707</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">(118,749</td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">30<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">$</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,853</span></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(536</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">(1,792</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(506</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">$</td><td style="text-align: right">(280,517</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(119,255</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><b>Net loss</b></td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(280,517</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(119,255</td><td style="text-align: left">)</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
were $195,733 for the fiscal year ended December 31, 2022, an increase of $158,668 or 428%, compared to $37,065 in the same period
for the fiscal year ended December 31, 2021. The increase was mainly due to the increased sales from our new graphene product line.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cost
of Revenue</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
cost of revenue was $142,905 for the fiscal year ended December 31, 2022, an increase of $117,798 or 469%, compared to $25,107 in
the same period for the fiscal year ended December 31, 2021. The increase was mainly due to launch of our
new graphene products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Selling
and Marketing</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
selling and marketing expenses were $12,917 for the fiscal year ended December 31, 2022, a decrease of $5,098 or 28%, compared to
$18,015 in the same period for the fiscal year ended December 31, 2021. The decrease was mainly due to our adjustments over our marketing team. We had to adjust our sales strategy for our new
graphene products. We also reduced of the number of our salespersons, which caused a
corresponding reduction in payroll and employee benefits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General
and Administrative Expenses </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
general and administrative expenses were $307,691 for the fiscal year ended December 31, 2022, an increase of $228,756 or 290%, compared
to $78,935 in the same period for the fiscal year ended December 31, 2021. The increase was mainly due to our overseas listing related
expenses and fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Research
and Development</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research and development expenses were $10,945 for the fiscal year ended December 31, 2022, a decrease of $22,812 or 68%, compared
to $33,757 in the same period for the fiscal year ended December 31, 2021. The decrease was mainly due to the launch of our new
graphene products and the shift away from Brushless DC controllers. We expect that these expenses
will continue to decrease in the coming years. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Loss</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operating loss was $278,725 for the year ended December 31, 2022, compared to $118,749 in the same period of 2021, representing an increase
of $159,976 or 135%. The increase was mainly due to the increase in general and administrative expenses which contain additional expenditures related to listing as a public company in the overseas market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
Flows</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities in the year ended December 31, 2022 totaled $145,419. Cash flow pertaining to operating activities
benefited from non-cash expenditures, including depreciation and amortization of $5,470. In addition, we had a decrease in
inventories of $30,209, an increase in advances from customers of $27,739, and an increase of $128,065 in our other payables, and an
increase in taxes payable of $12,544, were partially offset by an increase in advances to suppliers of $44,320, a decrease of
$21,691 in payroll payable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities in the year ended December 31, 2021 totaled $138,375. Cash flow pertaining to operating activities
affected by non-cash expenditures, including depreciation and amortization of $8,654 which was offset by a reduction of $4,170 from impairment reserve of inventory. In addition, we had an increase in
inventories of $15,369, an increase in advances to suppliers of $13,733, and a decrease in lease liabilities of $10,907, were
partially offset by an increase of $14,426 in payroll payable and collection of $6,200 from due from related parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investing
Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year ended December 31, 2022, we had $163 cash provided by our
investing activities due to disposal of our fixed assets. There
was no net cash used in investing activities for the year ended December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financing
Activities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, we had net cash of $159,704 inflow from financing activities. These were comprised of subscription collection of $505,121 from new issuances of shares and proceeds
of $312,367 from related party loans. In addition, we repaid $657,784 loans in the same period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2021, we had net cash of $130,728 inflow from financing activities. This was comprised of repayments of related
party loans of $271,265, offset by the proceeds of $293,493 and $108,500 from related party loans and third parties.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_021"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
    and Capital Resources</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically,
our primary uses of cash have been to finance working capital needs. As of December 31, 2022, we had current assets of $74,702, we had
current liabilities of $382,201, and our working capital deficit was $307,499. We anticipate that our current liquidity is not sufficient
to meet the obligations associated with being a company that is fully reporting with the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, we have managed our cash flow requirement through financial support from our founder and CEO, Mr. Heng Fei Yang. We may need to
raise additional capital to fund our operating expenses, pay our obligations, and grow our Company in the future. Our current resources
may be insufficient to satisfy all of our cash requirements and we may seek to sell additional equity or debt securities or obtain a
credit facility. We are pursuing a restructuring initiative that we hope can extend our cash runway until our operating cash flows increase.
We are also pursuing additional potential financing initiatives such as strategic collaborations and marketing, distribution arrangements,
business and asset divestitures and / or grant funding, among other things. If we are unable to obtain funding in an amount, on terms
and at the time that we desire, we could be forced to delay, reduce or eliminate some or all of our research, product portfolio expansion
or commercialization efforts, and take additional measures to reduce costs in order to conserve our cash in amounts sufficient to sustain
operations and meet our obligations. These measures could adversely affect our business prospects. Furthermore, if we issue additional
equity or debt securities, stockholders may experience additional dilution or the new equity securities may have rights, preferences
or privileges senior to those of existing holders of our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
financial statements have been prepared in conformity with US GAAP, which contemplates our continuation as a going concern. We have an
accumulated deficit of $814,339 as of December 31, 2022. In addition, our current liabilities exceed our current assets by $307,449.
These factors raise substantial doubt about our ability to continue operating as a going concern. Our ability to continue our operations
as a going concern, realize the carrying value of our assets, and discharge our liabilities in the normal course of business is dependent
upon our ability to raise capital sufficient to fund our commitments and ongoing losses, and ultimately generate profitable operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
financial condition and liquidity are and will continue to be influenced by a variety of factors, including our ability to continue to
generate cash flows from our operations, our capital expenditure requirements, and the impact of geopolitical conditions on financial
markets and the global economy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_001"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research
    and Development, Patents and Licenses, Etc.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
see Item 4.A. &#8220;Information on the Company&#8212;Business Overview,&#8221; above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_002"></span>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trend
    Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as disclosed elsewhere in this annual report, specifically the shut downs in China related to COVID-19, we are not aware of any
trends, uncertainties, demands, commitments or events for the year ended December 31, 2022 that are reasonably likely to have a material
adverse effect on our net revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial
information to be not necessarily indicative of future operating results or financial conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_003"></span>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Off-Balance
    Sheet Arrangements</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2021, there were no off-balance sheet arrangements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_004"></span>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tabular
    Disclosure of Contractual Obligations</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, there were no contractual obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are currently not a party to any material legal or administrative proceedings. We may from time to time be subject to various legal or
administrative claims and proceedings arising in the ordinary course of business. Litigation or any other legal or administrative proceeding,
regardless of the outcome, may result in substantial cost and diversion of our resources, including our management&#8217;s time and attention.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Concentrations
of Business and Credit Risks</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">All
of the Company&#8217;s suppliers are located in the PRC. There can be no assurance that the Company will be able to successfully
continue to <span style="background-color: white">purchase </span> its products and failure to do so would have a material adverse
effect on the Company&#8217;s financial position, results of operations and cash flows. Moreover, the success of the Company&#8217;s
operations is subject to numerous contingencies, some of which are beyond management&#8217;s control. These contingencies include
general economic conditions, <span style="background-color: white">product </span> prices, competition,
governmental and political conditions, and changes in regulations. Since the Company is dependent on trade in the PRC, the Company
is subject to various additional political, economic and other uncertainties. Among other risks, the Company&#8217;s operations will
be subject to the risks of restrictions on transfer of funds, domestic customs, changing taxation policies, foreign exchange
restrictions, and political and governmental regulations. The Company operates in China, which may give rise to significant foreign
currency risks from fluctuations and the degree of volatility of foreign exchange rates between United States dollars
(&#8220;USD&#8221;) and the Chinese currency Renminbi (&#8220;RMB&#8221;). The results of operations denominated in foreign currency
are translated at the average rate of exchange during the reporting periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Accounting Policies and Estimates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements. These
financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions that affect the reported
amounts of our assets and liabilities and revenues and expenses, to disclose contingent assets and liabilities on the date of the consolidated
financial statements, and to disclose the reported amounts of revenues and expenses incurred during the financial reporting period. The
most significant estimates and assumptions include the valuation of accounts receivable and inventories, useful lives of equipment, the recoverability of long-lived assets, provision necessary for contingent liabilities, and revenue
recognition. We continue to evaluate these estimates and assumptions that we believe to be reasonable under the circumstances. We rely
on these evaluations as the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent
from other sources. Since the use of estimates is an integral component of the financial reporting process, actual results could differ
from those estimates. Some of our accounting policies require higher degrees of judgment than others in their application. We believe
critical accounting policies as disclosed in this report reflect the more significant judgments and estimates used in preparation of
our consolidated financial statements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Risks
and Uncertainties</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
main operation is located in the PRC. Accordingly, our business, financial condition, and results of operations may be influenced by
political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. Our results may be adversely
affected by changes in the political, regulatory and social conditions in the PRC. Although we have not experienced losses from these
situations and believes that we are in compliance with existing laws and regulations including our organization and structure, this may
not be indicative of future results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme
weather conditions, health epidemics and other catastrophic incidents. Our operations may be further affected by the ongoing outbreak
of COVID-19 pandemic. Although the Company resumed its operations since March 2, 2020 and the COVID-19 impact on the Company&#8217;s
operating results and financial performance for the years ended December 31, 2022 and 2021 seems to be temporary, a resurgence could
negatively affect the execution of customer contracts, the collection of customer payments, or disruption of our supply chain. The continued
uncertainties associated with COVID-19 may cause our revenue and cash flows to underperform in the next 12 months. The extent of the
future impact of COVID-19 is still highly uncertain and cannot be predicted as of the financial statement reporting date. <span style="background-color: white">No
adjustments have been made to the amounts reported in these consolidated financial statements as a result of this matter.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following critical accounting policies rely upon assumptions and estimates and were used in the preparation of our consolidated financial
statements:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Uses
of Estimates</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
preparation of financial statements in conformity with US GAAP requires Management to make estimates and judgments that affect the reported
amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements, and the reported
amounts of revenues and expenses during the reporting period. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Management
bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable
under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly,
these estimates may change as new events occur, as more experience is acquired, as additional information is obtained, and as the Company&#8217;s
operating environment changes. Significant estimates and assumptions by management include, among others, useful life and impairment
analysis of long-lived assets, valuation of inventory and right-of-use assets and liabilities, allowance for credit loss of financial
assets, other receivables and prepayments. While management believes that the estimates and assumptions used in the preparation of the
financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed
and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Accounts
Receivable, Net</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Accounts
receivable are presented net of allowance for doubtful accounts. We determine the adequacy of reserves for doubtful accounts based on
individual account analysis and historical collection trend. We establish a provision for doubtful receivables when there is objective
evidence that we may not be able to collect amounts due. The allowance is based on management&#8217;s best estimate of specific losses
on individual exposures, as well as a provision on historical trends of collections. Actual amounts received may differ from management&#8217;s
estimate of credit worthiness and the economic environment. Delinquent account balances are written-off against the allowance for doubtful
accounts after management has determined that the collection is not probable, $0 and $0 uncollectable account receivable was written-off
during the years ended December 31, 2022 and 2021, respectively. Allowance for uncollectable balances amounted to $0 and $0 as of December
31, 2022 and 2021, respectively.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Inventories,
Net</span></i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><br />
Inventories are stated at net realizable value using weighted average method. Costs include the cost of raw materials, freight and related
production overhead. Any excess of the cost over the net realizable value of each item of inventories is recognized as a provision for
diminution in the value of inventories. Net realizable value is the estimated selling price in the normal course of business less any
costs to complete and sell products. We evaluate inventories on a quarterly basis for its net realizable value adjustments, and reduces
the carrying value of those inventories that are obsolete or in excess of the forecasted usage to their estimated net realizable value
based on various factors including aging, expiration dates, as applicable, taking into consideration historical and expected future product
sales. We recorded inventory reserve of $0 and $0 as of December 31, 2022 and 2021, respectively.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Revenue
Recognition</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
adopted Accounting Standard Codification (&#8220;ASC&#8221;) Topic 606, Revenues from Contract with Customers (&#8220;ASC 606&#8221;)
for all periods presented. Under ASC 606, revenue is recognized when control of the promised goods and services is transferred to the
Company&#8217;s customers, in an amount that reflects the consideration that we expect to be entitled to in exchange for those goods
and services, net of value-added tax. We determine revenue recognition through the following steps:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identify
    the contract with a customer;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identify
    the performance obligations in the contract;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determine
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocate
    the transaction price to the performance obligations in the contract; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognize
    revenue when (or as) the entity satisfies a performance obligation.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated
to each performance obligation is recognized when that performance obligation is satisfied by the control of the promised goods and services
is transferred to the customers, which at a point in time or over time as appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenues are net of value added tax (&#8220;VAT&#8221;) collected on behalf of PRC tax authorities in respect to the sales of merchandise.
VAT collected from customers, net of VAT paid for purchases, is recorded as a liability in the accompanying consolidated balance sheets
until it is paid to the relevant PRC tax authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span style="text-decoration: underline">Income
Tax</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is governed by the Income Tax Law and associated legislations of the PRC. The Company accounts for income taxes in accordance
with FASB ASC 740 &#8220;Income Taxes&#8221; (formerly SFAS No. 109 <i>Accounting for Income Taxes)</i>, which is an asset and liability
approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that
have been recognized in the Company&#8217;s financial statements or tax returns. ASC 740 additionally requires the establishment of a
valuation allowance to reflect the likelihood of realization of deferred tax assets. Realization of deferred tax assets is dependent
upon future earnings, if any, of which the timing and amount are uncertain.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to ASC 740, the evaluation of a tax position is a two-step process. The first step is to determine whether it is more likely than not
that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical
merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the
amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater
than 50% likelihood of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not
recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions
that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which
the threshold is no longer met. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting
in interim periods, disclosures, and transition.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
account for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when
temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial
statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary,
to reduce deferred tax assets to the amount expected to be realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
uncertain tax position is recognized only if it is &#8220;more likely than not&#8221; that the tax position would be sustained in a tax
examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination.
For tax positions not meeting the &#8220;more likely than not&#8221; test, no tax benefit is recorded. Penalties and interest incurred
related to underpayment of income tax are classified as income tax expense in the period incurred. As of December 31, 2022, we had income
tax payable of $576,098, primarily related to the unpaid income tax in China.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operating subsidiaries in China are subject to the income tax laws of the PRC. No significant income was generated outside the PRC for
the years ended December 31, 2022, 2021 and 2020. As of December 31, 2022 and 2021, all of the tax returns of our PRC subsidiary remain
open for statutory examination by PRC tax authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i><span style="text-decoration: underline">Recent
Accounting Pronouncements Not Yet Adopted</span></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which amends ASC
Topic 848, Reference Rate Reform. This ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships,
and other transactions affected by reference rate reform if certain criteria are met. This new guidance is optional and may be elected
over time through December 31, 2022 as reference rate reform activities occur. This new guidance does not have a material impact on the
Company&#8217;s consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
October 2021, the FASB issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which
amends ASC Topic 805, Business Combinations, The ASU improves the accounting for acquired revenue contracts with customers in a business
combination by addressing diversity in practice and inconsistency related to the (1) recognition of an acquired contract liability and
(2) payment terms and their direct effect on subsequent revenue recognized by the acquirer. ASU 2021-08 is effective for annual periods,
and interim periods within those annual periods, beginning after December 15, 2022. This new guidance does not have a material impact
on the Company&#8217;s consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Other
accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until
a future date are not expected to have a material impact on the Company&#8217;s consolidated financial statements upon adoption</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_005"></span>G.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Safe
    Harbor</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Introductory Notes&#8212;Forward-Looking Information.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_006"></span>ITEM
    6.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_007"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
    and Senior Management</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information regarding our directors and senior management, as well as employees upon whose work we
are dependent, as of the date of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
executive officers and directors and their ages as of the date of this Report are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)
    and Office(s) Held</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Heng
    Fei Yang</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer and Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cong
    He</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
business address for all of our officers and directors is Room 501, No. 3, Lane 743, Taopu Road, Putuo District, Shanghai, China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below is a brief description of the background and business experience of our executive officers and directors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Heng
Fei Yang </b>has served as the Company&#8217;s Chief Executive Officer and sole director since its inception. He has been involved in
the industrial automation equipment manufacturing industry for many years and has unique opinions on the electric drive industry. From
November 2015 to February 2018, Mr. Yang served as the technical director of forklift equipment of Wanshaade Environmental Protection
Technology (Shanghai) Co., LTD. Between March 2017 and December 2019, Mr. Yang also served as the executive director, legal representative
and general manager of Shanghai Qige Power Technology Co., LTD. Mr. Yang continues to work with different technologies both domestically
and abroad. Given his experience, and his familiarity with market industry technology, he drives our Company&#8217;s development and
supply-demand relationships. Mr. Yang holds a degree in Business Administration from the Dalian University of Technology. Mr. Yang is
well qualified to serve on our board of directors due to his significant experience in the industrial automation equipment manufacturing
industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cong
He </b>has served as the Company&#8217;s Chief Financial Officer since February 2022. Ms. He has helped our Company establish a high-quality
financial management system, effectively controlling costs, planning taxes and allocating operating funds as well as participating in
the Company&#8217;s investment decisions. Ms. He served as the Chief Financial Officer of the Medical Institutions Traditional Medicine
Technology (Liaoning) Co., Ltd. from July 2019 to January 2022. Prior to that, Ms. He was employed as Deputy Financial Director of the
Beijing Ruihua Vision Investment Management Ltd from March 2014 to July 2019. Ms. He has expertise in strategic planning, finance, budget
forecasting, audit and financial reporting. Ms. He holds a degree in Accounting from The Central South University of Forestry and Technology,
and is a certified tax agent and intermediate accountant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_008"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below is the compensation paid during the fiscal year ended December 31, 2022 for each of our executive officers and directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</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">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; font-weight: bold; text-align: left">Heng Fei Yang</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">12,629</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">14,881</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Cong He</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">22,972</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_009"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
    Practices</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term
of Office</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Directors are appointed for a one-year term to hold office until the next annual general meeting of our shareholders or until removed
from office in accordance with our Articles.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
Contracts</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Heng
Fei Yang</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 18, 2019, the Company entered into an employment agreement with its Chief Executive Officer (&#8220;CEO&#8221;), Heng Fei Yang,
pursuant to which he receives a monthly base salary of approximately $1,186 (equivalent to RMB $8000). Mr. Yang&#8217;s salary may be
adjusted based on his work performance, in the sole discretion of the Company. Mr. Yang&#8217;s employment is for an initial term of
two (2) years, which can be renewed thirty (30) days prior to the expiration of the term if both parties wish to extend. Mr. Yang may
be entitled to a bonus, such amount to be determined, at the sole discretion of the Company. The agreement was extended to December 31,
2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may terminate Mr. Yang&#8217;s employment for cause, at any time, without notice or remuneration, for certain acts, such as serious
violation of the Company&#8217;s rules and regulations, gross neglect of duty and misconduct resulting in large economic losses, criminal
acts and any breach of confidentiality or trade secrets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Yang is not permitted to operate on his own or on behalf of other individuals or enterprises any business providing the same or similar
competitive products or services. There is a customary confidentiality clause in Mr. Yang&#8217;s agreement whereby he has agreed to
keep all confidential information confidential. Mr. Yang is not allowed to engage in any activities that may compete with the Company
during the term of her employment, and for two years after the termination of his employment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cong
He</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 1, 2022, the Company entered into an employment agreement with its Chief Financial Officer, Cong He. Pursuant to Ms. He&#8217;s
employment agreement, she received probationary monthly base salary of approximately $2,216 (equivalent to RMB $15,000) from February
1, 2022 to February 28, 2022. Ms. He currently receives a monthly base salary of approximately $2,393 (equivalent to RMB $16,200). Ms.
He&#8217;s salary may be adjusted based on her work performance, in the sole discretion of the Company. Ms. He&#8217;s employment was
for an initial term of one (1) year, which could be renewed thirty (30) days prior to the expiration of the term if both parties wish
to extend. Ms. He may be entitled to a bonus, such amount to be determined, at the sole discretion of the Company. Ms. He&#8217;s agreement
was extended to January 31, 2026.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may terminate Ms. He&#8217;s employment for cause, at any time, without notice or remuneration, for certain acts, such as serious
violation of the Company&#8217;s rules and regulations, gross neglect of duty and misconduct resulting in large economic losses, criminal
acts and any breach of confidentiality or trade secrets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
He is not permitted to operate on his own or on behalf of other individuals or enterprises any business providing the same or similar
competitive products or services. There is a customary confidentiality clause in Ms. He&#8217;s agreement whereby she has agreed to keep
all confidential information confidential. Ms. He is not allowed to engage in any activities that may compete with the Company during
the term of her employment, and for two years after the termination of her employment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Committees
of the Board</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently do not have any committees under the board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Duties
of Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
British Virgin Island law, our directors have a duty to act honestly, in good faith and with a view to our best interests. Our directors
also have a duty to exercise the care, diligence and skills that a reasonably prudent person would exercise in comparable circumstances.
In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association and the
class rights vested thereunder in the holders of the shares. A shareholder may in certain circumstances have rights to damages if a duty
owed by the directors is breached.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions
and powers of our board of directors include, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">convening
    shareholders&#8217; annual general meetings and reporting its work to shareholders at such meetings;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">declaring
    dividends and distributions; </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing
    officers and determining the term of office of the officers; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercising
    the borrowing powers of our company and mortgaging the property of our company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving
    the transfer of shares in our company, including the registration of such shares in our share register. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Terms
of Directors and Officers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
officers are elected by and serve at the discretion of the board of directors. Our directors hold office until the next annual meeting
of shareholders of the Company and until their successors have been elected and qualified. Our officers are elected by the board of directors
and serve at the discretion of the board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_010"></span>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, we had a total of 6 full time employees. We do not have any part time employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_011"></span>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
    Ownership</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth, as of the date of this report, the beneficial ownership of our Ordinary Shares by each executive officer
and director, by each person known by us to beneficially own more than 5% of our Ordinary Shares and by the executive officers and directors
as a group. Except as otherwise indicated, all shares are owned directly and the percentage shown is based on 45,000,000 shares of Ordinary
Shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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; text-align: center">Title of class</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>beneficial owner</b></span></p></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Current Executive Officers and Directors</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 40%">Ordinary Shares</td><td style="width: 2%">&#160;</td>
    <td style="width: 18%; text-align: left">Heng Fei Yang</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: right">40,000,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">88.9</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Ordinary Shares</td><td>&#160;</td>
    <td style="text-align: left">Cong He</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.00</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Total of All Current Officers and Directors: (2)</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">88.9</td><td style="font-weight: bold; text-align: left">%</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used in this table, &#8220;beneficial ownership&#8221; means the sole or shared power to vote, or to direct the voting of, a security,
or the sole or shared investment power with respect to a security (i.e., the power to dispose of, or to direct the disposition of, a
security). In addition, for purposes of this table, a person is deemed, as of any date, to have &#8220;beneficial ownership&#8221; of
any security that such person has the right to acquire within 60 days after such date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
persons named above have full voting and investment power with respect to the shares indicated. Under the rules of the Securities and
Exchange Commission, a person (or group of persons) is deemed to be a &#8220;beneficial owner&#8221; of a security if he or she, directly
or indirectly, has or shares the power to vote or to direct the voting of such security, or the power to dispose of or to direct the
disposition of such security. Accordingly, more than one person may be deemed to be a beneficial owner of the same security. A person
is also deemed to be a beneficial owner of any security, which that person has the right to acquire within 60 days, such as options or
warrants to purchase our Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Major
Shareholders</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as set forth above, there are no beneficial owners of 5% or more of our voting securities. The company is not directly or indirectly
owned or controlled by another corporation(s) or by any foreign government. There are no arrangements, known to us, the operation of
which may at a subsequent date result in a change in control of the company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_012"></span>ITEM
    7.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_013"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major
    Shareholders</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
refer to Item 6 &#8220;Directors, Senior Management and Employees&#8212;E. Share Ownership.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_014"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related
    Party Transactions</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as set forth below, during our preceding three financial years up to the date of this report, there have been no transactions or loans
between the company and (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by,
or are under common control with, the company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the voting
power of the company that gives them significant influence over the company, and close members of any such individual&#8217;s family;
(d) key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling the
activities of the company, including directors and senior management of companies and close members of such individuals&#8217; families;
and (e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in
(c) or (d) or over which such a person is able to exercise significant influence:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><i>Due from
related parties</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">For operation<span style="background-color: white">al</span>
purpose, the Company provided certain amount of advances to members of its management team, including CEO. As of December 31, 2022 and
2021, the outstanding balance of the advances to the Company&#8217;s management was $0 and $0, respectively. The advances were collected
$0 and $6,200, respectively, during the years ended December 31, 2022 and 2021. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><i>Due to related
parties</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On
July 15, 2019, the Company entered into a loan agreement with one of its related parties, Liaoning Xinjian Linguo Yitang Health
Management Ltd., for a total amount of $459,315. The loan has no interest and no collateral. The loan is due on demand.
The Company&#8217;s CEO, Mr. Heng Fei Yang, is the controlling owner of Liaoning Xinjian Linguo Yitang Health Management Ltd.
During the years ended December 31, 2022 and 2021, the Company repaid $185,668 and $271,265, respectively. As of December 31, 2022 and 2021, the
outstanding balance of the loan was $0 and $196,625, respectively. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On
April 15, 2021, the Company entered into a loan agreement with one of its related parties, Mr. Heng Fei Yang, for a total amount of
$293,493. The loan has no interest and no collateral. The loan is due on demand. Mr. Heng Fei Yang is the Company&#8217;s CEO.
The loan was repaid in full during the second quarter of 2022. During the year ended December 31, 2022, the Company borrowed an
aggregate of $121,501 from Mr. Yang and repaid $355,517. As of December 31, 2022 and 2021, the outstanding balance of the
loan was $46,098 and $297,848, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On
August 20, 2022, the Company entered into a 12-month loan agreement with one of its related parties, Mr. Jinhua Xu, in the total
amount of $178,241. The loan has no interest and no collateral. Mr. Hu is a shareholder of the Company. As of December 31, 2022
and 2021, the outstanding balance of the loan was $173,956 and $0, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On
September 23, 2022 and October 14, 2022, the Company entered into two 3-month loan agreements with one of its related parties, Ms.
Xiaoyan Yuan, in the total amount of $12,625. The loans have no interest and no collateral. <span style="background-color: white">Ms. Yuan is a shareholder of the
Company. </span> The loans were repaid in full on
October 28, 2022. As of December 31, 2022 there was no outstanding balance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><i>Sales with
a related party</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">During
the year ended December 31, 2022 the Company sold healthcare products to one of its related parties, Suzhou Xinjianlin Health
Management Co., Ltd. (&#8220;Xinjianlin &#8220;) in the total amount of $32,342. As of December 31, 2022, the balance of advances from Xinjianlin was
$1,703.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_015"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interests
    of Experts and Counsel</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_016"></span>ITEM
    8.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
    INFORMATION</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_017"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
    Statements and Other Financial Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial
Statements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have appended consolidated financial statements filed as part of this report. See Item 18 &#8220;Financial Statements.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Legal
Proceedings</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are currently not a party to any material legal or administrative proceedings. We may from time to time be subject to various legal or
administrative claims and proceedings arising in the ordinary course of business. Litigation or any other legal or administrative proceeding,
regardless of the outcome, may result in substantial cost and diversion of our resources, including our management&#8217;s time and attention.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividend
Policy</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, we have not paid any cash dividends on our shares. Dividends may be declared and paid out of surplus only; but in case there is
no surplus, dividends may be declared or paid out of the net profits for the fiscal year in which the dividend is declared and for the
preceding fiscal year. We currently anticipate that we will retain any available funds to finance the growth and operation of our business
and we do not anticipate paying any cash dividends in the foreseeable future. Additionally, our cash held in foreign countries may be
subject to certain control limitations or repatriation requirements, limiting our ability to use this cash to pay dividends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_018"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
    Changes</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
significant change has occurred since the date of our consolidated financial statements filed as part of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_019"></span>ITEM
    9.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
    OFFER AND LISTING</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_020"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offer
    and Listing Details</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to apply to quote our Ordinary Shares on the OTCQB. There is no assurance that we will be successful at having our shares quoted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Approximate
Number of Holders of Our Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
<span>June 5,</span> 2023, there were 67 shareholders of record of our Ordinary Shares. Certain of our
securities are held in nominee or street name so the actual number of beneficial owners of our securities is greater than the number
of record holders set forth above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_021"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plan
    of Distribution</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_022"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Markets</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
our disclosures above under &#8220;A. Offer and Listing Details.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_023"></span>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selling
    Shareholders</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_024"></span>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dilution</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_025"></span>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expenses
    of the Issue</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_026"></span>ITEM
    10.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADDITIONAL
    INFORMATION</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_027"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
    Capital</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report and pursuant to our <span style="background-color: white">memorandum and articles of association (&#8220;M&amp;A&#8221;),
</span>the Company is authorized to issue an unlimited number of Ordinary Shares of a single class with no par value. There are currently
45,000,000 Ordinary Shares issued and outstanding. The Company may issue fractional shares. A fractional share shall have the corresponding
fractional liabilities, limitations, preferences, privileges, qualifications, restrictions, rights and other attributes of a whole share
of the same class and series. All of our issued and outstanding Ordinary Shares are fully paid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_028"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Memorandum
    and Articles of Association</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a BVI business company limited by shares and our affairs are governed by our memorandum and articles of association, as amended and
restated from time to time, and the BVI Business Companies Act (the &#8220;BVI Act&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Designations,
Powers and Preferences of Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
share in the Company confers upon the shareholder:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    right to one vote at a meeting of the shareholders of the Company or on any resolution of the shareholders;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    right to an equal share in any dividend paid by the Company; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    right to an equal share in the distribution of the surplus assets of the Company on its liquidation.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
directors may, at their discretion by resolution, redeem, purchase or otherwise acquire all or any of the shares in the Company in accordance
with Regulation 3 of the M&amp;A.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Variation
of the Rights of Shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
permitted by the BVI Act and our M&amp;A, whenever the capital of our Company is divided into different classes, the rights attached
to any such class may only be materially adversely varied with the consent in writing of the shareholders more than fifty percent (50%)
of the issued shares of that class.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights
conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided
by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking pari passu
therewith.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Shareholder
meetings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
accordance with, and subject to, our M&amp;A, (a) any director may convene meetings of the members at such time and in such matter and
places within our outside the British Virgin Islands as the director considers necessary and desirable; and (b) upon the written request
of shareholders entitled to exercise thirty percent (30%) or more of the voting rights in respect of the matter for which the meeting
is requested, the directors shall convene a meeting of shareholders within twenty eight (28) days of receiving the written request. Under
BVI law, the M&amp;A may be amended to decrease but not increase the required percentage to call a meeting above thirty per cent (30%).
</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
accordance with, and subject to, our M&amp;A, (a) a meeting of shareholders held in contravention of the requirement to give notice is
valid if shareholders holding at least ninety percent (90%) of the total voting rights on all the matters to be considered at the meeting
have waived notice of the meeting; (c) a meeting of shareholders is duly constituted if, at the commencement of the meeting, there are
present in person or by proxy one or more shareholders holding shares which carry in aggregate not less than a majority of all votes
attaching to all shares in issue and entitled to vote at such meeting, and (d) if within half an hour from the time appointed for the
meeting a quorum is not present, the meeting shall be dissolved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Quorum
</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
quorum for a meeting of the members is duly constituted if, at the commencement of the meeting, there are present in person or by proxy,
not less than fifty percent (50%) of the votes of the shares or class or series of shares entitled to vote on the resolutions of members
to be considered at the meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Transfer
of Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Subject
to any applicable restrictions or limitations arising pursuant to (i) our M&amp;A; or (ii) the BVI Act, any of our shareholders may transfer
all or any of his or her shares by an instrument of transfer in the usual or common form or in any other form which our directors may
approve (such instrument of transfer being signed by the transferor and containing the name and address of the transferee). Our directors
may decline to register any transfer of shares which is not fully paid up or on which our company has a lien. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Where
shares are listed on a recognized exchange, the shares may be transferred without the need for a written instrument of transfer if the
transfer is carried out in accordance with the laws, rules, procedures and other requirements applicable to shares registered on the
recognized exchange and subject to the Company&#8217;s M&amp;A.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Access
to Corporate Records</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Under
the BVI Act, members of the general public, on payment of a nominal fee, can obtain copies of the public records of a company available
at the office of the Registrar of Corporate Affairs which will include the company&#8217;s certificate of incorporation, its memorandum
and articles of association (with any amendments) and records of license fees paid to date and will also disclose any liquidation plan,
articles of merger or consolidation and any particulars of charges if either the Company or chargee have elected to file particulars
of such charges.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">A
member of the Company is also entitled, upon giving written notice to us, to inspect (i) our memorandum and articles of association,
(ii) the register of members, (iii) the register of directors, and (iv) minutes of meetings and resolutions of members and of those classes
of members of which that member is a member, and to make copies and take extracts from the documents and records referred to in (i) to
(iv) above. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Indemnification</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company indemnifies against all expenses, including legal fees, and against all judgments, fine and amounts paid in settlement and reasonably
incurred in connection with legal, administrative or investigative proceedings any person who</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal,
    administrative or investigative, by reason of the fact that the person is or was a director of the Company; or</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    or was, at the request of the Company, serving as a director of, or in any other capacity is or was acting for, another body corporate
    or a partnership, joint venture, trust or other enterprise. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Differences
in Corporate Law</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BVI Act and the laws of the British Virgin Islands affecting British Virgin Islands companies like us and our shareholders differ from
laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the
provisions of the laws of the British Virgin Islands applicable to us and the laws applicable to companies incorporated in the United
States and their shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Mergers
and Similar Arrangements</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the laws of the British Virgin Islands, two or more companies may merge or consolidate in accordance with Section 170 of the BVI Act.
A merger means the merging of two or more constituent companies into one of the constituent companies (the &#8220;surviving company&#8221;)
and a consolidation means the uniting of two or more constituent companies into a new company (the &#8220;consolidated company&#8221;).
The procedure for a merger or consolidation between the company and another company (which need not be a BVI company, and which may be
the company&#8217;s parent or subsidiary, but need not be) is set out in the BVI Act. In order to merge or consolidate, the directors
of each constituent company must approve a written plan of merger or consolidation, which with the exception of a merger between a parent
company and its subsidiary, must also be approved by a resolution of a majority of the shareholders voting at a quorate meeting of shareholders
or by written resolution of the shareholders of the BVI company or BVI companies which are to merge. While a director may vote on the
plan of merger or consolidation, or any other matter, even if he has a financial interest in the plan, the interested director must disclose
the interest to all other directors of the company promptly upon becoming aware of the fact that he is interested in a transaction entered
into or to be entered into by the company. A transaction entered into by our company in respect of which a director is interested (including
a merger or consolidation) is voidable by us unless the director&#8217;s interest was (a) disclosed to the board prior to the transaction
or (b) the transaction is (i) between the director and the company and (ii) the transaction is in the ordinary course of the company&#8217;s
business and on usual terms and conditions. Notwithstanding the above, a transaction entered into by the company is not voidable if the
material facts of the interest are known to the shareholders and they approve or ratify it or the company received fair value for the
transaction. In any event, all shareholders must be given a copy of the plan of merger or consolidation irrespective of whether they
are entitled to vote at the meeting to approve the plan of merger or consolidation. A foreign company which is able under the laws of
its foreign jurisdiction to participate in the merger or consolidation is required by the BVI Act to comply with the laws of that foreign
jurisdiction in relation to the merger or consolidation. The shareholders of the constituent companies are not required to receive shares
of the surviving or consolidated company but may receive debt obligations or other securities of the surviving or consolidated company,
other assets, or a combination thereof. Further, some or all of the shares of a class or series may be converted into a kind of asset
while the other shares of the same class or series may receive a different kind of asset. As such, not all the shares of a class or series
must receive the same kind of consideration. After the plan of merger or consolidation has been approved by the directors and authorized,
if required, by a resolution of the shareholders, articles of merger or consolidation are executed by each company and filed with the
Registrar of Corporate Affairs in the British Virgin Islands. The merger or consolidation is effective on the date that the articles
of merger or consolidation are registered with the Registrar or on such subsequent date, not exceeding thirty days, as is stated in the
articles of merger or consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
soon as a merger or consolidation becomes effective: (a) the surviving company or consolidated company (so far as is consistent with
its memorandum and articles of association, as amended or established by the articles of merger or consolidation) has all rights, privileges,
immunities, powers, objects and purposes of each of the constituent companies; (b) in the case of a merger, the memorandum and articles
of association of any surviving company are automatically amended to the extent, if any, that changes to its memorandum and articles
of association are contained in the articles of merger or, in the case of a consolidation, the memorandum and articles of association
filed with the articles of consolidation are the memorandum and articles of the consolidated company; (c) assets of every description,
including choses-in-action and the business of each of the constituent companies, immediately vest in the surviving company or consolidated
company; (d) the surviving company or consolidated company is liable for all claims, debts, liabilities and obligations of each of the
constituent companies; (e) no conviction, judgment, ruling, order, claim, debt, liability or obligation due or to become due, and no
cause existing, against a constituent company or against any member, director, officer or agent thereof, is released or impaired by the
merger or consolidation; and (f) no proceedings, whether civil or criminal, pending at the time of a merger or consolidation by or against
a constituent company, or against any member, director, officer or agent thereof, are abated or discontinued by the merger or consolidation;
but: (i) the proceedings may be enforced, prosecuted, settled or compromised by or against the surviving company or consolidated company
or against the member, director, officer or agent thereof; as the case may be; or (ii) the surviving company or consolidated company
may be substituted in the proceedings for a constituent company. The Registrar of Corporate Affairs shall strike off the register of
companies each constituent company that is not the surviving company in the case of a merger and all constituent companies in the case
of a consolidation. If the directors determine it to be in the best interests of the company, it is also possible for a merger or consolidation
to be approved as a Court approved plan of arrangement or scheme of arrangement in accordance with the BVI Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
shareholder may dissent from (a) a merger if the company is a constituent company, unless the company is the surviving company and the
member continues to hold the same or similar shares; (b) a consolidation if the company is a constituent company; (c) any sale, transfer,
lease, exchange or other disposition of more than fifty percent (50%) in value of the assets or business of the company if not made in
the usual or regular course of the business carried on by the company but not including: (i) a disposition pursuant to an order of the
court having jurisdiction in the matter, (ii) a disposition for money on terms requiring all or substantially all net proceeds to be
distributed to the members in accordance with their respective interest within one year after the date of disposition, or (iii) a transfer
pursuant to the power of the directors to transfer assets for the protection thereof; (d) a compulsory redemption of ten percent (10%),
or fewer of the issued shares of the company required by the holders of ninety percent (90%), or more of the shares of the company pursuant
to the terms of the BVI Act; and (e) a plan of arrangement, if permitted by the British Virgin Islands Court (each, an Action). A shareholder
properly exercising his dissent rights is entitled to a cash payment equal to the fair value of his shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
shareholder dissenting from an Action must object in writing to the Action before the vote by the shareholders on the merger or consolidation,
unless notice of the meeting was not given to the shareholder. If the merger or consolidation is approved by the shareholders, the company
must give notice of this fact to each shareholder within twenty (20) days who gave written objection. Such objection shall include a
statement that the member proposes to demand payment for his or her shares if the Action is taken. These shareholders then have twenty
(20) days to give to the company their written election in the form specified by the BVI Act to dissent from the Action, provided that
in the case of a merger, the twenty (20) days starts when the plan of merger is delivered to the shareholder. Upon giving notice of his
election to dissent, a shareholder ceases to have any shareholder rights except the right to be paid the fair value of his shares. As
such, the merger or consolidation may proceed in the ordinary course notwithstanding his dissent. Within seven (7) days of the later
of the delivery of the notice of election to dissent and the effective date of the merger or consolidation, the company shall make a
written offer to each dissenting shareholder to purchase his shares at a specified price per share that the company determines to be
the fair value of the shares. The company and the shareholder then have thirty (30) days to agree upon the price. If the company and
a shareholder fail to agree on the price within the thirty (30) days, then the company and the shareholder shall, within twenty (20)
days immediately following the expiration of the 30-day period, each designate an appraiser and these two appraisers shall designate
a third appraiser. These three appraisers shall fix the fair value of the shares as of the close of business on the day prior to the
shareholders&#8217; approval of the transaction without taking into account any change in value as a result of the transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Shareholders&#8217;
Suits</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are both statutory and common law remedies available to our shareholders as a matter of British Virgin Islands law. These are summarized
below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Prejudiced
Members</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
shareholder who considers that the affairs of the company have been, are being, or are likely to be, conducted in a manner that is, or
any act or acts of the company have been, or are, likely to be oppressive, unfairly discriminatory or unfairly prejudicial to him in
that capacity, can apply to the court under Section 184I of the BVI Act, inter alia, for an order that his shares be acquired, that he
be provided compensation, that the Court regulate the future conduct of the company, or that any decision of the company which contravenes
the BVI Act or our memorandum and articles of association be set aside.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Derivative
Actions</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
184C of the BVI Act provides that a shareholder of a company may, with the leave of the Court, bring an action in the name of the company
in certain circumstances to redress any wrong done to it. Such actions are known as derivative actions. The BVI Court may only grant
permission to bring a derivative action where the following circumstances apply:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    company does not intend to bring, diligently continue or defend or discontinue proceedings; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
    is in the interests of the company that the conduct of the proceedings not be left to the directors or to the determination of the
    shareholders as a whole.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
considering whether to grant leave, the British Virgin Islands Court is also required to have regard to the following matters:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
    the shareholder is acting in good faith;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
    a derivative action is in the company&#8217;s best interests, taking into account the directors&#8217; views on commercial matters;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
    the action is likely to proceed;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    costs of the proceedings; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
    an alternative remedy is available.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Restraining
or Compliance Order</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a BVI company or a director of a BVI company engages in, proposes to engage in or has engaged in, conduct that contravenes the BVI Act
or the memorandum or articles of the company, the Court may, on the application of a shareholder of the company pursuant to Section 184B
of the BVI Act, make an order directing the company or director to comply with, or restraining the company or director from engaging
in conduct that contravenes, the BVI Act or the company&#8217;s memorandum or articles.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Just
and Equitable Winding Up</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the statutory remedies outlined above, shareholders can also petition the BVI Court for the winding up of a company under
the BVI Insolvency Act, 2003 (as amended), for the appointment of a liquidator to liquidate the company and the court may appoint a liquidator
for the company if it is of the opinion that it is just and equitable for the court to so order. Save in exceptional circumstances, this
remedy is generally only available where the company has been operated as a quasi-partnership and trust and confidence between the partners
has broken down.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_029"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
    Contracts</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not entered into any material contracts other than in the ordinary course of business and other than those described in Item 4 &#8220;Information
on the Company,&#8221; Item 5 &#8220;Operating and Financial Review and Prospects&#8212;F. Tabular Disclosure of Contractual Obligations,&#8221;
Item 7 &#8220;Major Shareholders and Related Party Transactions,&#8221; or filed (or incorporated by reference) as exhibits to this annual
report or otherwise described or referenced in this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_030"></span>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange
    Controls</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>BVI
Exchange Controls</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no material exchange controls restrictions on payment of dividends, interest or other payments to the holders of our common stock
or on the conduct of our operations in the BVI, where we were incorporated. There are no material BVI laws that impose any material exchange
controls on us or that affect the payment of dividends, interest or other payments to nonresident holders of our common stock. BVI law
and our memorandum and articles of association do not impose any material limitations on the right of non-residents or foreign owners
to hold or vote our common stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>PRC
Exchange Controls</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
on Foreign Currency Exchange</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the PRC Foreign Currency Administration Rules promulgated on January 29, 1996 and last amended on August 5, 2008 and various regulations
issued by SAFE and other relevant PRC government authorities, payment of current account items in foreign currencies, such as trade and
service payments, payment of interest and dividends can be made without prior approval from SAFE by following the appropriate procedural
requirements. By contrast, the conversion of RMB into foreign currencies and remittance of the converted foreign currency outside the
PRC for the purpose of capital account items, such as direct equity investments, loans and repatriation of investment, requires prior
approval from SAFE or its local office.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 13, 2015, SAFE promulgated the Circular on Simplifying and Improving the Foreign Currency Management Policy on Direct Investment,
effective from June 1, 2015, which cancels the requirement for obtaining approvals of foreign exchange registration of foreign direct
investment and overseas direct investment from SAFE. The application for the registration of foreign exchange for the purpose of foreign
direct investment and overseas direct investment may be filed with qualified banks, which, under the supervision of SAFE, may review
the application and process the registration.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Circular of the SAFE on Reforming the Management Approach regarding the Settlement of Foreign Capital of Foreign-invested Enterprise,
or SAFE Circular 19, was promulgated on March 30, 2015 and became effective on June 1, 2015. According to SAFE Circular 19, a foreign-invested
enterprise may, according to its actual business needs, settle with a bank the portion of the foreign exchange capital in its capital
account for which the relevant foreign exchange bureau has confirmed monetary contribution rights and interests (or for which the bank
has registered the account-crediting of monetary contribution). For the time being, foreign-invested enterprises are allowed to settle
100% of their foreign exchange capitals on a discretionary basis; a foreign-invested enterprise shall truthfully use its capital for
its own operational purposes within the scope of business; where an ordinary foreign-invested enterprise makes domestic equity investment
with the amount of foreign exchanges settled, the invested enterprise shall first go through domestic re-investment registration and
open a corresponding Account for Foreign Exchange Settlement Pending Payment with the foreign exchange bureau (bank) at the place of
registration. The Circular of the SAFE on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital
Accounts, or SAFE Circular 16, was promulgated and became effective on June 9, 2016. According to SAFE Circular 16, enterprises registered
in PRC may also convert their foreign debts from foreign currency into Renminbi on self-discretionary basis. SAFE Circular 16 provides
an integrated standard for conversion of foreign exchange under capital account items (including but not limited to foreign currency
capital and foreign debts) on self&#8212;discretionary basis, which applies to all enterprises registered in the PRC. SAFE Circular 16
reiterates the principle that Renminbi converted from foreign currency-denominated capital of a company may not be directly or indirectly
used for purposes beyond its business scope and may not be used for investments in securities or other investment with the exception
of bank financial products that can guarantee the principal within the PRC unless otherwise specifically provided. Besides, the converted
Renminbi shall not be used to make loans for related enterprises unless it is within the business scope or to build or to purchase any
real estate that is not for the enterprise own use with the exception for the real estate enterprise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 26, 2017, SAFE promulgated the Circular on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness
and Compliance Verification, or SAFE Circular 3, which stipulates several capital control measures with respect to the outbound remittance
of profits from domestic entities to offshore entities, including (i) banks must check whether the transaction is genuine by reviewing
board resolutions regarding profit distribution, original copies of tax filing records and audited financial statements, and (ii) domestic
entities must retain income to account for previous years&#8217; losses before remitting any profits. Moreover, pursuant to SAFE Circular
3, domestic entities must explain in detail the sources of capital and how the capital will be used, and provide board resolutions, contracts
and other proof as a part of the registration procedure for outbound investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
on Foreign Exchange Registration of Overseas Investment by PRC Residents</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SAFE
issued the Circular on Relevant Issues Relating to Domestic Resident&#8217;s Investment and Financing and Roundtrip Investment through
Special Purpose Vehicles, or SAFE Circular 37, which became effective in July 2014, to replace the Circular of the State Administration
of Foreign Exchange on Issues Concerning the Regulation of Foreign Exchange in Equity Finance and Roundtrip Investments by Domestic Residents
through Offshore Special Purpose Vehicles, to regulate foreign exchange matters in relation to the use of special purpose vehicles, or
SPVs, by PRC residents or entities to seek offshore investment and financing or conduct round trip investment in China. SAFE Circular
37 defines a SPV as an offshore entity established or controlled, directly or indirectly, by PRC residents or entities for the purpose
of seeking offshore financing or making offshore investment, using legitimate onshore or offshore assets or interests, while &#8220;round
trip investment&#8221; is defined as direct investment in China by PRC residents or entities through SPVs, namely, establishing foreign-invested
enterprises to obtain the ownership, control rights and management rights. SAFE Circular 37 stipulates that, prior to making contributions
into an SPV, PRC residents or entities be required to complete foreign exchange registration with SAFE or its local branch. In addition,
SAFE promulgated the Notice on Further Simplifying and Improving the Administration of the Foreign Exchange Concerning Direct Investment
in February 2015, which amended SAFE Circular 37 and became effective on June 1, 2015, requiring PRC residents or entities to register
with qualified banks rather than SAFE in connection with their establishment or control of an offshore entity established for the purpose
of overseas investment or financing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
residents or entities who had contributed legitimate onshore or offshore interests or assets to SPVs but had not obtained registration
as required before the implementation of the SAFE Circular 37 must register their ownership interests or control in the SPVs with qualified
banks. An amendment to the registration is required if there is a material change with respect to the SPV registered, such as any change
of basic information (including change of the PRC residents, name and operation term), increases or decreases in investment amount, transfers
or exchanges of shares, and mergers or divisions. Failure to comply with the registration procedures set forth in SAFE Circular 37 and
the subsequent notice, or making misrepresentation on or failure to disclose controllers of the foreign-invested enterprise that is established
through round-trip investment, may result in restrictions being imposed on the foreign exchange activities of the relevant foreign-invested
enterprise, including payment of dividends and other distributions, such as proceeds from any reduction in capital, share transfer or
liquidation, to its offshore parent or affiliate, and the capital inflow from the offshore parent, and may also subject relevant PRC
residents or entities to penalties under PRC foreign exchange administration regulations. See &#8220;Risk Factors&#8212;PRC regulations
relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial owners or
our PRC subsidiary to liability or penalties, limit our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary&#8217;s
ability to increase its registered capital or distribute profits to us, or may otherwise adversely affect us.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
on Dividend Distribution</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution
of dividends of foreign investment enterprises are mainly governed by the Foreign Investment Enterprise Law, issued in 1986 and amended
in 2000 and 2016 respectively, and the Implementation Rules under the Foreign Investment Enterprise Law, issued in 1990 and amended in
2001 and 2014 respectively. Under these regulations, foreign investment enterprises in the PRC may distribute dividends only out of their
accumulative profits, if any, determined in accordance with PRC accounting standards and regulations. In addition, no less than 10% of
the accumulated profits of the foreign investment enterprises in the PRC are required to be allocated to fund certain reserve funds each
year unless these reserves have reached 50% of the registered capital of the enterprises. A PRC company is not permitted to distribute
any profits until any losses from previous fiscal years have been offset. Profits retained from prior fiscal years may be distributed
together with distributable profits from the current fiscal year. Under our current corporate structure, our BVI holding company may
rely on dividend payments from our wholly owned subsidiary incorporated in China to fund any cash and financing requirements we may have.
Limitation on the ability of our operating subsidiaries to make remittance to our WOFEs and on the ability of our WOFEs to pay dividends
to us could limit our ability to access cash generated by the operations of those entities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_031"></span>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary of the material British Virgin Islands, PRC and U.S. federal income tax consequences of an investment in our Ordinary
Shares is based upon laws and relevant interpretations thereof in effect as of the date of this annual report, all of which are subject
to change. This summary does not deal with all possible tax consequences relating to an investment in our Ordinary Shares, such as the
tax consequences under U.S. state and local tax laws or under the tax laws of jurisdictions other than the British Virgin Islands, the
People&#8217;s Republic of China and the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>British
Virgin Islands Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is governed by the Income Tax Law and associated legislations of the PRC. The Company accounts for income taxes in accordance
with FASB ASC 740 &#8220;Income Taxes&#8221; (formerly SFAS No. 109 <i>Accounting for Income Taxes)</i>, which is an asset and liability
approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that
have been recognized in the Company&#8217;s financial statements or tax returns. ASC 740 additionally requires the establishment of a
valuation allowance to reflect the likelihood of realization of deferred tax assets. Realization of deferred tax assets is dependent
upon future earnings, if any, of which the timing and amount are uncertain.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to ASC 740, the evaluation of a tax position is a two-step process. The first step is to determine whether it is more likely than not
that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical
merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the
amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater
than 50% likelihood of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not
recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions
that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which
the threshold is no longer met. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting
in interim periods, disclosures, and transition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>People&#8217;s
Republic of China Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the <i>PRC Enterprise Income Tax Law</i> and its implementation rules, an enterprise established outside of the PRC with &#8220;de facto
management body&#8221; within the PRC is considered a resident enterprise. The implementation rules define the term &#8220;de facto management
body&#8221; as the body that exercises full and substantial control and overall management over the business, productions, personnel,
accounts and properties of an enterprise. In April 2009, the SAT issued the <i>SAT Circular 82</i>, which provides certain specific criteria
for determining whether the &#8220;de facto management body&#8221; of a PRC-controlled enterprise that is incorporated offshore is located
in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those
controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT&#8217;s general position on how
the &#8220;de facto management body&#8221; text should be applied in determining the tax resident status of all offshore enterprises.
According to <i>SAT Circular 82</i>, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will
be regarded as a PRC tax resident by virtue of having its &#8220;de facto management body&#8221; in China only if all of the following
conditions are met: (i) the places where the senior management and senior management departments responsible for the daily production,
operation and management of the enterprise perform their duties are mainly located within the territory of the PRC; (ii) decisions relating
to the enterprise&#8217;s financial matters (such as money borrowing, lending, financing and financial risk management) and human resource
matters (such as appointment, dismissal and salary and wages) are made or are subject to approval by organizations or personnel in the
PRC; (iii) the enterprise&#8217;s primary assets, accounting books and records, company seals, and board and shareholder resolutions,
are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.
In addition, the SAT issued the <i>Bulletin of the State Administration of Taxation on Printing and Distributing the Administrative Measures
for Income Tax on Chinese-controlled Resident Enterprises Incorporated Overseas (Trial Implementation)</i> in 2011, providing more guidance
on the implementation of <i>SAT Circular 82</i>. This bulletin clarifies matters including resident status determination, post determination
administration, and competent tax authorities. In January 2014, the SAT issued the <i>SAT Bulletin 9</i>. According to <i>SAT Bulletin
9</i>, a Chinese-controlled offshore incorporated enterprise that satisfies the conditions prescribed under the <i>SAT Circular 82</i>
for being recognized as a PRC tax resident must apply for being recognized as a PRC tax resident to the competent tax authority at the
place of registration of its main investor within the territory of China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that Tian&#8217;an is not a PRC resident enterprise for PRC tax purposes. Tian&#8217;an is not controlled by a PRC enterprise
or PRC enterprise group and we do not believe that Tian&#8217;an meets all of the conditions above. Tian&#8217;an is a company incorporated
outside the PRC. As a holding company, its key assets are its ownership interests in its subsidiaries, and its key assets are located,
and its records (including the resolutions of its board of directors and the resolutions of its shareholders) are maintained, outside
the PRC. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain
with respect to the interpretation of the term &#8220;de facto management body.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the PRC tax authorities determine that Tian&#8217;an is a PRC resident enterprise for enterprise income tax purposes, we would be subject
to 25% enterprise income tax on its worldwide income. Furthermore, we may be required to withhold a 10% withholding tax from dividends
we pay to our shareholders that are non-resident enterprises, including the holders of our Shares. In addition, non-resident enterprise
shareholders may be subject to a 10% PRC tax on gains realized on the sale or other disposition of ordinary shares, if such income is
treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends payable to our non- resident
individual shareholders and any gain realized on the transfer of ordinary shares by such shareholders may be subject to PRC tax at a
rate of 20% unless a reduced rate is available under an applicable tax treaty. It is also unclear whether non- resident shareholders
of Tian&#8217;an would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event
that Tian&#8217;an is treated as a PRC resident enterprise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 3, 2015, the SAT issued the <i>SAT Bulletin 7</i>, which came into effect on February 3, 2015, but will also apply to cases
where their PRC tax treatments are not yet concluded. Pursuant to <i>SAT Bulletin 7</i>, an &#8216;&#8216;indirect transfer&#8217;&#8217;
of PRC assets, including a transfer of equity interests in an unlisted non-PRC holding company of a PRC resident enterprise, by non-PRC
resident enterprises may be re-characterized and treated as a direct transfer of the underlying PRC assets, if such arrangement does
not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise income tax. As a result,
gains derived from such indirect transfer may be subject to PRC enterprise income tax, and the transferee or other person who is obligated
to pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the transfer of equity interests
in a PRC resident enterprise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 17, 2017, the SAT issued the <i>SAT Bulletin 37</i>, which came into effect on December 1, 2017. The <i>SAT Bulletin 37 </i>further
clarifies the practice and procedure of the withholding of non-resident enterprise income tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
a non-resident enterprise transfers taxable assets in China indirectly by disposing of the equity interests of an overseas holding company,
which is an Indirect Transfer, the non-resident enterprise as either transferor or transferee, or the PRC entity whose equity is transferred,
may report such Indirect Transfer to the relevant tax authority. Using a &#8220;substance over form&#8221; principle, the PRC tax authority
may disregard the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose
of reducing, avoiding or deferring PRC tax. As a result, gains derived from such Indirect Transfer may be subject to PRC enterprise income
tax, and the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently
at a rate of 10% for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject
to penalties under PRC tax laws if the transferee fails to withhold the taxes and the transferor fails to pay the taxes. Our company
may be subject to filing obligations or taxed if our company is transferor in such transactions, and we may be subject to withholding
obligations if our company is transferee in such transactions, under <i>SAT Bulletin 7</i> and <i>SAT Bulletin 37</i>. For transfer of
shares in our company by investors who are non-PRC resident enterprises, our PRC subsidiaries may be requested to assist in the filing
under <i>SAT Bulletin 7</i> and <i>SAT Bulletin 37</i>. As a result, we may be required to expend valuable resources to comply with <i>SAT
Bulletin 7</i> and <i>SAT Bulletin 37</i> or to request the relevant transferors from whom we purchase taxable assets to comply with
these circulars, or to establish that our company should not be taxed under these circulars, which may have a material adverse effect
on our financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>United
States Federal Income Tax Considerations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of
our Ordinary Shares by a U.S. Holder (as defined below) that acquires and holds our Shares as &#8220;capital assets&#8221; (generally,
property held for investment) under the U.S. Internal Revenue Code of 1986, as amended, or the Code. This discussion is based upon existing
U.S. federal tax law, which is subject to differing interpretations or change, possibly with retroactive effect. No ruling has been sought
from the Internal Revenue Service, the IRS, with respect to any U.S. federal income tax consequences described below, and there can be
no assurance that the IRS or a court will not take a contrary position. This discussion, moreover, does not address the U.S. federal
estate, gift, Medicare, and alternative minimum tax considerations, or any state, local and non-U.S. tax considerations, relating to
the ownership or disposition of our Ordinary Shares. The following summary does not address all aspects of U.S. federal income taxation
that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such
as:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">banks
    and other financial institutions; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance
    companies; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pension
    plans; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cooperatives;
    </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated
    investment companies; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">real
    estate investment trusts; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers;
    </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">traders
    in securities that elect to use a mark-to-market method of accounting; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
    former U.S. citizens or long-term residents; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt
    entities (including private foundations); </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    liable for alternative minimum tax; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">holders
    who acquire their ordinary shares pursuant to any employee share option or otherwise as compensation; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">investors
    that will hold their ordinary shares as part of a straddle, hedge, conversion, constructive sale or other integrated transaction
    for U.S. federal income tax purposes; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">investors
    that have a functional currency other than the U.S. dollar; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that actually or constructively own 10% or more of the total combined voting power of all classes of our voting stock; or </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">partnerships
    or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding ordinary shares through such entities.
    </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
of whom may be subject to tax rules that differ significantly from those discussed below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
U.S. Holder is urged to consult its tax advisor regarding the application of U.S. federal tax law to its particular circumstances, and
the state, local, non-U.S. and other tax considerations of the ownership and disposition of our Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this discussion, a &#8220;U.S. Holder&#8221; is a beneficial owner of our ordinary shares that is, for U.S. federal income
tax purposes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    individual who is a citizen or resident of the United States; </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created in, or organized under the law
    of the United States or any state thereof or the District of Columbia; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trust (A) the administration of which is subject to the primary supervision of a U.S. court and which has one or more U.S. persons
    who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated
    as a U.S. person under the Code. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our ordinary shares,
the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership.
Partnerships holding our ordinary shares and their partners are urged to consult their tax advisors regarding an investment in our ordinary
shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Information
Reporting</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. Holders may be required to report information to the IRS with respect to the beneficial ownership of our ordinary shares. These
rules also impose penalties if a U.S. Holder is required to submit such information to the IRS and fails to do so.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, U.S. Holders may be subject to information reporting to the IRS with respect to dividends on and proceeds from the sale or
other disposition of our Ordinary Shares. Each U.S. Holder is advised to consult with its tax advisor</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_032"></span>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends
    and Paying Agents</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_033"></span>G.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement
    by Experts</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_034"></span>H.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Documents
    on Display</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have filed this annual report on Form 20-F with the SEC under the Exchange Act. Statements made in this report as to the contents of
any document referred to are not necessarily complete. With respect to each such document filed as an exhibit to this report, reference
is made to the exhibit for a more complete description of the matter involved, and each such statement shall be deemed qualified in its
entirety by such reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the informational requirements of the Exchange Act as a foreign private issuer and file reports and other information
with the SEC. Reports and other information filed by us with the SEC including this report, may be inspected and copied at the public
reference room of the SEC at 100 F Street, N.E., Washington D.C. 20549. You can also obtain copies of this report by mail from the Public
Reference Section of the SEC, 100 F. Street, N.E., Washington D.C. 20549, at prescribed rates. Additionally, copies of this material
may be obtained from the SEC&#8217;s Internet site at http://www.sec.gov. The SEC&#8217;s telephone number is 1-800-SEC-0330. In accordance
with NASDAQ Stock Market Rule 5250(d), we will also mail a copy of this annual report on Form 20-F to our shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly reports
and proxy statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery
provisions contained in Section 16 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_035"></span>I.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiary
    Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
see Item 4.a, Information on the Company &#8211; History and Development of the Company, above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_036"></span>ITEM
    11.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Exchange Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
currency risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations.
Substantially all of our revenue-generating transactions, and a majority of our expense-related transactions, are denominated in Renminbi,
which is the functional currency of our operations. We do not hedge against currency risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of the Renminbi against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in political
and economic conditions. To the extent that we need to convert U.S. dollars into Renminbi for our operations, appreciation of the Renminbi
against the U.S. dollar would reduce the Renminbi amount we receive from the conversion. Conversely, if we decide to convert Renminbi
into U.S. dollars for the purpose of making payments for dividends on our ordinary shares, servicing outstanding debts, or for other
business purposes, appreciation of the U.S. dollar against the Renminbi would reduce the U.S. dollar amounts available to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
functional currency is the RMB, and our financial statements are presented in U.S. dollars. The RMB depreciated by 10.2% for the year
ended December 31, 2022. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between
the RMB and the U.S. dollar in the future. The change in the value of the RMB relative to the U.S. dollar may affect our financial results
reported in the U.S. dollar terms without giving effect to any underlying changes in our business or results of operations. Currently,
our assets, liabilities, revenues and costs are denominated in RMB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
Rate Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not currently exposed to interest rate risk. We do not own any interest-bearing instruments and our interest-bearing debt carries
a fixed rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
Price Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not currently exposed to commodity price risk or market price risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inflation
does not materially affect our business or the results of our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Seasonality</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seasonality
does not materially affect our business or the results of our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_037"></span>ITEM
    12.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_038"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Debt
    Securities</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_039"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants
    and Rights</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_040"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
    Securities</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_041"></span>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>American
    Depositary Shares</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not have any American Depositary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_042"></span>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_043"></span>ITEM
    13.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DEFAULTS,
    DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_044"></span>ITEM
    14.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MATERIAL
    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_045"></span>ITEM
    15.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONTROLS
    AND PROCEDURES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_046"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disclosure
    Controls and Procedures</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management has not completed an assessment of the effectiveness of our internal controls over financial reporting, and our independent
registered public accounting firm has not conducted an audit of our internal control over financial reporting. In the course of auditing
our consolidated financial statements for the year ended December 31, 2022, we identified several material weaknesses in our internal
control over financial reporting and other control deficiencies as of December 31, 2022. A &#8220;material weakness&#8221; is a deficiency,
or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material
misstatement of the company&#8217;s annual or interim financial statements will not be prevented or detected on a timely basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
material weaknesses identified to date relate to a lack of accounting staff and resources with appropriate knowledge of generally accepted
accounting principles in the United States (&#8220;U.S. GAAP&#8221;) and SEC reporting and compliance requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the above material weaknesses, management has concluded that our internal control over financial reporting was ineffective
as of December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the identification of the material weaknesses and control deficiencies, we have taken remedial measures including (i) hiring more qualified
accounting personnel with relevant U.S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function
and to set up a financial and system control framework; (ii) implementing regular and continuous U.S. GAAP accounting and financial reporting
training programs for our accounting and financial reporting personnel; and (iii) setting up an internal audit function as well as engaging
an external consulting firm to assist us with assessment of Sarbanes-Oxley compliance requirements and improvement of overall internal
control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_047"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management&#8217;s
    Annual Report on Internal Control Over Financial Reporting</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report on Form 20-F does not include a report of management&#8217;s assessment regarding internal control over financial reporting
due to a transition period established by rules of the SEC for newly public companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_048"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Attestation
    Report of the Registered Public Accounting Firm</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the Company is a non-accelerated filer, this annual report does not include an attestation report of our registered public accounting
firm regarding internal control over financial reporting. Management&#8217;s report was not subject to attestation by our registered
public accounting firm pursuant to rules of the SEC where domestic and foreign registrants that are non-accelerated filers, which we
are, and &#8220;emerging growth companies,&#8221; which we also are, are not required to provide the auditor attestation report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_049"></span>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes
    in Internal Controls over Financial Reporting</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as described above, there were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the
Exchange Act) that occurred during the year ended December 31, 2022 that have materially affected, or are reasonably likely to materially
affect, our internal controls over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_050"></span>ITEM
    16A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AUDIT
    COMMITTEE FINANCIAL EXPERT</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not currently have an audit committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_051"></span>ITEM
    16B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CODE
    OF ETHICS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a Code of Business Conduct and Ethics (the &#8220;Code of Ethics&#8221;) that applies to all of the directors, officers
and employees of the Company and its subsidiaries, including our principal executive officer, principal financial officer and principal
accounting officer. The Code of Ethics addresses, among other things, honesty and ethical conduct, conflicts of interest, compliance
with laws, regulations and policies, including disclosure requirements under the federal securities laws, confidentiality, trading on
inside information, and reporting of violations of the code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_052"></span>ITEM
    16C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL
    ACCOUNTANT FEES AND SERVICES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the aggregate fees by categories specified below in connection with services rendered by our principal external
auditors for the periods indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fiscal Year Ended</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</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">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Audit Fees*</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">50,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">50,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Audit
    Fees&#8221; consisted of the aggregate fees billed for professional services rendered for the audit of our annual financial statements
    or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_053"></span>ITEM
    16D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXEMPTIONS
    FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_054"></span>ITEM
    16E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PURCHASES
    OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no purchases of equity securities made by or on behalf of us or any &#8220;affiliated purchaser&#8221; as defined in Rule 10b-18
of the Exchange Act during the period covered by this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_055"></span>ITEM
    16F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CHANGES
    IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_056"></span>ITEM
    16G.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CORPORATE
    GOVERNANCE</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were incorporated in the British Virgin Islands and our corporate governance practices are governed by applicable British Virgin Islands
law and our Articles of Association.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_057"></span>ITEM
    16H.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MINE
    SAFETY DISCLOSURE</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_058"></span>PART
III</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_059"></span>ITEM
    17.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
    STATEMENTS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have elected to provide financial statements pursuant to Item 18.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_060"></span>ITEM
    18.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
    STATEMENTS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements are filed as part of this annual report beginning on page F-1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 72px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_061"></span>ITEM
    19.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXHIBITS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
    No.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1941189/000149315223008035/ex3-1.htm" style="-sec-extract: exhibit">Certificate of Incorporation of Tian&#8217;an Technology Group Ltd</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1941189/000149315223008035/ex3-2.htm" style="-sec-extract: exhibit">Articles of Association of Yunke Jingrong Information Technology Co., Limited</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1941189/000149315223008035/ex3-3.htm" style="-sec-extract: exhibit">Articles of Association of Shanghai Qige Power Technology Co., Ltd.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1941189/000149315223008035/ex3-4.htm" style="-sec-extract: exhibit">English Translation of Business License of Shanghai Qige Power Technology Co., Ltd, dated August 10, 2016</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1941189/000149315223008035/ex10-1.htm" style="-sec-extract: exhibit">Factory Premises Leasing Contract by and between Shanghai MarisoPrecision Machinery Co., Ltd and Shanghai Qige Power Technology Co., Ltd dated April 15, 2021.</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1941189/000149315223008035/ex10-2.htm" style="-sec-extract: exhibit">Loan Agreement by and between Liaoning Xinjianlin Guoyitang Health Management Co., Ltd. and the Company, dated July 15, 2019</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1941189/000149315223008035/ex10-4.htm" style="-sec-extract: exhibit">Market Expansion Cooperation Agreement by and between Shanghai Qige Power Technology Co., Ltd and He Li, dated November 2, 2021</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1941189/000149315223008035/ex10-5.htm" style="-sec-extract: exhibit">Strategic Cooperation Framework Agreement by and Shanghai Qige Power Technology Co., Ltd and Xiwang New Materials Technology Co., Ltd, dated October 18, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1941189/000149315223008035/ex10-6.htm" style="-sec-extract: exhibit">Loan Agreement by and between Tian&#8217;an Technology Group Ltd and Mr. Yang Heng Fei, dated April 15, 2021</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1941189/000149315223008035/ex10-7.htm" style="-sec-extract: exhibit">Loan Agreement by and between Tian&#8217;an Technology Group Ltd and Shenzhen Shihong Education and Culture Ltd, dated November 20, 2021</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1941189/000149315223008035/ex10-8.htm" style="-sec-extract: exhibit">Form of Securities Purchase Agreement</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex10-9.htm">Employment agreement by and between Tian&#8217;an Technology Group Ltd and Mr. Yang Heng Fei, dated December 18, 2019</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex10-10.htm">Employment agreement by and between Tian&#8217;an Technology Group Ltd and He Cong, dated February 1, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex10-11.htm">Lease Agreement by and between Shanghai Qige Power Technology Co., Ltd and Jin Yonggang, dated October 8, 2022</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><a href="ex14-1.htm">Code of Business Conduct and Ethics</a></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex21-1.htm">Significant subsidiaries of the Registrant</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.1</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.2</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.1</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex32-1.htm">Certifications of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.2</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex32-2.htm">Certifications of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Definition Linkbase Document</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Presentation Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">* Incorporated by reference to Registration Statement on Form F-1 filed March 17, 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TIAN&#8217;AN
TECHNOLOGY GROUP LTD </b></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Heng Fei Yang</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Heng
    Fei Yang</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TIAN&#8217;AN
TECHNOLOGY GROUP LTD. AND SUBSIDIARIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
    Financial Statements</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#f_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report of Independent Registered Public Accounting Firm</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-</span>2</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_001">Consolidated Balance Sheets as of December 31, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_002">Consolidated Statements of Operations for the years ended December 31, 2022 and 2021</a> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_003">Consolidated Statements of Shareholders&#8217; Equity for the years ended December 31, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_004">Consolidated Statements of Cash Flows for the years ended December 31, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center">F-6<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_005">Notes to Consolidated Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img src="audit_001.jpg" alt="" /><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_006"></span>Report
of Independent Registered Public Accounting Firm</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Stockholders and the Board of Directors of</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tian&#8217;an
Technology Group Ltd. And Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of Tian&#8217;an Technology Group Ltd. And Subsidiaries (the Company) as of&#160;December&#160;31,
2022 and 2021, and the related statements of operations and comprehensive loss, stockholders&#8217; equity, and cash flows for the
years ended December 31, 2022 and 2021, and related notes (collectively referred to as the &#8220;financial statements&#8221;).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of&#160;December&#160;31,
2022 and 2021, and the results of its operations and its cash flows for the years ended&#160;December&#160;31, 2022 and 2021, in conformity
with accounting principles generally accepted in the United States of America. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Substantial
Doubt about the Company&#8217;s Ability to Continue as a Going Concern</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
2 to the financial statements, the Company has suffered recurring significant losses which resulted significant accumulated deficiency
in stockholders&#8217; equity and has a net capital deficiency. These factors raise substantial doubt about the Company&#8217;s ability
to continue as a going concern. Management&#8217;s plans in regard to this matter are also discussed in Note 2. The financial statements
do not include any adjustments that might result from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--AuditorLocation_c20220101__20221231_zHmyHR3DREo4"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:AuditorLocation">Forest
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
6, 2023</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TIAN&#8217;AN TECHNOLOGY GROUP LTD. AND SUBSIDIARIES</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="f_001"></span>CONSOLIDATED BALANCE SHEETS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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  <tr id="xdx_406_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zQSVN2sFw92e" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zGiCkpQR5ITd" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eus-gaap--AccountsPayableCurrent_i01I_maLCzG36_zS8ULJ91j6Ad" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--AccruedPayrollTaxesCurrent_i01I_maLCzG36_zRV6flTxE2dg" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40A_eus-gaap--TaxesPayableCurrent_i01I_maLCzG36_zcaY44cEuixb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40F_eus-gaap--OperatingLeaseLiabilityCurrent_i01I_maLCzG36_zuYCCL8ne1c" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_409_eus-gaap--Deposits_i01I_maLCzG36_zGNRyD0Qkj4a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0112">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--DueToRelatedPartiesCurrent_i01I_maLCzG36_zh1GVQ5bn5db" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_eus-gaap--LoansPayable_i01I_maLCzG36_ztvpOnyWwI08" style="vertical-align: bottom; background-color: White">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0117">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:LoansPayable" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">110,110</ix:nonFraction></td><td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--OtherLiabilitiesCurrent_i01I_maLCzG36_zHUNaSbcCH38" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0121">-</span></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--LiabilitiesCurrent_i02TI_mtLCzG36_maLzwml_ziNxXC5Cuug5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_maLzwml_zSpkbFA9sQM7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,604</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--Liabilities_iTI_mtLzwml_maLASEzSx5_maLASEzmpI_zhPkG8UOyHU4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying notes are an integral part of these consolidated financial statements</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">TIAN&#8217;AN TECHNOLOGY GROUP LTD. AND SUBSIDIARIES</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="f_002"></span><span style="font-family: Times New Roman, Times, Serif">CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr id="xdx_405_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_mtILFCOzG4y_maNILzxzz_zGsQ15veivB3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 11pt Latha; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">TIAN&#8217;AN TECHNOLOGY GROUP LTD. AND SUBSIDIARIES</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><span id="f_003"></span>CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS&#8217; EQUITY</span></p>



<p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">The accompanying notes are an integral part of these consolidated financial statements</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"></span> &#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">TIAN&#8217;AN TECHNOLOGY GROUP LTD. AND SUBSIDIARIES</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="f_004"></span><span style="font-family: Times New Roman, Times, Serif">CONSOLIDATED STATEMENTS OF CASH FLOWS</span></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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  <tr id="xdx_406_eus-gaap--IncreaseDecreaseInAccruedLiabilities_maNCPBUzPZR_z6Ddbolg0l3c" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40E_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_z5p7mNHEq2j5" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40A_eus-gaap--ProceedsFromContributedCapital_maNCPBUzzeu_z62F8qo4DAXa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_404_eus-gaap--ProceedsFromRelatedPartyDebt_maNCPBUzzeu_zFgaPxgGSUxh" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_400_eus-gaap--ProceedsFromRepaymentsOfRelatedPartyDebt_maNCPBUzzeu_zPQyi1IizPm9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-family: Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-family: Times New Roman, Times, Serif; text-align: right">(<ix:nonFraction name="us-gaap:ProceedsFromRepaymentsOfRelatedPartyDebt" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">553,810</ix:nonFraction></td><td style="font-family: Times New Roman, Times, Serif; text-align: left">)</td><td style="font-family: Times New Roman, Times, Serif">&#160;</td>
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  <tr id="xdx_403_eus-gaap--ProceedsFromNotesPayable_maNCPBUzzeu_zANxsdDnYlH1" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eus-gaap--ProceedsFromRepaymentsOfNotesPayable_maNCPBUzzeu_zQseKiSsSlF3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--NetCashProvidedByUsedInFinancingActivities_iT_mtNCPBUzzeu_maCCERCzJkO_z2ZhJ7YHFjpk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zHShiXfJNqZ8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="margin: 0">&#160;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">The accompanying notes are an integral part of these consolidated financial statements</span></p>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>TIAN&#8217;AN
TECHNOLOGY GROUP LTD. AND SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="f_005"></span>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock"><p id="xdx_80A_eus-gaap--BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_zg1DK8BP5TDk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1 &#8211; <span id="xdx_820_zo1zzWzls9H7">NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Consolidated Financial Statements include data of Tian&#8217;an Technology Group Ltd. (&#8220;Tian&#8217;an&#8221;), a holding
company incorporated in the British Virgin Islands on April 8, 2021; Yunke Jingrong Information Technology, Co., Ltd.
(&#8220;Yunke&#8221;), a holding company incorporated in Hong Kong on October 27, 2021 and Shanghai Qige Power Technology Co., Ltd.
(&#8220;Shanghai Qige&#8221;), an operating company incorporated in China (PRC) on August 10, 2016. Shanghai Qige is a wholly owned
subsidiary of Yunke, which is a wholly owned subsidiary of Tian&#8217;an. Tian&#8217;an, Yunke and Shanghai Qige are collectively
referred to as &#8220;the Company&#8221;. Currently, all of the Company&#8217;s operations are conducted through its subsidiary
Shanghai Qige. Tian&#8217;an and Yunke are holding companies and have no operations. </span>Through, Shanghai Qige, we were engaged
in the technology driven sales of power control and service systems solutions. In the third quarter of 2022, the Company shifted its
business model and through Shanghai Qige, focused on graphene production enterprises and engaged in the health therapy industry. We
utilize the far-infrared heat therapy characteristics of graphene, which is incorporated into our products.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="tian:ScheduleOfConsolidatedCompaniesTextBlock"><p id="xdx_890_ecustom--ScheduleOfConsolidatedCompaniesTextBlock_zwQILwum04w6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s initial marketing efforts are in the Eastern China market with the intention of developing a nationwide marketing
network. The Company has developed a reputation of excellence in product quality and after sales service. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BE_zmsxpOY2UIwh">SCHEDULE
OF CONSOLIDATED COMPANIES</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1.5pt solid; width: 28%; font-weight: bold; text-align: center">Name of Consolidated Companies</td><td style="padding-bottom: 1.5pt; text-align: center; width: 2%; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 18%; font-weight: bold; text-align: center">Domicile and Date of Incorporation</td><td style="padding-bottom: 1.5pt; text-align: center; width: 2%; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 12%; font-weight: bold; text-align: center">Paid in Capital</td><td style="padding-bottom: 1.5pt; text-align: center; width: 2%; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 18%; font-weight: bold; text-align: center">Percentage of Effective Ownership</td><td style="padding-bottom: 1.5pt; text-align: center; width: 2%; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 16%; font-weight: bold; text-align: center">Percent Principal Activities</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Tian&#8217;an Technology Group Ltd.</td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_907_edei--EntityIncorporationDateOfIncorporation_dd_c20220101__20221231__dei--LegalEntityAxis__custom--TiananTechnologyGroupLtdMember_zK4vTlE9Hco7" title="Date of Incorporation"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_TiananTechnologyGroupLtdMember" format="ixt:datemonthdayyearen" name="dei:EntityIncorporationDateOfIncorporation">April 8, 2021</ix:nonNumeric></span>, <span id="xdx_906_ecustom--EntityIncorporationStateCountryDescription_c20220101__20221231__dei--LegalEntityAxis__custom--TiananTechnologyGroupLtdMember_zBjDEBmyyCC9" title="Domicile of Incorporation"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_TiananTechnologyGroupLtdMember" name="tian:EntityIncorporationStateCountryDescription">British Virgin Islands</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: center">USD $<span id="xdx_904_eus-gaap--AdditionalPaidInCapital_iI_c20221231__dei--LegalEntityAxis__custom--TiananTechnologyGroupLtdMember_zQm5bYOiaOB2" title="Paid in capital"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2022-12-31_custom_TiananTechnologyGroupLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span></td><td>&#160;</td>
    <td style="text-align: left"><span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20221231__dei--LegalEntityAxis__custom--TiananTechnologyGroupLtdMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MrHengFeiYangMember_zJ1Nncgo1q43" title="Percentage of effective ownership"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-12-31_custom_TiananTechnologyGroupLtdMember_custom_MrHengFeiYangMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">89</ix:nonFraction></span>%
    owned by Mr. Heng Fei Yang</td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_904_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TiananTechnologyGroupLtdMember_z2bDzt7EQpyb" title="Percent principal activities"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_TiananTechnologyGroupLtdMember219248406" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">Investment holding</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Yunke Jingrong Information Technology Co., Ltd.</td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_90D_edei--EntityIncorporationDateOfIncorporation_dd_c20220101__20221231__dei--LegalEntityAxis__custom--YunkeJingrongInformationTechnologyCoLtdMember_zZgPDeWyKhn6" title="Date of Incorporation"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_YunkeJingrongInformationTechnologyCoLtdMember" format="ixt:datemonthdayyearen" name="dei:EntityIncorporationDateOfIncorporation">October 27, 2021</ix:nonNumeric></span>, <span id="xdx_90A_ecustom--EntityIncorporationStateCountryDescription_c20220101__20221231__dei--LegalEntityAxis__custom--YunkeJingrongInformationTechnologyCoLtdMember_z57b6bPWMbcb" title="Domicile of Incorporation"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_YunkeJingrongInformationTechnologyCoLtdMember" name="tian:EntityIncorporationStateCountryDescription">PRC</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: center">USD $<span id="xdx_903_eus-gaap--AdditionalPaidInCapital_iI_c20221231__dei--LegalEntityAxis__custom--YunkeJingrongInformationTechnologyCoLtdMember_z3994DV5kyZk" title="Paid in capital"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2022-12-31_custom_YunkeJingrongInformationTechnologyCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span></td><td>&#160;</td>
    <td style="text-align: left"><span id="xdx_901_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20221231__dei--LegalEntityAxis__custom--YunkeJingrongInformationTechnologyCoLtdMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TiananMember_zfAwk1cr2tTl" title="Percentage of effective ownership"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-12-31_custom_YunkeJingrongInformationTechnologyCoLtdMember_custom_TiananMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% owned by Tian&#8217;an</td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_90E_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--YunkeJingrongInformationTechnologyCoLtdMember_z0OJe8R3sLza" title="Percent principal activities"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_YunkeJingrongInformationTechnologyCoLtdMember219248421" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">Investment holding</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Shanghai Qige Power Technology Co., Ltd.</td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_90C_edei--EntityIncorporationDateOfIncorporation_dd_c20220101__20221231__dei--LegalEntityAxis__custom--ShanghaiQuigePowerTechnologyCoLtdMember_z5sB9HhSy0nb" title="Date of Incorporation"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_ShanghaiQuigePowerTechnologyCoLtdMember" format="ixt:datemonthdayyearen" name="dei:EntityIncorporationDateOfIncorporation">August 10, 2016</ix:nonNumeric></span>, <span id="xdx_90C_ecustom--EntityIncorporationStateCountryDescription_c20220101__20221231__dei--LegalEntityAxis__custom--ShanghaiQuigePowerTechnologyCoLtdMember_zhKIQKH41t7b" title="Domicile of Incorporation"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_ShanghaiQuigePowerTechnologyCoLtdMember" name="tian:EntityIncorporationStateCountryDescription">PRC</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: center">USD $<span id="xdx_907_eus-gaap--AdditionalPaidInCapital_iI_c20221231__dei--LegalEntityAxis__custom--ShanghaiQuigePowerTechnologyCoLtdMember_zxbiVU4r1L84" title="Paid in capital"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2022-12-31_custom_ShanghaiQuigePowerTechnologyCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span></td><td>&#160;</td>
    <td style="text-align: left"><span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20221231__dei--LegalEntityAxis__custom--ShanghaiQuigePowerTechnologyCoLtdMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--YunkeJingrongMember_zGNC8nLyVrTc" title="Percentage of effective ownership"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-12-31_custom_ShanghaiQuigePowerTechnologyCoLtdMember_custom_YunkeJingrongMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% owned by Yunke Jingrong</td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_90D_eus-gaap--EquityMethodInvestmentDescriptionOfPrincipalActivities_c20220101__20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ShanghaiQuigePowerTechnologyCoLtdMember_zfcrNsobrL9k" title="Percent principal activities"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_ShanghaiQuigePowerTechnologyCoLtdMember219248437" name="us-gaap:EquityMethodInvestmentDescriptionOfPrincipalActivities">Production and distribution of power drive product systems</ix:nonNumeric></span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AD_zyIySFSxZAZk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_840_eus-gaap--ConsolidationPolicyTextBlock_z7QABkfjHbvc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_863_zITMhDnGYfzf">Basis
of Presentation and Principles of Consolidation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (&#8220;US GAAP&#8221;) and include the Company and its wholly-owned subsidiary. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s functional currency is the Chinese Renminbi (&#8220;RMB&#8221;); however, the accompanying consolidated financial statements
have been translated and presented in United States Dollars (&#8220;USD&#8221;). <span style="background-color: white">All significant
inter-company accounts and transactions have been eliminated.</span> The consolidated financial statements include all adjustments that,
in the opinion of management, are necessary to make the financial statements not misleading.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_846_eus-gaap--UseOfEstimates_zc425a2DtMY4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_868_zUhZSWc1brfb">Use
of Estimates and Assumptions</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
preparation of financial statements in conformity with US GAAP requires Management to make estimates and judgments that affect the reported
amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements, and the reported
amounts of revenues and expenses during the reporting period. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Management
bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable
under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly,
these estimates may change as new events occur, as more experience is acquired, as additional information is obtained, and as the Company&#8217;s
operating environment changes. Significant estimates and assumptions by Management include, among others, useful life and impairment
analysis of long-lived assets, valuation of inventory and right-of-use assets and liabilities, allowance for credit loss of financial
assets, other receivables and prepayments. While Management believes that the estimates and assumptions used in the preparation of the
financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed
and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 79; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_zZ2JaO6Zikbb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_865_zgZEhHTjHBS9">Concentrations
of Business and Credit Risks</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">All
of the Company&#8217;s manufacturing is located in the PRC. There can be no assurance that the Company will be able to successfully continue
to manufacture its products and failure to do so would have a material adverse effect on the Company&#8217;s financial position, results
of operations and cash flows. Moreover, the success of the Company&#8217;s operations is subject to numerous contingencies, some of which
are beyond management&#8217;s control. These contingencies include general economic conditions, prices of raw materials, competition,
governmental and political conditions, and changes in regulations. Since the Company is dependent on trade in the PRC, the Company is
subject to various additional political, economic and other uncertainties. Among other risks, the Company&#8217;s operations will be
subject to the risks of restrictions on transfer of funds, domestic customs, changing taxation policies, foreign exchange restrictions,
and political and governmental regulations. The Company operates in China, which may give rise to significant foreign currency risks
from fluctuations and the degree of volatility of foreign exchange rates between United States dollars (&#8220;USD&#8221;) and the Chinese
currency Renminbi (&#8220;RMB&#8221;). The results of operations denominated in foreign currency are translated at the average rate of
exchange during the reporting periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="tian:RisksAndUncertaintiesPolicyTextBlock"><p id="xdx_84E_ecustom--RisksAndUncertaintiesPolicyTextBlock_z5g90emoenvd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_864_zYjxyFgeHOZ6">Risks
and Uncertainties</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
recent outbreak of the coronavirus COVID-19 has spread across the globe and is impacting worldwide economic activity. Conditions surrounding
the coronavirus continue to rapidly evolve and government authorities have implemented emergency measures to mitigate the spread of the
virus. The outbreak and the related mitigation measures have had and will continue to have a material adverse impact on global economic
conditions as well as on the Company&#8217;s business activities. The extent to which COVID-19 may impact the Company&#8217;s business
activities will depend on future developments, such as the ultimate geographic spread of the disease, the duration of the outbreak, travel
restrictions, business disruptions, and the effectiveness of actions taken in the United States and other countries to contain and treat
the disease. These events are highly uncertain and, as such, the Company cannot determine their financial impact at this time. No adjustments
have been made to the amounts reported in these consolidated financial statements as a result of this matter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:InventoryCashFlowPolicy"><p id="xdx_844_eus-gaap--InventoryCashFlowPolicy_zNSWTwiPfkog" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_86F_zS4NJYisSEa1">Statements
of Cash Flows</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
accordance with Statement FASB ASC Topic 230, &#8220;Statement of Cash Flows&#8221;, cash flow from the Company&#8217;s operations is
calculated based upon the local currencies and translated to the reporting currency using an average foreign exchange rate for the reporting
period. As a result, amounts related to assets and liabilities reported in the statements of cash flows will not necessarily be the same
as the corresponding balances on the consolidated balance sheets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_84E_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zx9K7PJWu9x2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_863_zQ9u1xOcajn5">Cash</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Cash
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">consist primarily of <span style="background-color: white">cash
on hand</span> and cash in banks which is readily available in checking and saving accounts. The Company maintains cash with various
financial institutions in the PRC where its accounts are uninsured. The Company has not experienced any losses from funds held in bank
accounts and believes it is not exposed to any risk on its bank accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="tian:AdvancesToSuppliersPolicyTextBlock"><p id="xdx_84C_ecustom--AdvancesToSuppliersPolicyTextBlock_zxATTQrzc9Ob" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_869_zUpjvUOckU8j">Advances
to Suppliers</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company periodically makes advances to certain vendors for purchases of raw materials or to service providers for services and records
these payments as advances to suppliers. As of December 31, 2022 and 2021, advances to suppliers amounted for $<span id="xdx_908_eus-gaap--PrepaidExpenseCurrent_iI_c20221231_zFRGO9SoyW78" title="Advances to suppliers"><ix:nonFraction name="us-gaap:PrepaidExpenseCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">58,236</ix:nonFraction></span> and $<span id="xdx_90C_eus-gaap--PrepaidExpenseCurrent_iI_c20211231_zoxfrhhOix6j" title="Advances to suppliers"><ix:nonFraction name="us-gaap:PrepaidExpenseCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">16,257</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:InventoryPolicyTextBlock"><p id="xdx_841_eus-gaap--InventoryPolicyTextBlock_z7104HL9XWU1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_86E_zmLhFB8bfwmj">Inventories</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
are stated at the lower of cost or market value. The Company used the weighted average cost method of accounting for inventories. The
Company regularly evaluates the composition of its inventories to identify slow-moving and obsolete inventories to determine whether
valuation allowance is required. As of December 31, 2022 and 2021, the Company did <span id="xdx_90E_eus-gaap--InventoryValuationReserves_iI_doxL_c20221231_zgeSb1DeoyHa" title="Inventory valuation allowance::XDX::-"><span id="xdx_908_eus-gaap--InventoryValuationReserves_iI_doxL_c20211231_zofre3pYKsh2" title="Inventory valuation allowance::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0490"><span style="-sec-ix-hidden: xdx2ixbrl0492">no</span></span></span></span>t record inventory valuation allowance. During the
years ended December 31, 2022 and 2021, the Company wrote off its inventories of $<span id="xdx_904_eus-gaap--InventoryWriteDown_iN_dixL_c20220101__20221231_z55qxYl7OqIl" title="Inventory wrote off::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0494">0</span></span> and $<span id="xdx_90A_eus-gaap--InventoryWriteDown_iN_di_c20210101__20211231_z4IndLVBpA5d" title="Inventory wrote off"><ix:nonFraction name="us-gaap:InventoryWriteDown" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,170</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<ix:exclude><!-- Field: Page; Sequence: 80; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_846_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zLN2GLIQT0Oj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_zKNe3gYMADBg">Equipment</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equipment
is stated at cost less accumulated depreciation, and includes expenditures that substantially increase the useful life of existing assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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is computed using the straight-line method over the estimated useful lives of the assets. Estimated useful life is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zlLZPnY6IDh8" style="display: none">SCHEDULE
OF EQUIPMENT ESTIMATED USEFUL LIVES</span></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A0_zvTqh40lFQbc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss
is included in the consolidated statements of operations. Maintenance, repairs, and minor renewals are charged directly to expenses as
incurred. Significant renewals and betterment to buildings and equipment are capitalized. Leasehold improvements are depreciated over
the lesser of the useful life or the life of the lease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_848_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zL2cwEh4PyDb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_zsxiQoYMaOA">Impairment
of Long-Lived Assets</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived
assets of the Company are reviewed annually as to whether their carrying value has become impaired, pursuant to the guidelines established
in FASB ASC 360 (formerly SFAS No. 144 <i>Accounting for the Impairment or Disposal of Long-Lived Assets</i>). The Company considers
assets to be impaired if the carrying value exceeds the future projected cash flows from the related operations. The Company also re-evaluates
the periods of depreciation and amortization to determine whether subsequent events and circumstances warrant revised estimates of useful
life. The Company did <span id="xdx_90E_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20220101__20221231_zMOEhRUZu8W6" title="Impairment of Long-Lived Assets"><span id="xdx_909_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_do_c20210101__20211231_z8UHgDm9y8P5" title="Impairment of Long-Lived Assets"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf" contextRef="From2022-01-01to2022-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf" contextRef="From2021-01-012021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span>t record any impairment loss for the years ended December 31, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_84F_eus-gaap--LesseeLeasesPolicyTextBlock_zlkKgifrH473" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zkBc6w8zl7f6">Leases</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company leases space from third parties for its plant sites and/or office space. In accordance with Statement FASB ASC Topic 842, the
Company recognizes a right-of-use asset and lease liability at the commencement date of the of the lease contract and recognizes
in profit or loss the lease cost or expense during the lease term. As an accounting policy, the Company elects not to recognize a
right-of-use asset and lease liability requirement to short-term leases, which with a term of 12 months or less, instead,
recognizes the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the
period in which the obligation for those payments is incurred. The Company generally uses an incremental borrowing rate as discount
rate to measure its lease liabilities, as the rate implicit in the lease is typically not readily determinable. Certain lease
agreements include renewal options that are under the Company&#8217;s control. The Company includes optional renewal periods in the
lease term only when it is reasonably certain that the Company will exercise its option.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable
lease payments include payments to lessors for taxes, maintenance, insurance and other operating costs as well as payments that are adjusted
based on an index or rate. The company&#8217;s lease agreements do not contain any significant residual value guarantees or restrictive
covenants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:RevenueFromContractWithCustomerPolicyTextBlock"><p id="xdx_845_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zFeSZPywMmrj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_86D_z79KP1exBJCg">Revenue
Recognition</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
adopted Accounting Standard Codification (&#8220;ASC&#8221;) Topic 606, Revenues from Contract with Customers (&#8220;ASC 606&#8221;)
for all periods presented. Under ASC 606, revenue is recognized when control of the promised goods and services is transferred to the
Company&#8217;s customers, in an amount that reflects the consideration that we expect to be entitled to in exchange for those goods
and services, net of value-added tax. We determine revenue recognition through the following steps:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocate
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"></p>

<ix:exclude><!-- Field: Page; Sequence: 81; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated
to each performance obligation is recognized when that performance obligation is satisfied by the control of the promised goods and services
is transferred to the customers, which at a point in time or over time as appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenues are net of value added tax (&#8220;VAT&#8221;) collected on behalf of PRC tax authorities in respect to the sales of merchandise.
VAT collected from customers, net of VAT paid for purchases, is recorded as a liability in the accompanying consolidated balance sheets
until it is paid to the relevant PRC tax authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_84E_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zzG5uMoZxnd2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_868_zlvELja55Bef">Fair
Value of Financial Instruments</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company measures its financial and non-financial assets and liabilities, as well as makes related disclosures, in accordance with FASB
Accounting Standards Codification No. 820, Fair Value Measurement (&#8220;ASC 820&#8221;), which provides guidance with respect to valuation
techniques to be utilized in the determination of fair value of assets and liabilities. Approaches include, (i) the market approach (comparable
market prices), (ii) the income approach (present value of future income or cash flow), and (iii) the cost approach (cost to replace
the service capacity of an asset or replacement cost). ASC 820 utilizes a fair value hierarchy that prioritizes the inputs to valuation
techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
basic loss per share is calculated by dividing the Company&#8217;s net loss available to common shareholders by the weighted average
number of common shares during the year. The diluted loss per share is calculated by dividing the Company&#8217;s net loss available
to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number
of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted loss per share
is the same as basic loss per share due to the lack of dilutive instruments in the Company. For the years ended December 31, 2022 and
2021, the Company had no potential dilutive common stock equivalents outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Company is governed by the Income Tax Law and associated legislations of the PRC. The Company accounts for income taxes in accordance
with FASB ASC 740 &#8220;Income Taxes&#8221; (formerly SFAS No. 109 <i>Accounting for Income Taxes)</i>, which is an asset and liability
approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that
have been recognized in the Company&#8217;s financial statements or tax returns. ASC 740 additionally requires the establishment of a
valuation allowance to reflect the likelihood of realization of deferred tax assets. Realization of deferred tax assets is dependent
upon future earnings, if any, of which the timing and amount are uncertain.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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to ASC 740, the evaluation of a tax position is a two-step process. The first step is to determine whether it is more likely than not
that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical
merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the
amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is <span id="xdx_902_eus-gaap--IncomeTaxExaminationDescription_c20220101__20221231_zNztUSYRudgj" title="Income tax examination description"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="us-gaap:IncomeTaxExaminationDescription">greater
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recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions
that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which
the threshold is no longer met. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting
in interim periods, disclosures, and transition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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subsidiaries where the functional currency is other than the U.S. dollar, the Company uses the period-end exchange rates to translate
assets and liabilities, the average monthly exchange rates to translate revenue and expenses, and historical exchange rates to translate
shareholders&#8217; equity, into U.S. dollars. The Company records translation gains and losses in accumulated other comprehensive loss
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</ix:nonNumeric><p id="xdx_8A4_zpsaygCae9Jg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions.
No representation is made that the RMB amounts could have been, or could be, converted into USD at the rates used in translation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2022 and 2021 foreign currency translation adjustments of $<span id="xdx_905_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_c20220101__20221231_zCEp8zo73SQf" title="Foreign currency translation adjustments"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">44,546</ix:nonFraction></span> and $<span id="xdx_90E_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_c20210101__20211231_zYGOVGm0faZh" title="Foreign currency translation adjustments">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">13,800</ix:nonFraction>)</span> respectively, have been
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ComprehensiveIncomePolicyPolicyTextBlock"><p id="xdx_84F_eus-gaap--ComprehensiveIncomePolicyPolicyTextBlock_zhcdmnKUPOM" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_zQHAjvFDQNBa">Other
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
comprehensive income is defined as the change in equity during the period from transactions and other events, excluding the changes resulting
from investments by owners and distributions to owners. Other comprehensive income is not included in the computation of income tax expense
or benefit. Accumulated other comprehensive income represents the accumulated balance of foreign currency translation adjustments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_84D_eus-gaap--SegmentReportingPolicyPolicyTextBlock_ziqb7qHQefBl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zR4mEFgkjqUj">Segment
Information</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company follows FASB ASC 280-Segment Reporting, which requires that companies disclose segment data based on how management makes decision
about allocating resources to segments and evaluating their performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, management has determined that the Company is operating in two reportable business segments, Healthcare
and Motor Controller. For the year ended December 31, 2021, the Company is operating in one reportable business segment, Motor Controller.
The Company&#8217;s reportable segments are strategic business units that offer different products. They are managed separately based
on the fundamental differences in their operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_847_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z1r5lZwy9mp7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span id="xdx_865_zg8AKszYTqg1">Recent
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which amends ASC
Topic 848, Reference Rate Reform. This ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships,
and other transactions affected by reference rate reform if certain criteria are met. This new guidance is optional and may be elected
over time through December 31, 2022 as reference rate reform activities occur. This new guidance does not have a material impact on the
Company&#8217;s consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity&#8217;s Own Equity, which
amends ASC Subtopic 470-20, Debt with Conversion and Other Options and ASC Subtopic 815-40, Derivatives and Hedging &#8211; Contracts
in Entity&#8217;s Own Equity. The ASU simplifies the accounting for convertible instruments by reducing the number of accounting models
for convertible debt instruments and convertible preferred stock. In addition, the ASU enhances information transparency by making targeted
improvements to the disclosures for convertible instruments and earnings-per-share guidance and amends the guidance for the derivatives
scope exception for contracts in an entity&#8217;s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06
is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2021. This new guidance
does not have a material impact on the Company&#8217;s consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
October 2021, the FASB issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which
amends ASC Topic 805, Business Combinations, The ASU improves the accounting for acquired revenue contracts with customers in a business
combination by addressing diversity in practice and inconsistency related to the (1) recognition of an acquired contract liability and
(2) payment terms and their direct effect on subsequent revenue recognized by the acquirer. ASU 2021-08 is effective for annual periods,
and interim periods within those annual periods, beginning after December 15, 2022. This new guidance does not have a material impact
on the Company&#8217;s consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Other
accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until
a future date are not expected to have a material impact on the Company&#8217;s consolidated financial statements upon adoption.</span></p>

</ix:nonNumeric><p id="xdx_853_zemqG2diVa4f" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:SubstantialDoubtAboutGoingConcernTextBlock"><p id="xdx_80B_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_zvplRtvdUrx3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>NOTE
2 &#8211; <span id="xdx_82D_zxiAL7Rb8lTc">GOING CONCERN</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2022, the Company has generated revenues from its business operations and has incurred an accumulated deficit of
$<span id="xdx_907_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20221231_zdeDwqJrclOk" title="Accumulated deficit"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">814,339</ix:nonFraction></span>
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The Company will require additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of
the Company to continue as a going concern is dependent on raising capital to fund its business plan and ultimately to attain
profitable operations. Accordingly, these factors raise substantial doubt as to the Company&#8217;s ability to continue as a going
concern from a period of one year from the issuance of these financial statements. The Company intends to continue to fund its
business by way of private placements and financing supports from related parties as may be required. As of December 31, 2022 the
Company has not issued any shares of common stock. These financial statements do not include any adjustments relating to the
recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this
uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:InventoryDisclosureTextBlock"><p id="xdx_806_eus-gaap--InventoryDisclosureTextBlock_z30Wmkzzurde" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>NOTE
3 &#8211; <span id="xdx_82E_zEofHhuRtp0h">INVENTORIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock"><p id="xdx_892_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zVZuIT2xmui2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zXBHMXE4uL74" style="display: none">SCHEDULE
OF INVENTORIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_490_20221231_zMvx2f3ebqyd" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_499_20211231_zeo4ilcJrXYh" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="7" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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    <td style="width: 60%; text-align: left">Finished goods</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0554">-</span>&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:InventoryFinishedGoods" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">31,991</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--InventoryValuationReserves_iNI_di_msINzIxV_zzr6K95lJYrk" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: left">Less: impairment loss</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0557">-</span>&#160;&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0558">-</span>&#160;&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 2.5pt; text-align: left">Inventory, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0560">-</span>&#160;&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AC_zeKPblgFn8x3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2022 and 2021, the Company wrote off $<span id="xdx_906_eus-gaap--InventoryWriteDown_iN_dixL_c20220101__20221231_z9tQYpfbUZK9" title="Inventory wrote off::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0563">0</span></span> and $<span id="xdx_902_eus-gaap--InventoryWriteDown_iN_di_c20210101__20211231_zJhUFY2OEm" title="Inventory wrote off"><ix:nonFraction name="us-gaap:InventoryWriteDown" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,170</ix:nonFraction></span>, respectively. During the years ended December 31,
2022 and 2021, the Company did <span id="xdx_904_eus-gaap--InventoryValuationReserves_iI_doxL_c20221231_zburTNRqzWhi" title="Impairment loss from inventory::XDX::-"><span id="xdx_909_eus-gaap--InventoryValuationReserves_iI_doxL_c20211231_zdpAN49ljubf" title="Impairment loss from inventory::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0567"><span style="-sec-ix-hidden: xdx2ixbrl0569">no</span></span></span></span>t recognize an impairment loss from inventory.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 84; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80F_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zywK8iIkA5x6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4 &#8211; <span id="xdx_825_z7otmCJT2zF4">EQUIPMENT, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_893_eus-gaap--PropertyPlantAndEquipmentTextBlock_zZ3GT3HwV4m7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equipment
consisted of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zv6Jw6DlmoR9" style="display: none">SCHEDULE
OF EQUIPMENT</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49F_20221231_zYmEfvIzG5Ge" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_491_20211231_zbUoG4605Sn1" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td></tr>
  <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zARojBojn1g2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Office equipment</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0575">-</span>&#160;&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: left">Operating equipment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0578">-</span>&#160;&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzq5l_z1kH6R4PKS2c" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Equipment, gross</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0581">-</span>&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzq5l_zNXoMQjXgRlb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; text-align: left">Equipment, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0587">-</span>&#160;&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,277</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A1_zP3J6FqnIcdi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Depreciation
expenses for the years ended December 31, 2022 and 2021 were $<span id="xdx_908_eus-gaap--Depreciation_c20220101__20221231_zvGxsd1IwKzc" title="Depreciation expenses"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,009</ix:nonFraction></span>
and $<span id="xdx_90D_eus-gaap--Depreciation_c20210101__20211231_z9O9if1tTepg" title="Depreciation expenses"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,149</ix:nonFraction></span>,
respectively. Management evaluates if any circumstance change that makes aggregate undiscount<span style="background-color: white">ed</span>
future cash flow generated by the equipment will <span style="background-color: white">be </span> less than its carrying amount in annual basis. There is <span id="xdx_909_ecustom--PropertyPlantAndEquipmentImpairments_iI_do_c20221231_z6bKGB5ll0jb" title="Impairment situation"><span id="xdx_90E_ecustom--PropertyPlantAndEquipmentImpairments_iI_do_c20211231_zDesNLwBeTd" title="Impairment situation"><ix:nonFraction name="tian:PropertyPlantAndEquipmentImpairments" contextRef="AsOf2022-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="tian:PropertyPlantAndEquipmentImpairments" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span>t
any impairment situation for the years ended December 31, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
December 29, 2022, the Company disposed of all of its equipment for $<span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentDisposals_c20221229__20221229_zwI4zAZYptxh" title="Equipment disposals"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentDisposals" contextRef="From2022-12-292022-12-29" format="ixt:numdotdecimal" decimals="0" unitRef="USD">163</ix:nonFraction></span>
and reported a loss from the disposal of $<span id="xdx_90A_eus-gaap--GainLossOnDispositionOfAssets_iN_di_c20221229__20221229_zQd6cwppMVjf" title="Loss from the disposal"><ix:nonFraction name="us-gaap:GainLossOnDispositionOfAssets" contextRef="From2022-12-292022-12-29" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">978</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:LeasesOfLesseeDisclosureTextBlock"><p id="xdx_80B_eus-gaap--LeasesOfLesseeDisclosureTextBlock_z7XCH8rd5Yy4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5 &#8211; <span id="xdx_826_z48mGqBmQxO5">LEASES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s lease portfolio primarily consists of an office lease. The lease term from is <span id="xdx_90F_eus-gaap--LesseeOperatingLeaseDescription_c20220101__20221231_zde2I5fomzy" title="Lessee, operating lease, description"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="us-gaap:LesseeOperatingLeaseDescription">April
17, 2021 to April 16, 2024.</ix:nonNumeric></span> On October 13, 2022, the Company terminated the lease early. The Company relocated to a different
office space and executed a 12-month lease. The following table summarizes the amounts and location of operating and finance
leases on the consolidated balance sheets:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="tian:ScheduleOfOperatingLeasesAndFinanceLeasesOfLesseeDisclosureTableTextBlock"><p id="xdx_890_ecustom--ScheduleOfOperatingLeasesAndFinanceLeasesOfLesseeDisclosureTableTextBlock_zc8uYHHBmf0d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B3_zQjY1U9PFL8g" style="display: none">SCHEDULE
OF OPERATING AND FINANCE LEASES ON THE CONSOLIDATED BALANCE SHEETS</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_494_20221231_z43AoREHXKu5" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49C_20211231_zd1cQJezSYH" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Balance Sheet Caption</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_404_ecustom--OperatingAndFinanceLeaseRightOfUseAsset_iTI_mtOAFLRzLeP_zm5LQvrX5RKk" style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="padding-left: 10pt">Noncurrent</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0620">-</span>&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Finance</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-left: 10pt">Current</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0623">-</span>&#160;&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0624">-</span>&#160;&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt; padding-left: 10pt">Noncurrent</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0626">-</span>&#160;&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0627">-</span>&#160;&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_ecustom--OperatingAndFinanceLeaseLiability_iTI_mtOAFLLzYDD_zABvOBIWmWLd" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total lease liabilities</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>



</ix:nonNumeric><p id="xdx_8A9_zl3EqPky9EIj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:LeaseCostTableTextBlock"><p id="xdx_891_eus-gaap--LeaseCostTableTextBlock_zmKvA3iiSQZa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the lease costs recognized in the consolidated statements of earnings:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_zAqMpPZW11h7" style="display: none">SCHEDULE
OF LEASE COST</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49E_20220101__20221231_z2qMGmvkvbii" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_49D_20210101__20211231_zCeoVrDnvxpc" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="7" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr id="xdx_408_eus-gaap--ShortTermLeaseCost_maLCzsI5_zPKIxpVqTIce" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Short-term lease cost</td><td>&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: left">Variable lease cost</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0640">-</span>&#160;&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Total lease cost</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:LeaseCost" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,466</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AB_zKLxTABB4Sxb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<ix:exclude><!-- Field: Page; Sequence: 85; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="tian:WeightedAverageRemainingLeaseTermAndWeightedAverageDiscountRateForOperatingAndFinanceLeasesTableTextBlock"><p id="xdx_893_ecustom--WeightedAverageRemainingLeaseTermAndWeightedAverageDiscountRateForOperatingAndFinanceLeasesTableTextBlock_zHIpl6ZHW82k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
following table presents the weighted-average remaining lease term and weighted-average discount rate for operating and finance leases:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zyjH5eZPbk6b" style="display: none">SCHEDULE
OF WEIGHTED AVERAGE REMAINING LEASE AND DISCOUNT RATE FOR OPERATING AND FINANCE LEASES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Year Ended December 31,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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    <td colspan="3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Weighted-average remaining lease term (years)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Operating</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td id="xdx_980_eus-gaap--FinanceLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20211231_ziA8Cm2UM7yh" title="Weighted-average finance lease discount rate" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0662">-</span></td><td style="text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A9_zYnY2eLNIAyf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock_znZJ0hpZinRj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
following table presents supplementary cash flow information regarding the company&#8217;s leases:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zrvrOHleePtl" style="display: none">SCHEDULE
OF SUPPLEMENTARY CASH FLOW INFORMATION</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="display: none; vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" id="xdx_49E_20220101__20221231_zMib3LIUgSfe" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" id="xdx_497_20210101__20211231_zfzb3Hr78M6f" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Year Ended December 31,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Cash paid for amounts included in the measurement of lease liabilities</td><td>&#160;</td>
    <td colspan="3" style="text-align: right">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: right">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_iN_di_zu829ewYCEva" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 60%; text-align: left; padding-bottom: 2.5pt">Operating cash flows from operating activities</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,461</ix:nonFraction></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 16%; text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">10,907</ix:nonFraction></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_zYbl1PwjO6u" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Right-of-use assets obtained in exchange for new operating lease liabilities</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0669">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,183</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_ecustom--ReductionOfRightOfUseAssetsAndLeaseLiabilitiesForCancelationOfOldLeases_z6fM3hrTgz4l" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Reduction of right-of-use assets and lease liabilities for cancelation of old leases</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="tian:ReductionOfRightOfUseAssetsAndLeaseLiabilitiesForCancelationOfOldLeases" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,048</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="tian:ReductionOfRightOfUseAssetsAndLeaseLiabilitiesForCancelationOfOldLeases" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">17,964</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AD_zgh2GfxGuIna" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_804_eus-gaap--DebtDisclosureTextBlock_zMhCEvGZRoea" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>NOTE
6 &#8211; <span id="xdx_821_zP67XLeK1lG5">LOAN PAYABLES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
November 20, 2021, the Company entered into a loan agreement of $<span id="xdx_90B_eus-gaap--LoansPayable_iI_c20211120__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementMember__dei--LegalEntityAxis__custom--ShenzhenShihongEducationAndCultureLtdMember_zAxZ0CxsJUJ" title="Loans payable"><ix:nonFraction name="us-gaap:LoansPayable" contextRef="AsOf2021-11-20_custom_LoanAgreementMember_custom_ShenzhenShihongEducationAndCultureLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">108,500</ix:nonFraction></span>
with Shenzhen Shihong Education and Culture Ltd. The loan was due on November 22, 2022 and had no interest charge if the loan was
repaid upon maturity. If the loan was not fully repaid on or before November 22, 2022, the Company would be charged <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20221122_zJQ4MNIssql1" title="Interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-11-22" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.03</ix:nonFraction></span>%
interest per day. The Company repaid the loan in full on May 20, 2022. As of December 31, 2022 and 2021, the ending balance of
loan payables was $<span id="xdx_90C_eus-gaap--LoansPayable_iI_dxL_c20221231_zDhRBU6Y01O" title="Loans payable::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0681">0</span></span> and
$<span id="xdx_90C_eus-gaap--LoansPayable_iI_c20211231_zbiU9pShUV1f" title="Loans payable"><ix:nonFraction name="us-gaap:LoansPayable" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">110,110</ix:nonFraction></span>, respectively.</span></p>
<!-- Field: Split-Segment; Name: 002 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_801_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zOL21SsSgLYg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>NOTE
7 &#8211; <span id="xdx_824_z6YWoRiGkNx4">RELATED PARTY TRANSACTIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>Due
from related parties</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">For
operational purposes, the Company provided a certain amount of advances to members of its management team, including its CEO. As of
December 31, 2022 and 2021, the outstanding balance of the advances to the Company&#8217;s management was $<span id="xdx_90D_eus-gaap--DueFromRelatedParties_iI_c20221231_zyjgvvRxTmW6" title="Due from related parties"><ix:nonFraction name="us-gaap:DueFromRelatedParties" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span>
and $<span id="xdx_908_eus-gaap--DueFromRelatedParties_iI_c20211231_z1VddGDRLlwa" title="Due from related parties"><ix:nonFraction name="us-gaap:DueFromRelatedParties" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span>,
respectively. The advances of $<span id="xdx_903_eus-gaap--IncreaseDecreaseInDueFromRelatedParties_iN_dixL_c20220101__20221231_zHuS8kLCNayb" title="Increase (decrease) in due from related parties::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0691">0</span></span>
and $<span id="xdx_902_eus-gaap--IncreaseDecreaseInDueFromRelatedParties_iN_di_c20210101__20211231_zVhxOgG4ph3d" title="Increase (decrease) in due from related parties"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,200</ix:nonFraction></span>,
respectively, were collected during the years ended December 31, 2022 and 2021. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>Due
to related parties</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
July 15, 2019, the Company entered into a loan agreement of $<span id="xdx_90F_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_c20190715__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LiaoningXinjianLinguoYitangHealthManagementLtdMember_zzowGOffnjP5" title="Due to related parties"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2019-07-15_custom_LiaoningXinjianLinguoYitangHealthManagementLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">459,315</ix:nonFraction></span>
with one of its related parties, Liaoning Xinjian Linguo Yitang Health Management Ltd., without interest charge and collateral. The
loan is due on demand. The Company&#8217;s CEO, Mr. Heng <span style="background-color: white">F</span>ei Yang, is the controlling owner of Liaoning Xinjian Linguo Yitang Health
Management Ltd. During the years ended December 31, 2022 and 2021, the Company repaid $<span id="xdx_907_eus-gaap--RepaymentsOfRelatedPartyDebt_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LiaoningXinjianLinguoYitangHealthManagementLtdMember_zhTgF3Ye9GM" title="Repayment of related party debt"><ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2022-01-012022-12-31_custom_LiaoningXinjianLinguoYitangHealthManagementLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">185,668</ix:nonFraction></span>
and $<span id="xdx_905_eus-gaap--RepaymentsOfRelatedPartyDebt_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LiaoningXinjianLinguoYitangHealthManagementLtdMember_zruSXCy4oyRa" title="Repayment of related party debt"><ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2021-01-012021-12-31_custom_LiaoningXinjianLinguoYitangHealthManagementLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">271,265</ix:nonFraction></span>, respectively.
As of December 31, 2022 and 2021, the outstanding balance of the loan was $<span id="xdx_909_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LiaoningXinjianLinguoYitangHealthManagementLtdMember_zfR5TKb41g6b" title="Due to related parties"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2022-12-31_custom_LiaoningXinjianLinguoYitangHealthManagementLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span>
and $<span id="xdx_907_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LiaoningXinjianLinguoYitangHealthManagementLtdMember_zwLizHYgc8gb" title="Due to related parties"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_LiaoningXinjianLinguoYitangHealthManagementLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">196,625</ix:nonFraction></span>,
respectively. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
April 15, 2021, the Company entered into a loan agreement of $<span id="xdx_906_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_c20210815__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MrHengFeiYangMember_zdEnHoLy6m" title="Due to related parties"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2021-08-15_custom_MrHengFeiYangMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">293,493</ix:nonFraction></span>
with one of its related parties, Mr. Heng Fei Yang, without interest charge and collateral. The loan is due on demand. Mr. Heng Fei
Yang is the Company&#8217;s CEO. The loan was repaid in full during the second quarter of 2022. During the year ended December 31,
2022, the Company borrowed a total of $<span id="xdx_90E_eus-gaap--ProceedsFromRelatedPartyDebt_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MrHengFeiYangMember_zvJtkIHJ3JC4" title="Proceeds from related party debt"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2022-01-012022-12-31_custom_MrHengFeiYangMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">121,501</ix:nonFraction></span>&#160;from Mr. Yang and repaid $<span id="xdx_900_eus-gaap--RepaymentsOfRelatedPartyDebt_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MrHengFeiYangMember_zb2MuPj6u531" title="Repayment of related party debt"><ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2022-01-012022-12-31_custom_MrHengFeiYangMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">355,517</ix:nonFraction></span>.
As of December 31, 2022 and 2021, the outstanding balance of the loan was $<span id="xdx_90C_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MrHengFeiYangMember_zN9R41dSeWRf" title="Due to related parties"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2022-12-31_custom_MrHengFeiYangMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">46,098</ix:nonFraction></span>
and $<span id="xdx_903_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MrHengFeiYangMember_zanTWawPVCUd" title="Due to related parties"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_MrHengFeiYangMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">297,848</ix:nonFraction></span>,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
August 20, 2022, the Company entered into a 12-month loan agreement in the total amount of $<span id="xdx_902_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_c20220820__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MsJinhuaXuMember_zm82Pk4Zv9x" title="Due to related parties"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2022-08-20_custom_MsJinhuaXuMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">178,241</ix:nonFraction></span>
with one of its related parties, Mr. Jinhua Xu, without interest charge and collateral. Mr. Xu is a shareholder of the Company. As
of December 31, 2022 and 2021, the outstanding balance of the loan was $<span id="xdx_908_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MsJinhuaXuMember_zsu8EyWFL9y1" title="Due to related parties"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2022-12-31_custom_MsJinhuaXuMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">173,956</ix:nonFraction></span>
and $<span id="xdx_908_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MsJinhuaXuMember_zRQkjCA0RFf5" title="Due to related parties"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_MsJinhuaXuMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span>,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<ix:exclude><!-- Field: Page; Sequence: 86; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
September 23, 2022 and October 14, 2022, the Company entered into two 3-month loan agreements in the total amount of $<span id="xdx_90C_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_c20220923__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MsXiaoyanYuanMember_zxQbRbRXMFg3" title="Due to related parties"><span id="xdx_907_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_c20221014__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MsXiaoyanYuanMember_ze6tsDUpLd29" title="Due to related parties"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2022-09-23_custom_MsXiaoyanYuanMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2022-10-14_custom_MsXiaoyanYuanMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,625</ix:nonFraction></ix:nonFraction></span></span>
with one of its related parties, Ms. Xiaoyan Yuan, without interest charge and collateral. The loans were repaid in full on October
28, 2022. Ms<span style="background-color: white">.</span> Yuan is shareholder of the Company. As of December 31, 2022 and 2021, there was <span id="xdx_90D_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_do_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MsXiaoyanYuanMember_z0q4x8L7xbal" title="Due to related parties"><span id="xdx_904_eus-gaap--DueToRelatedPartiesCurrentAndNoncurrent_iI_do_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MsXiaoyanYuanMember_z9Ey3wg7R465" title="Due to related parties"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2022-12-31_custom_MsXiaoyanYuanMember" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrentAndNoncurrent" contextRef="AsOf2021-12-31_custom_MsXiaoyanYuanMember" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span>
outstanding balance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>Sales
with a related party</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During
the years ended December 31, 2022 and 2021, the Company sold healthcare products in the total amount of $<span id="xdx_902_eus-gaap--RevenueFromRelatedParties_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SuzhouXinjianlinHealthManagementCoLtdMember_zkSAfIdfP24k" title="Revenue from related parties"><span id="xdx_903_eus-gaap--RevenueFromRelatedParties_c20210101__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SuzhouXinjianlinHealthManagementCoLtdMember_zXHRzozxjnYj" title="Revenue from related parties"><ix:nonFraction name="us-gaap:RevenueFromRelatedParties" contextRef="From2022-01-012022-12-31_custom_SuzhouXinjianlinHealthManagementCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:RevenueFromRelatedParties" contextRef="From2021-01-012021-12-31_custom_SuzhouXinjianlinHealthManagementCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">32,342</ix:nonFraction></ix:nonFraction></span>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to one of its related parties, Suzhou Xinjianlin
Health Management Co., Ltd. (&#8220;Xinjianlin &#8220;). As of December 31, 2022 the balance of advances from Xinjianlin was $<span id="xdx_906_eus-gaap--DueFromRelatedParties_iI_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SuzhouXinjianlinHealthManagementCoLtdMember_zmv6DrPO3HS7" title="Due from related parties"><ix:nonFraction name="us-gaap:DueFromRelatedParties" contextRef="AsOf2022-12-31_custom_SuzhouXinjianlinHealthManagementCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,703</ix:nonFraction></span>.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:OtherLiabilitiesDisclosureTextBlock"><p id="xdx_807_eus-gaap--OtherLiabilitiesDisclosureTextBlock_zFfPBoeWeT2c" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>NOTE
8 &#8211; <span id="xdx_82C_zqstYmVkHl0j">OTHER PAYABLES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2022 and 2021, the Company reported $<span id="xdx_900_eus-gaap--OtherLiabilities_iI_c20221231_z6IpYdYyf80f" title="Other liabilities"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">124,986</ix:nonFraction></span> and $<span id="xdx_909_eus-gaap--OtherLiabilities_iI_c20211231_zwM3t15G5sEk" title="Other liabilities"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span> as its other payables, respectively. The other payables mainly consist
of payables for professional services, including audit, legal, and financial statement filing services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80C_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zI7mYXzBe0F4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>NOTE
9 &#8211; <span id="xdx_82A_zTbyJie5mUE8">EQUITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company is authorized to issue <span id="xdx_907_eus-gaap--CommonStockSharesAuthorized_iI_c20221231_zhIUmTIap2Mi" title="Common stock, shares authorized"><span id="xdx_901_eus-gaap--CommonStockSharesAuthorized_iI_c20211231_zBZRUzzA3Yp6" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000,000</ix:nonFraction></ix:nonFraction></span></span> shares of common stock without par value. As of December 31, 2022 and 2021, it had <span id="xdx_909_eus-gaap--CommonStockSharesOutstanding_iI_c20221231_zPVFgO6w6pa1" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">45,000,000</ix:nonFraction></span>
shares and <span id="xdx_904_eus-gaap--CommonStockSharesOutstanding_iI_c20211231_zGNXwhTwLdb8" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">40,000,000</ix:nonFraction></span> shares outstanding, respectively. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="background-color: white">On
July 13, 2022, the Company effectuated a reverse stock split to convert its outstanding common stock from <span id="xdx_903_eus-gaap--CommonStockSharesOutstanding_iI_c20220712_zWzL4LJwLvIh" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-07-12" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000,000</ix:nonFraction></span> shares to
<span id="xdx_90D_eus-gaap--CommonStockSharesOutstanding_iI_c20220713_zTfm4oulURYf" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-07-13" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">40,000,000</ix:nonFraction></span> shares.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
August 22, 2022, the Company issued <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pn6n6_c20220821__20220822__srt--TitleOfIndividualAxis__custom--SixtySixIndividualMember_zd9F4GfLNJ88"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-08-212022-08-22_custom_SixtySixIndividualMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="Shares">5</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">million shares to 66
individuals for RMB <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodValueNewIssues_uRMB_c20220821__20220822__srt--TitleOfIndividualAxis__custom--SixtySixIndividualMember_zq06ZJlRAlve"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2022-08-212022-08-22_custom_SixtySixIndividualMember" format="ixt:numdotdecimal" decimals="0" unitRef="RMB">3,400,700</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">or approximately $<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20220821__20220822__srt--TitleOfIndividualAxis__custom--SixtySixIndividualMember_zNwFGRPIo94a"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="From2022-08-212022-08-22_custom_SixtySixIndividualMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">500,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">.
The relevant subscription receivable has been collected in May and June 2022. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_807_eus-gaap--IncomeTaxDisclosureTextBlock_zwBHXSgoanil" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>NOTE
10 &#8211; <span id="xdx_82E_zstL3WIvKg">TAXES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span style="text-decoration: underline">Income
Taxes</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>British
Virgin Islands (&#8220;BVI&#8221;)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Tian&#8217;an
is registered in BVI and are not subject to tax on income or capital gain. In addition, payments of dividends by Tian&#8217;an to their
shareholders are not subject to withholding tax in the BVI.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>Hong
Kong</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s subsidiary, Yunke, is incorporated in Hong Kong and has no operating profit or tax liabilities during the period. Yunke
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>The
PRC</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s subsidiary operating in the PRC is subject to the Corporate Income Tax Law of the PRC at a unified income tax rate of
<span id="xdx_902_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20220101__20221231_z8jOOfLR8o2h" title="Federal statutory income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>%. The reconciliation of income tax rate to the effective income tax rate for the years ended December 31, 2022 and 2021 from our continuing
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td style="padding-bottom: 2.5pt; text-align: left">Income tax expense</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AD_zldjalZCMtfc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 87; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Management
believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company
provided for a full valuation allowance against its deferred tax assets of $<span id="xdx_906_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_c20220101__20221231_zqjlDLZGZkZ6" title="Valuation allowance of deferred tax assets"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">70,129</ix:nonFraction></span> and $<span id="xdx_908_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_c20210101__20211231_z8N8Jh3BWZT2" title="Valuation allowance of deferred tax assets"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">29,814</ix:nonFraction></span> for the years ended December 31, 2022
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><span style="text-decoration: underline">Value-Added
Tax and Other Withholding and Other Levies</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
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on the type of products sold. The VAT may be offset by VAT paid by the Company for raw materials and other materials included in the
cost of producing or acquiring its finished products. The Company records a VAT payable net of payments if the VAT payable on the gross
sales is larger than VAT paid by the Company on purchase of materials or finished goods: otherwise, the Company records a VAT deductible
in the accompanying financial statements net of any VAT payable at the end of reporting periods. As of December 31, 2022 and 2021, the
Company recorded VAT payable (credit) of $<span id="xdx_902_eus-gaap--ValueAddedTaxReceivable_iI_c20221231_zaDmArhkJrDg" title="Value added tax receivable"><ix:nonFraction name="us-gaap:ValueAddedTaxReceivable" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,570</ix:nonFraction></span> and $(<span id="xdx_90C_eus-gaap--ValueAddedTaxReceivable_iI_c20211231_ziWzczB8m6G2" title="Value added tax receivable"><ix:nonFraction name="us-gaap:ValueAddedTaxReceivable" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,580</ix:nonFraction></span>), respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company is also subject to other levies such as stamp tax, unban construction tax, additional education tax which are charged by local
governments. The rates of such levies are small and vary among the different jurisdictions in which the Company does business. The Company
also acts as the personal income tax withholding agent for the salaries paid its employees. As of December 31, 2022 and 2021, the Company
recorded other levies and withholding $<span id="xdx_90B_ecustom--IncomeTaxExpensesRelatedToOtherLeviesAndWithholding_iI_c20221231_zhRP7AL633u7" title="Income tax expenses related to other levies and witholding"><span id="xdx_900_ecustom--IncomeTaxExpensesRelatedToOtherLeviesAndWithholding_iI_c20211231_zOtQsZ2qb1Pc" title="Income tax expenses related to other levies and witholding"><ix:nonFraction name="tian:IncomeTaxExpensesRelatedToOtherLeviesAndWithholding" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD"><ix:nonFraction name="tian:IncomeTaxExpensesRelatedToOtherLeviesAndWithholding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></ix:nonFraction></span></span>, respectively.</span></p>
<!-- Field: Split-Segment; Name: 003 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:EarningsPerShareTextBlock"><p id="xdx_808_eus-gaap--EarningsPerShareTextBlock_zjzeI2Bv10S6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>NOTE
11 &#8211; <span id="xdx_828_zxFENVylac81">NET LOSS PER SHARE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Basic
net loss per share is computed using the weighted average number of common shares outstanding during the year. The dilutive effect of
potential common shares outstanding is included in diluted net loss per share. The following table sets forth the computation of basic
and diluted net loss per share for the years ended December 31, 2022 and 2021:</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zuKY4mTRlSL9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BB_zdKZUsnoTGKl" style="display: none">SCHEDULE
OF BASIC AND DILUTED NET LOSS PER SHARE</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
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    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_490_20220101__20221231_zB9HDJV6khH6" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_499_20210101__20211231_zQUFOLtk1rN3" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.00</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
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</ix:nonNumeric><p id="xdx_8A3_zonuGCGvmNlk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:StatutoryAccountingPracticesDisclosureTextBlock"><p id="xdx_80F_eus-gaap--StatutoryAccountingPracticesDisclosureTextBlock_zmNF84Y7Cstf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>NOTE
12 &#8211; <span id="xdx_82A_ze3u0a94QjXa">STATUTORY RESERVES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Under
the laws of the PRC the Company&#8217;s subsidiaries are required to make appropriations to the statutory reserve based on after-tax
net earnings and determined in accordance with generally accepted accounting principles of the People&#8217;s Republic of China (the
&#8220;PRC GAAP&#8221;). <span id="xdx_901_eus-gaap--StatutoryAccountingPracticesStatutoryCapitalAndSurplusVariations_c20220101__20221231_zLJVrmSzbk7e" title="Statutory reserves description"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="us-gaap:StatutoryAccountingPracticesStatutoryCapitalAndSurplusVariations">Appropriation to the statutory reserve should be at least 10% of the after-tax net income until the reserve
is equal to 50% of the registered capital.</ix:nonNumeric> </span>The statutory reserve is established for the purpose of providing employee facilities and
other collective benefits to the employees and is non-distributable other than in liquidation.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
reserves amounted to $<span id="xdx_901_ecustom--StatutoryReserves_iI_c20221231_zit46uraSr31" title="Statutory reserves"><ix:nonFraction name="tian:StatutoryReserves" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span> and $<span id="xdx_90A_ecustom--StatutoryReserves_iI_c20211231_zDA5klH0Y9Ya" title="Statutory reserves"><ix:nonFraction name="tian:StatutoryReserves" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span> as of December 31, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:SegmentReportingDisclosureTextBlock"><p id="xdx_80E_eus-gaap--SegmentReportingDisclosureTextBlock_z0QeIn0eHaBc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>NOTE
</b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13 &#8211; <span id="xdx_82B_zyIp52O5kfuh">SEGMENTS</span></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -36pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2022, the Company operated in two reportable business segments, Healthcare and Motor Controller. Before 2022, the Company had one reportable
business segment, Motor Controller. The Company&#8217;s reportable segments are strategic business units that offer different products.
They are managed separately based on the fundamental differences in their operations. Information with respect to these reportable business
segments is as the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>


<ix:exclude><!-- Field: Page; Sequence: 88; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></td></tr></table></div>
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<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zHDmVx7i18Lf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span><span id="xdx_8BF_zR3ja9waiGa" style="display: none">SCHEDULE
OF REPORTABLE BUSINESS SEGMENTS</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Income tax benefits</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--IncomeTaxExpenseBenefit_c20220101__20221231_zpyTf7RYLCi3" title="Income tax benefits" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0846">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: left">Unallocated Assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_ecustom--UnallocatedAssets_iI_c20221231_zo0VnYoDz3D7" title="Unallocated assets" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0848">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; text-align: left">Net Loss</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total Assets</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--Assets_iI_c20221231_zkRBwwoQamX6" title="Assets" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">74,702</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2021</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_417_20210101__20211231__srt--ProductOrServiceAxis__us-gaap--HealthCareMember_zyrboDj9dqWk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Healthcare</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0853">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0855">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0856">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0857">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--Assets_iI_c20211231__srt--ProductOrServiceAxis__us-gaap--HealthCareMember_z6zonLNkPJp7" title="Assets" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0859">-</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="width: 40%; text-align: left; padding-bottom: 1.5pt">Motor controller</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 6%; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_custom_MotorControllerMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">37,065</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 6%; text-align: right"><ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2021-01-012021-12-31_custom_MotorControllerMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,107</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 6%; text-align: right"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2021-01-012021-12-31_custom_MotorControllerMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,958</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 6%; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-01-012021-12-31_custom_MotorControllerMember" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">118,749</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 6%; text-align: right"><ix:nonFraction name="us-gaap:DepreciationDepletionAndAmortization" contextRef="From2021-01-012021-12-31_custom_MotorControllerMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,654</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--Assets_iI_c20211231__srt--ProductOrServiceAxis__custom--MotorControllerMember_zlhSujXJZIcd" title="Assets" style="border-bottom: Black 1.5pt solid; width: 6%; text-align: right"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2021-12-31_custom_MotorControllerMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">78,467</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_410_20210101__20211231_z25lcI5bsT6h" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Segment Totals</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">37,065</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,107</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,958</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">118,749</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:DepreciationDepletionAndAmortization" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,654</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--Assets_iI_c20211231_z5V6yCNTOvO9" title="Assets" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">78,467</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other Loss, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Income tax benefits</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_980_eus-gaap--IncomeTaxExpenseBenefit_c20210101__20211231_zEDcOmHLYUyk" title="Income tax benefits" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0877">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: left">Unallocated Assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_ecustom--UnallocatedAssets_iI_c20211231_zeUtCT3jwqwi" title="Unallocated assets" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0879">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; text-align: left">Net Loss</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ConcentrationRiskDisclosureTextBlock"><p id="xdx_806_eus-gaap--ConcentrationRiskDisclosureTextBlock_zfirInHBjfuk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>NOTE
14 &#8211; <span id="xdx_82A_zP7SALsBGR0g">CONCENTRATIONS OF RISK</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company is exposed to the following concentrations of risk:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.
<span style="background-color: white">Credit risk and major customers</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Financial
instruments that are potentially subject to credit risk consist principally of trade receivables. The Company believes the concentration
of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection
terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful
accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2021, <span id="xdx_90E_ecustom--CashOnHandAndDepositsPercentage_iI_pid_dp_uPure_c20221231_zuPsLWCMMZOk" title="Cash on hand and deposits percentage"><span id="xdx_90A_ecustom--CashOnHandAndDepositsPercentage_iI_pid_dp_uPure_c20211231_zQvRuZXHAwK5" title="Cash on hand and deposits percentage"><ix:nonFraction name="tian:CashOnHandAndDepositsPercentage" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="tian:CashOnHandAndDepositsPercentage" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></ix:nonFraction></span></span>% of the Company&#8217;s cash including cash on hand and deposits in accounts were maintained within
the PRC where there is currently no rule or regulation in place for obligatory insurance to cover bank deposits in the event of a bank&#8217;s
failure. However, the Company has not experienced any such losses and believes it is not exposed to any significant risks on its cash
in bank accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<ix:exclude><!-- Field: Page; Sequence: 89; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s key customers are located in the PRC. The Company has not entered into long-term supply contracts with any of these major
customers. During the years ended December 31, 2022 and 2021, the Company&#8217;s customers that accounted for 10% or more of the Company&#8217;s
revenue are as follow:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock"><p id="xdx_891_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_zUWpKmLBTAa3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BC_zFr6rzVggRyc">SCHEDULE
OF CONCENTRATION OF RISK</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%">
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<tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="display: none; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0932">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_AccountsPayableMember_us-gaap_CustomerConcentrationRiskMember_custom_SuppliersEEMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">18</ix:nonFraction></td><td style="text-align: left">%</td></tr>
<tr id="xdx_40D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_hsrt--MajorCustomersAxis__custom--SuppliersEEMember_zHnkIRRtiu2c" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Concentration risk percentage</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0935">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_AccountsPayableMember_us-gaap_CustomerConcentrationRiskMember_custom_SuppliersEEMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">18</ix:nonFraction></td><td style="text-align: left">%</td></tr>
</table>

</ix:nonNumeric><p id="xdx_8AA_zCe2fANKnxU5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.
<span style="background-color: white">Interest rate risk</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
the Company has no significant interest-bearing assets, the Company&#8217;s income and operating cash flows are substantially independent
of changes in market interest rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.
<span style="background-color: white">Exchange rate risk</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
reporting currency of the Company is USD, to date the majority of the revenues and costs are denominated in RMB and a significant portion
of the assets and liabilities are denominated in RMB. As a result, the Company is exposed to foreign exchange risk as its revenues and
results of operations may be affected by fluctuations in the exchange rate between US$ and RMB. If RMB depreciates against US$, the value
of RMB revenues and assets as expressed in USD financial statements will decline. The Company does not hold any derivative or other financial
instruments that expose to substantial market risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.
<span style="background-color: white">Economic and political risks</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s operations are conducted in the PRC. Accordingly, the Company&#8217;s business, financial condition and results of operation
may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC economy. The outbreak
of COVID-19 pandemic has expanded all over the world since the beginning of 2020, which has greatly slowdown the growth of the global
economy, including the PRC, and this effect might be continued until the COVID 2019 was controlled by the human being. The slowdown of
the growth of the PRC&#8217;s economy might has adversely effect on our current business and future developments if we would not catch
the opportunities of the increasing demand of medical from the popular residents.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s operations in the PRC are subject to special considerations. These include risks associated with, among others, the political,
economic and legal environment and foreign currency exchange. The Company&#8217;s results may be adversely affected by changes in the
political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary
measures, currency conversion, remittances abroad, and rates and methods of taxation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_80A_eus-gaap--SubsequentEventsTextBlock_zRL0M3EfEYv5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="background-color: white"><b>NOTE
15 &#8211; <span id="xdx_821_zvPIa7jqHKva">SUBSEQUENT EVENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 20pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="background-color: white">On
May 8, 2023, the Company entered into a manufacturing contract with Xiwang New Material Technology Co., Ltd. (&#8220;Xiwang&#8221;)
to produce 300 customized personal sauna rooms for the Company at a price of RMB <span id="xdx_907_eus-gaap--ManufacturingCosts_uRMB_c20230507__20230508__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zSxs0qaGuzP3" title="Manufacturing contract price"><ix:nonFraction name="us-gaap:ManufacturingCosts" contextRef="From2023-05-072023-05-08_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" unitRef="RMB">13,800</ix:nonFraction></span> or $<span id="xdx_902_eus-gaap--ManufacturingCosts_uUSD_c20230507__20230508__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zyASlRnfNFC7" title="Manufacturing contract price"><ix:nonFraction name="us-gaap:ManufacturingCosts" contextRef="From2023-05-072023-05-08_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,000</ix:nonFraction></span> USD per room. In accordance with
the contract, the Company prepaid a refundable deposit of RMB <span id="xdx_90D_ecustom--PrepaidRefundableDeposit_iI_pn5n6_uRMB_c20230508_zf7AzXGxhDff" title="Prepaid refundable deposit"><ix:nonFraction name="tian:PrepaidRefundableDeposit" contextRef="AsOf2023-05-08" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">1.1</ix:nonFraction></span> million or approximately $<span id="xdx_90B_ecustom--PrepaidRefundableDeposit_iI_uUSD_c20230508_zvVgLxTc7vT8" title="Prepaid refundable deposit"><ix:nonFraction name="tian:PrepaidRefundableDeposit" contextRef="AsOf2023-05-08" format="ixt:numdotdecimal" decimals="0" unitRef="USD">160,000</ix:nonFraction></span> USD to Xiwang. The customized
personal sauna rooms will be built with the Company&#8217;s owned brand name, &#8220;Qige Power.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="background-color: white">On
May 24, 2023, the Company entered into a development agreement with Shenzhen Ascend Semiconductor Co., Ltd. to design and develop a
wireless control panel for the Company to install into its customized personal sauna room products. The total fee for this agreement
is RMB <span id="xdx_90A_eus-gaap--BusinessDevelopment_uRMB_c20230523__20230524__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zACGvWw6R7Th" title="Total fee"><ix:nonFraction name="us-gaap:BusinessDevelopment" contextRef="From2023-05-232023-05-24_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" unitRef="RMB">360,000</ix:nonFraction></span> or approximately $<span id="xdx_902_eus-gaap--BusinessDevelopment_uUSD_c20230523__20230524__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zt4kbpy80bfb" title="Total fee"><ix:nonFraction name="us-gaap:BusinessDevelopment" contextRef="From2023-05-232023-05-24_us-gaap_SubsequentEventMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">52,000</ix:nonFraction></span> USD.</span></p>

</ix:nonNumeric><p id="xdx_814_zRucPjuByu3k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

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{"company-data": {"conformed-name": "Tian'an Technology Group Ltd", "cik": "0001941189", "assigned-sic": "3621", "irs-number": "002059465", "state-of-incorporation": "D8", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "333-267453", "film-number": "23999484"}, "business-address": {"street1": "NO. 3500 XIUPU ROAD", "street2": "PUDONG NEW AREA", "city": "SHANGHAI", "state": "F4", "zip": "201315", "phone": "86 17127669333"}, "mail-address": {"street1": "NO. 3500 XIUPU ROAD", "street2": "PUDONG NEW AREA", "city": "SHANGHAI", "state": "F4", "zip": "201315"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from ___________ to ___________
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report:
Commission
file number:
001-40517
TIAN'AN
TECHNOLOGY GROUP LTD.
(Exact
Name of Registrant as Specified in Its Charter)
Not
Applicable
(Translation
of Registrant's Name Into English)
British
Virgin Islands
(Jurisdiction
of Incorporation or Organization)
Room
501
,
No. 3, Lane 743
,
Taopu
Road, Putuo District
Shanghai
,
China
(Address
of Principal Executive Offices)
Heng
Fei Yang
, Chairman and Chief Executive Officer
Room
501
,
No. 3, Lane 743
,
Taopu
Road, Putuo District
Shanghai
,
China
Tel:
+
021
-
69900680
tianankj@sina.com
(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
    of Each Class
Trading
    Symbol(s)
Name
    of Each Exchange On Which Registered
Ordinary
    Shares
N/A
N/A
Securities
registered or to be registered pursuant to Section 12(g) of the Act.
None
(Title
of Class)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act.
None
(Title
of Class)
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report (December 31, 2022):
45,000,000
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐
No
☒
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐
No
☒
Note
– Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files)
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of "large accelerated filer, "accelerated filer," and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large
    Accelerated Filer
☐
Accelerated
    Filer
☐
Non-Accelerated
    Filer
☒
Emerging
    Growth Company
☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act.
☐
†
The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
☒
International Financial Reporting Standards as issued by the International
Accounting Standards Board ☐
Other
    ☐
If
"Other" has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow. ☐ Item 17 ☐ Item 18
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes ☐
No
☒
(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Not Applicable
Annual
Report on Form 20-F
Years
Ended December 31, 2022 and 2021
TABLE
OF CONTENTS
Page
PART
    I
ITEM
    1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
2
A.
Directors and Senior Management
2
B.
Advisors
2
C.
Auditors
2
ITEM
    2.
OFFER STATISTICS AND EXPECTED TIMETABLE
2
A.
Offer Statistics
2
B.
Method and Expected Timetable
2
ITEM
    3.
KEY INFORMATION
2
A.
Selected Financial Data
2
B.
Capitalization and Indebtedness
3
C.
Reasons for the Offer and Use of Proceeds
3
D.
Risk Factors
3
ITEM
    4.
INFORMATION ON THE COMPANY
23
A.
History and Development of the Company
23
B.
Business Overview
25
C.
Organizational Structure
40
D.
Property, Plants and Equipment
40
ITEM
    4A.
UNRESOLVED STAFF COMMENTS
41
ITEM
    5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
41
A.
Operating Results
41
B.
Liquidity and Capital Resources
44
C.
Research and Development, Patents and Licenses, Etc.
45
D.
Trend Information
45
E.
Off Balance Sheet Arrangements
45
F.
Tabular Disclosure of Contractual Obligations
45
G.
Safe Harbor
48
ITEM
    6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
49
A.
Directors and Senior Management
49
B.
Compensation
49
C.
Board Practices
49
D.
Employees
51
E.
Share Ownership
51
ITEM
    7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
52
A.
Major Shareholders
52
B.
Related Party Transactions
52
C.
Interests of Experts and Counsel
52
ITEM
    8.
FINANCIAL INFORMATION
52
A.
Consolidated Statements and Other Financial Information
52
B.
Significant Changes
53
ITEM
    9.
THE OFFER AND LISTING
53
A.
Offer and Listing Details
53
B.
Plan of Distribution
53
C.
Markets
53
D.
Selling Shareholders
53
E.
Dilution
53
F.
Expenses of the Issue
53
i
ITEM
    10.
ADDITIONAL INFORMATION
54
A.
Share Capital
54
B.
Memorandum and Articles of Association
54
C.
Material Contracts
58
D.
Exchange Controls
58
E.
Taxation
60
F.
Dividends and Paying Agents
64
G.
Statement by Experts
64
H.
Documents on Display
64
I.
Subsidiary Information
64
ITEM
    11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
64
ITEM
    12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
65
A.
Debt Securities
65
B.
Warrants and Rights
65
C.
Other Securities
65
D.
American Depositary Shares
65
PART
    II
ITEM
    13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
65
ITEM
    14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
65
ITEM
    15.
CONTROLS AND PROCEDURES
66
A.
Disclosure Controls and Procedures
66
B.
Management's Annual Report on Internal Control Over Financial Reporting
66
C.
Attestation Report of the Registered Public Accounting Firm
66
D.
Changes in Internal Controls over Financial Reporting
66
ITEM
    16A.
AUDIT COMMITTEE FINANCIAL EXPERT
66
ITEM
    16B.
CODE OF ETHICS
66
ITEM
    16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
67
ITEM
    16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
67
ITEM
    16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
67
ITEM
    16F.
CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
67
ITEM
    16G.
CORPORATE GOVERNANCE
67
ITEM
    16H.
MINE SAFETY DISCLOSURE
67
PART
    III
ITEM
    17.
FINANCIAL STATEMENTS
67
ii
INTRODUCTORY
NOTES
Use
of Certain Defined Terms
Except
as otherwise indicated by the context and for the purposes of this report only, references in this report to:
●
"Tian'an
    Technology Group Ltd.," "the Company," "we," "us," "our company" or "our"
    are to Tian'an Technology Group Ltd a British Virgin Islands corporation, its subsidiaries and its consolidated affiliated
    entities. Tian'an Technology Group Ltd., is a limited company organized under the laws of the British Virgin Islands and is
    the holding company of Yunke Jingrong Information Technology Co., Ltd., its wholly owned subsidiary;
●
"China"
    or the "PRC" are to the People's Republic of China, including Hong Kong and Macau, and excluding, for the purposes
    of this report only, Taiwan.
●
"Ordinary
    shares" or "Shares" are to our ordinary shares, no par value per share;
●
"RMB,"
    "Renminbi" "Yuan," or "¥" are to the legal currency of the People's Republic of China;
●
"US$,"
    "U.S. dollars," "$," or "dollars" are to the legal currency of the United States;
●
"Shanghai
    Qige Power Technology Co., Ltd., which is the operating company for Tian'an Technology Group Ltd., is a limited company organized
    under the laws of China and is the wholly owned subsidiary of Yunke Jingrong Information Technology Co., Ltd.
●
"Yunke
    Jingrong Information Technology Co, Ltd. is a limited company organized under the laws of China and is the parent company for Shanghai
    Qige Power Technology Co., Ltd., its wholly owned subsidiary.
Cautionary
Note Regarding Forward-Looking Statements
In
addition to historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities
Act and Section 21E of the Exchange Act. We use words such as "believe," "expect," "anticipate,"
"project," "target," "plan," "optimistic," "intend," "aim," "will"
or similar expressions which are intended to identify forward-looking statements. Such statements include, among others, those concerning
market and industry segment growth and demand and acceptance of new and existing products; any projections of sales, earnings, revenue,
margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; and any
statements regarding future economic conditions or performance, as well as all assumptions, expectations, predictions, intentions or
beliefs about future events. Investors are cautioned that any such forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, as well as assumptions, which, if they were to ever materialize or prove incorrect, could cause
the results of the Company to differ materially from those expressed or implied by such forward-looking statements. Potential risks and
uncertainties include, among other things, the possibility that we may not be able to maintain or increase our net revenues and profits
due to our failure to anticipate consumer preferences and develop new menswear products, our failure to execute our business expansion
plan, changes in domestic and foreign laws, regulations and taxes, changes in economic conditions, uncertainties related to China's
legal system and economic, political and social events in China, a general economic downturn, a downturn in the securities markets, and
other risks and uncertainties which are generally set forth under Item 3 "Key information—D. Risk Factors" and elsewhere
in this report.
Readers
are urged to carefully review and consider the various disclosures made by us in this report and our other filings with the SEC. These
reports attempt to advise interested parties of the risks and factors that may affect our business, financial condition and results of
operations and prospects. The forward-looking statements made in this report speak only as of the date hereof and we disclaim any obligation,
except as required by law, to provide updates, revisions or amendments to any forward-looking statements to reflect changes in our expectations
or future events.
1
PART
I
ITEM
    1.
IDENTITY
    OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
A.
Directors
    and Senior Management
Not
applicable.
B.
Advisors
Not
applicable.
C.
Auditors
Not
applicable.
ITEM
    2.
OFFER
    STATISTICS AND EXPECTED TIMETABLE
A.
Offer
    Statistics
Not
applicable.
B.
Method
    and Expected Timetable
Not
applicable.
ITEM
    3.
KEY
    INFORMATION
A.
Selected
    Financial Data
The
following table presents selected financial data regarding our business. It should be read in conjunction with our consolidated financial
statements and related notes contained elsewhere in this annual report and the information under Item 5 "Operating and Financial
Review and Prospects." The selected consolidated statements of operations and comprehensive loss data for the fiscal years ended
December 31, 2022 and 2021, and the selected consolidated statements of financial position data as of December 31, 2022 and 2021 have
been derived from our audited consolidated financial statements that are included in this annual report beginning on page F-1.
Our
consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United
States of America, or U.S. GAAP. The selected financial data information is only a summary and should be read in conjunction with the
historical consolidated financial statements and related notes contained elsewhere herein. The financial statements contained elsewhere
fully represent our financial condition and operations; however, they are not indicative of our future performance.
Balance
Sheet Data (Presented in $USD)
As of December 31,
2022
2021
Current assets
$
74,702
$
62,378
Total assets
$
74,702
$
78,467
Current liabilities
$
382,201
$
642,391
Total liabilities
$
382,201
$
649,995
Total equity
$
(307,499
)
$
(571,528
)
Total liabilities and equity
$
74,702
$
78,467
2
Statements
of Operations Data (Presented in $USD)
For the years ended December 31,
2022
2021
Revenues
$
195,733
$
37,065
Gross profit
$
52,828
$
11,958
Operating expenses
$
331,553
$
130,707
Loss from operations
$
(278,725
)
$
(118,749
)
Other loss, net
$
(1,792
)
$
(506
)
B.
Capitalization
    and Indebtedness
Not
applicable.
C.
Reasons
    for the Offer and Use of Proceeds
Not
applicable.
D.
Risk
    Factors
An
investment in our capital stock involves a high degree of risk. You should carefully consider the risks described below, together with
all of the other information included in this annual report, before making an investment decision. If any of the following risks actually
occurs, our business, financial condition or results of operations could suffer. In that case, the trading price of our common stock
could decline, and you may lose all or part of your investment.
Risks
Related To Our Financial Condition and Business Model
The
Company's independent registered public accounting firm has expressed substantial doubt about our ability to continue as a going
concern.
As
of December 31, 2022 the Company has incurred an accumulated deficit of $814,339 and a negative working capital of $307,499. At December
31, 2021, the Company's accumulated deficit was $533,822 and the negative working capital is $580,013. The Company will require
additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as
a going concern is dependent on raising capital to fund its business plan and ultimately to attain profitable operations. Accordingly,
these factors raise substantial doubt as to the Company's ability to continue as a going concern from a period of one year from
the issuance of these financial statements. The Company intends to continue to fund its business by way of private placements and financing
supports from related parties as may be required. As a result, the Company's independent registered public accounting firm included
an explanatory paragraph in its report on our financial statements for the years ended December 31, 2022 and 2021 with respect to this
uncertainty. If the Company is unable to raise capital when needed or on acceptable terms, Shanghai Qige could be forced to delay, reduce,
or eliminate its technology development programs, commercialization efforts, general hiring, or to cease operations.
Because
the Company is an "emerging growth company," the Company may take advantage of certain exemptions from various reporting
requirements that are applicable to other public companies that are not "emerging growth companies."
The
Company is an "emerging growth company" as defined under the
Jumpstart our Business Startups Act
("JOBS Act").
We will remain an "emerging growth company" for up to five years, or until the earliest of:
(i)
the
    last day of the first fiscal year in which our total annual gross revenues exceed $1.07 billion,
(ii)
the
                                                         date that we become a "large accelerated filer" as defined in Rule 12b-2 under the Securities Exchange Act of 1934,
                                                         which would occur if the market value of our Ordinary Shares that is held by non-affiliates exceeds $700 million as of the last
                                                         business day of our most recently completed second fiscal quarter, or
(iii)
the
    date on which we have issued more than $1 billion in non-convertible debt during the preceding three-year period.
As
an "emerging growth company", the Company may take advantage of certain exemptions from various reporting requirements that
are applicable to other public companies that are not "emerging growth companies" including, but not limited to:
●
not
being required to comply with the auditor attestation requirements of section 404(b) of the
Sarbanes-Oxley Act
("Sarbanes
Oxley") (we also will not be subject to the auditor attestation requirements of section 404(b) as long as we are a "smaller
reporting company", which includes issuers that had a public float of less than $75 million as of the last business day of their
most recently completed second fiscal quarter);
●
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.
3
In
addition, section 107 of the JOBS Act provides that an "emerging growth company" can take advantage of the extended transition
period provided in section 7(a)(2)(B) of the Securities Act of 1933 (the "Securities Act") for complying with new or revised
accounting standards. Under this provision, an "emerging growth company" can delay the adoption of certain accounting standards
until those standards would otherwise apply to private companies. However, the Company choosing to "opt out" of such extended
transition period and, as a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption
of such standards is required for non-emerging growth companies. Section 107 of the JOBS Act provides that the Company's decision
to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.
Defects,
errors or any other problems associated with Shanghai Qige's products and services could diminish demand for its products or services,
harm its business and results of operations and subject us to liability.
Shanghai
Qige's customers use its products and services for important aspects of their businesses, and any errors, defects or disruptions
to its products and services and any other performance problems with its products and services could damage its customers' businesses
and, in turn, hurt its brand and reputation. Real or perceived errors, failures, bugs or security vulnerabilities in Shanghai Qige's
products could result in negative publicity, loss of or delay in market acceptance, loss of competitive position, lower customer retention
or claims by customers for losses sustained by them. In such an event, Shanghai Qige may be required, or may choose, for customer relations
or other reasons, to expend additional resources in order to help correct the problem. As a result, its reputation and brand could be
harmed, and the business, operating results and financial condition may be adversely affected. Shanghai Qige uses third-party suppliers
to manufacture its products. Such finished products may contain defects, errors or other product issues, which may negatively impact
the performance of Shanghai Qige's products and services, and smart devices, damage its reputation, harm its ability to attract
new and existing customers, and incur significant support, repair or replacement costs even if Shanghai Qige can be reimbursed from the
third-party suppliers.
Shanghai
Qige generates a significant portion of its revenues from a limited number of major customers and any loss of business from these customers
could have a negative impact on revenues and harm our business.
Shanghai
Qige derives a significant portion of its revenues from a limited number of major customers. Its five largest customers in the fiscal
years ended December 31, 2022 and 2021 accounted for 73.1% and approximately 98.5% of its revenues, respectively. Shanghai Qige's
ability to maintain close relationships with major customers is essential to the success of its business. The purchase orders placed
by specific customers may vary from period to period, and typically does not have long-term purchase commitments from its customers.
As a result, most of its customers could reduce or cease their use of Shanghai Qige's products and services at any time without
any penalty or termination charges. A major customer in one year may not provide the same level of revenues in any subsequent year. In
addition, reliance on any individual customer for a significant portion of revenues may give that customer a degree of pricing leverage
when negotiating contracts and terms of service with Shanghai Qige.
Many
factors not within Shanghai Qige's control could cause the loss of, or reduction in, business or revenues from any customer, and
these factors are not predictable. These factors include, among others, pricing pressure from competitors, a change in a customer's
business strategy, or failure of a module supplier to develop competitive products. Customers may choose to pursue alternative technologies
and develop alternative products in addition to, or in lieu of, Shanghai Qige's products, either on their own or in collaboration
with others, including competitors. The loss of any major customer, or a significant decrease in the volume of customer demand or the
price at which Shanghai Qige sells its products to customers, could materially adversely affect the Company's financial condition
and results of operations.
If
the Company is unable to retain key personnel and hire new key personnel, it may not be able to implement our business plan.
The
Company's ability to succeed depends upon the experience and contributions of our key personnel, and in particular, our founder
and CEO, Mr. Heng Fei Yang. The loss of the services of these individuals, if they are not adequately replaced, could have a substantial
adverse effect on the Company's financial condition, results of operations, and prospects. The Company's future success will
also depend on our ability to identify, attract, and retain additional qualified personnel as we expand our operations. There is no guarantee
that we will be successful in identifying, attracting, and retaining such personnel. Consequently, the loss of any of those individuals
may have a substantial effect on our future success or failure. The Company may have to recruit qualified personnel with competitive
compensation packages, equity participation, and other benefits that may affect the working capital available for our operations. Management
may have to seek to obtain outside independent professionals to assist them in assessing the merits and risks of any business proposals
as well as assisting in the development and operation of company projects. No assurance can be given that the Company will be able to
obtain such needed assistance on terms acceptable to us. Our failure to attract additional qualified employees or to retain the services
of key personnel could have a material adverse effect on our operating results and financial condition.
4
Shanghai
Qige's ability to appropriately respond to changing consumer preferences and demand for new products or product enhancements could
significantly harm its customer relationships and product sales and harm our financial condition and operating results
.
Shanghai
Qige's industry is subject to changing consumer trends and preferences, especially with respect to technological advancement. Shanghai
Qige's continued success depends in part on its ability to anticipate and respond to these changes, and it may not respond in a
timely or commercially appropriate manner to such changes. Its failure to accurately predict these trends could negatively impact consumer
opinion of its products and cause the loss of sales. The success of Shanghai Qige's new product offerings and enhancements depends
upon a number of factors, including its ability to:
●
accurately
    anticipate customer needs;
●
innovate
    and develop new products or product enhancements that meet these needs;
●
successfully
    commercialize new products or product enhancements in a timely manner;
●
price
    our products competitively;
●
manufacture
    and deliver our products in sufficient volumes and in a timely manner; and
●
differentiate
    our product offerings from those of our competitors.
If
Shanghai Qige does not introduce new products or make enhancements to meet the changing needs of its customers in a timely manner, some
of its product offerings could be rendered obsolete, which could negatively impact revenues, financial condition and operating results.
If
Shanghai Qige is unable to build a sufficient distribution network to meet increasing demand of its products, its ability to execute
on its business plan as outlined in this prospectus will be impaired.
Shanghai
Qige sells products through its direct sales force and distribution channel. Although Shanghai Qige's sales and distribution satisfy
existing business needs, they might be insufficient to meet demand for its products as they continue to grow the business, which could
result in harm to sales and business operations, financial condition and results of operations. To mitigate such risk, the Company intends
to invest internally generated cash from operations and capital to be raised to add additional teams to Shanghai Qige's direct
sales force, expand its geographic reach with new distribution channels into other provinces within China and overseas, and establish
more sales online. If planned efforts to expand sales and distribution channels are not effective, Shanghai Qige's ability to execute
on business plans and to realize continued growth with be impaired.
Production
difficulties, quality control problems, inaccurate forecasting and reliance on third-party suppliers could harm Shanghai Qige's
business.
Production
difficulties, quality control problems, inaccurate forecasting and Shanghai Qige's reliance on third party suppliers to manufacture
and deliver products that meet its specifications in a timely manner could harm the business. Shanghai Qige could experience production
difficulties with respect to its products, including the availability of raw materials, components, packaging and products that do not
meet its specifications and quality control standards. These production difficulties and quality problems could result in stock outages
or shortages in the markets with respect to such products, harm sales, or create inventory write-downs for unusable products.
Disruptions
resulting from the COVID-19 pandemic have had a material negative impact on our results of operations, and pose continuing additional
risks to our operations.
In
December 2019, a novel strain of COVID-19 was reported in Wuhan, China. On March 11, 2020, the World Health Organization categorized
it as a pandemic. To reduce the spread of the COVID-19, the Chinese government has employed measures including city lockdowns, quarantines,
travel restrictions, suspension of business activities and school closures. Due to difficulties resulting from the COVID-19 outbreak,
including, but not limited to, the temporary closure of the Company's factory and operations beginning in early February, limited
support from the Company's employees, delayed access to raw material supplies and inability to deliver products to customers on
a timely basis, the Company's business was negatively impacted and is expected to generate lower revenue and net income during
the period from February to April 2020. The Company resumed operations on March 2, 2020 and, as such, the extent of the impact of COVID-19
on the Company's results of operations and financial condition will depend on future developments, including the duration and spread
of the outbreak and the impact on the Company's customers, which are still uncertain and cannot be reasonably estimated at this
point of time. The local government of the Company's PRC subsidiary Shanghai Qige has issued shutdown measures throughout March
2022 to June 2022. The impact of the epidemic and sporadic resumption of work, Shanghai Qige's operations and our financial results
have been adversely materially affected.
5
Shanghai
Qige may face increased competition from new and existing firms with greater capital resources, which could cause market share and profitability
to decline if Shanghai Qige does not successfully meet competitive challenges
.
Because
of the strong prospects and recent growth of Shanghai Qige's existing business, Shanghai Qige may face new direct competition from
some counterparts engaged in other categories of the natural products and ingredients business, such as Fangda Carbon New Material Technology
Co., Ltd and Del Future Technology Holdings Group Co., Ltd. in China, which are engaged in sale of products that contain graphene materials.
The size, financial strength, technology foundation and development capabilities of the above-mentioned and similar companies are strong,
and potential competition from these firms will be a key competitive challenge in the near future. In addition, these companies may challenge
Shanghai Qige given their advanced supply chains and the cost advantages that come with that. Because of the strong capital and brand
strength of such companies, they might pose challenges to Shanghai Qige in the future. If Shanghai Qige is unable to continue to expand,
innovate, and collaborate to improve its market position in the face of new competition, market share, revenues, and profitability will
be adversely affected.
Risks
Related To Legal Uncertainty
We
may incur material product liability claims, which could increase our costs and harm our financial condition and operating results.
Our
industry experiences significant product liability claims. As a supplier of products, we face an inherent business risk of exposure to
product liability claims in the event that our products malfunction and result in personal injury or death. We may be named in product
liability claims even if there is no evidence that our systems or components caused the accidents. Product liability claims could result
in significant losses as a result of expenses incurred in defending claims or the award of damages. In addition, we may be required to
participate in recalls involving these systems if any of our systems prove to be defective, or we may voluntarily initiate a recall or
make payments related to such claims as a result of various industry or business practices or the need to maintain good customer relationships.
Our other products may also be subject to product liability claims or recalls. We cannot assure you that our product liability insurance
will be sufficient to cover all product liability claims, that such claims will not exceed our insurance coverage limits or that such
insurance will continue to be available on commercially reasonable terms, if at all. Any product liability claim brought against us could
have a material adverse effect on our reputation and business as the Company currently carries no product liability insurance.
Risks
Related to Our Corporate Structure
If
the PRC government finds that the agreements that establish the structure for conducting certain of our operations in China do not comply
with PRC regulations relating to the relevant industries, or if these regulations or the interpretation of existing regulations changes
in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations.
Foreign
investment in China is extensively regulated and subject to numerous restrictions. Pursuant to the
Special Management Measures for
the Market Entry of Foreign Investment (Negative List) (2019)
, or the
2019 Negative List
, published by the National Development
and Reform Commission, and the Ministry of Commerce, or the MOFCOM, on June 30, 2019, and effective on July 30, 2019, with a few exceptions,
foreign investors are not allowed to own more than 50% of the equity interests in a value-added telecommunication services provider and
any primary foreign investor must have experience in providing value-added telecommunications services overseas and maintain a good track
record.
6
If
the PRC government finds that our contractual arrangements do not comply with its restrictions on foreign investment, or if the PRC government
otherwise finds that we or any of its subsidiaries are in violation of PRC laws or regulations or lack the necessary permits or licenses
to operate our business, the relevant PRC regulatory authorities, would have broad discretion in dealing with such violations or failures,
including, without limitation:
●
revoking
    the business licenses and/or operating licenses of such entities;
●
discontinuing
                                            or placing restrictions or onerous conditions on our operation through any transactions between
                                            our PRC
subsidiary
    and consolidated affiliated entities;
●
Imposing
                                                         fines, confiscating the income from our PRC subsidiary or consolidated affiliated entities, or imposing other requirements with
                                                         which such entities may not be able to comply;
●
requiring
                                                         us to restructure our ownership structure or operations, including terminating the contractual arrangements with our variable
                                                         interest entity and deregistering the equity pledges of our variable interest entity, which in turn would affect our ability to
                                                         consolidate, derive economic interests from, or exert effective control over our variable interest entity; or
●
restricting
    or prohibiting our use of the proceeds of this offering to finance our business and operations in China.
Any
of these actions could cause significant disruption to our business operations and severely damage our reputation, which would in turn
materially and adversely affect our business, financial condition and results of operations. If any of these occurrences result in our
inability to direct the activities of our variable interest entity that most significantly impact its economic performance, and/or our
failure to receive the economic benefits from our variable interest entity, we may not be able to consolidate the entity in our consolidated
financial statements in accordance with US GAAP.
You
may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in the British Virgin
Islands against us or our management named in the prospectus based on foreign laws.
Our
Company is incorporated under the laws of the British Virgin Islands. We conduct substantially all of our operations in China, and substantially
all of our assets are located in China. In addition, all our senior executive officers reside within China for a significant portion
of the time and most are PRC nationals. As a result, it may be difficult for our shareholders to effect service of process upon us or
those persons inside China. In addition, China does not have treaties providing for the reciprocal recognition and enforcement of judgments
of courts with the British Virgin Islands and many other countries and regions. Therefore, recognition and enforcement in China of judgments
of a court in any of these non-PRC jurisdictions in relation to any matter not subject to a binding arbitration provision may be difficult
or impossible.
In
addition, BVI companies may not have standing to initiate a shareholder derivative action in a federal court of the United States. The
circumstances in which any such action may be brought, and the procedures and defenses that may be available in respect to any such action,
may result in the rights of shareholders of a BVI company being more limited than those of shareholders of a company organized in the
United States. Accordingly, shareholders may have fewer alternatives available to them if they believe that corporate wrongdoing has
occurred. For more information, see "Description of Share Capital—Differences in Corporate Law—Shareholders'
Suits". The BVI courts are also unlikely to recognize or enforce against us judgments of courts in the United States based on certain
liability provisions of U.S. securities law, and to impose liabilities against us, in original actions brought in the BVI, based on certain
liability provisions of U.S. securities laws that are penal in nature. There is no statutory enforcement in the BVI of judgments obtained
in the United States, although the courts of the BVI will in certain circumstances recognize such a foreign judgment and treat it as
a cause of action in itself which may be sued upon as a debt at common law so that no retrial of the issues would be necessary. For more
information, see "Enforceability of Civil Liabilities." This means that even if shareholders were to sue us successfully,
they may not be able to recover anything to make up for the losses suffered.
Lastly,
under the provisions of the BVI Act, the memorandum and articles of association of a company are binding as between the company and its
members and between the members. In general, members are bound by the decision of the majority or special majorities as set out in the
articles of association or in the Act. As for voting, the usual rule is that with respect to normal commercial matters members may act
from self-interest when exercising the right to vote attached to their shares.
7
If
the majority members have infringed a minority member's rights, the minority may seek to enforce its rights either by derivative
action or by personal action. The BVI Act provides that any member of a company is entitled to payment of the fair value of his shares
upon dissenting from certain matters. For more information, see "Description of Share Capital—Differences in Corporate Law—Shareholders'
Suits."
Generally
any other claims against a company by its members must be based on the general laws of contract or tort applicable in the BVI or their
individual rights as members as established by the company's memorandum and articles of association, which are more limited than
the rights afforded investors under the laws of many states in the United States.
Governmental
control of currency conversion may limit our ability to utilize our revenues effectively and affect the value of your investment.
The
PRC government imposes controls on the convertibility of the Renminbi into foreign currencies and, in certain cases, the remittance of
currency out of China. We receive substantially all of our revenues in Renminbi. Under our current corporate structure, our British Virgin
Islands holding company primarily relies on dividend payments from us to fund any cash and financing requirements it may have. Under
existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and trade
and service-related foreign exchange transactions, can be made in foreign currencies without prior approval of the SAFE by complying
with certain procedural requirements. Specifically, under the existing exchange restrictions, without prior approval of SAFE, cash generated
from the operations of our PRC subsidiary in China may be used to pay dividends to our Holding Company. However, approval from or registration
with appropriate governmental authorities is required where Renminbi is to be converted into foreign currency and remitted out of China
to pay capital expenses such as the repayment of loans denominated in foreign currencies. As a result, our Holding Company may need to
obtain SAFE approval to use cash generated from our operations to pay off their respective debt in a currency other than Renminbi owed
to entities outside China, or to make other capital expenditure payments outside China in a currency other than Renminbi. The PRC government
may at its discretion restrict access to foreign currencies for current account transactions in the future. If the foreign exchange control
system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands, we may not be able to pay dividends
in foreign currencies to our shareholders, including holders of our Shares.
Uncertainties
exist with respect to the interpretation and implementation of the newly enacted Foreign Investment Law and its implementing rules, and
how they may impact our business, financial condition and results of operations.
The
variable interest entity structure has been adopted by many PRC-based companies, including us, to obtain necessary licenses and permits
in the industries that are currently subject to foreign investment restrictions in China. The MOFCOM published a discussion draft of
the
Proposed Foreign Investment Law
in January 2015, or the
2015 Draft FIL
, according to which, variable interest entities
that are controlled via contractual arrangements would also be deemed as foreign-invested entities, if they are ultimately "controlled"
by foreign investors.
In
March 2019, the PRC National People's Congress, or the NPC, promulgated the
PRC Foreign Investment Law
, or the
Foreign
Investment Law
, and in December 2019, the State Council promulgated the
Implementing Regulations of the Foreign Investment Law
of PRC
, or the
FIE Implementing Regulations
, to further clarify and elaborate the relevant provisions of the
Foreign Investment
Law
. The
Foreign Investment Law
and the
FIE Implementing Regulations
both became effective from January 1, 2020 and
replaced the major existing laws and regulations governing foreign investment in the PRC. Pursuant to the
Foreign Investment Law
,
"foreign investments" refer to investment activities conducted by foreign investors (including foreign natural persons, foreign
enterprises or other foreign organizations) directly or indirectly in the PRC, which include any of the following circumstances: (i)
foreign investors setting up foreign-invested enterprises in the PRC solely or jointly with other investors, (ii) foreign investors obtaining
shares, equity interests, property portions or other similar rights and interests of enterprises within the PRC, (iii) foreign investors
investing in new projects in the PRC solely or jointly with other investors, and (iv) investment in other methods as specified in laws,
administrative regulations, or as stipulated by the State Council.
8
The
Foreign Investment Law
and
FIE Implementing Regulations
do not introduce the concept of "control" in determining
whether a company would be considered as a foreign-invested enterprise, nor do they explicitly provide whether the variable interest
entity structure would be deemed as a method of foreign investment. However, the
Foreign Investment Law
has a catch-all provision
that includes into the definition of "foreign investments" made by foreign investors in China in other methods as specified
in laws, administrative regulations, or as stipulated by the State Council, and as the
Foreign Investment Law
and
FIE Implementing
Regulations
are newly adopted and relevant government authorities may promulgate more laws, regulations or rules on the interpretation
and implementation of the
Foreign Investment Law
, the possibility cannot be ruled out that the concept of "control"
as stated in the 2015
Draft FIL
may be embodied in, or the variable interest entity structure adopted by us may be deemed as a
method of foreign investment by, any of such future laws, regulations, and rules.
If
we are deemed as a foreign-invested enterprise under any of such future laws, regulations, and rules, and any of the businesses that
we operate were to be in the "negative list" for foreign investment and therefore be subject to foreign investment restrictions
or prohibitions, further actions required to be taken by us under such laws, regulations and rules may materially and adversely affect
our business, financial condition and results of operations. Furthermore, if future laws, administrative regulations or rules mandate
further actions to be taken by companies with respect to existing contractual arrangements, we may face substantial uncertainties as
to whether we can complete such actions in a timely manner, or at all. Failure to take timely and appropriate measures to cope with any
of these or similar regulatory compliance challenges could materially and adversely affect our current corporate structure, business,
financial condition and results of operations.
Risks
Related to Doing Business in China
Changes
in China's economic, political or social conditions or government policies could have a material adverse effect on our business
and operations.
All
of our assets and operations are located in China through our subsidiary Shanghai Qige. Accordingly, the Company's business, financial
condition, results of operations and prospects may be influenced to a significant degree by political, economic and social conditions
in China generally. The Chinese economy differs from the economies of most developed countries in many respects, including the level
of government involvement, level of development, growth rate, control of foreign exchange and allocation of resources. Although the Chinese
government has implemented measures emphasizing the utilization of market forces for economic reform, the reduction of state ownership
of productive assets, and the establishment of improved corporate governance in business enterprises, a substantial portion of productive
assets in China is still owned by the government. In addition, the Chinese government continues to play a significant role in regulating
industry development by imposing industrial policies. The Chinese government also exercises significant control over China's economic
growth through allocating resources, controlling payment of foreign currency-denominated obligations, setting monetary policy, and providing
preferential treatment to particular industries or companies.
While
the Chinese economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various
sectors of the economy, and the rate of growth has been slowing since 2012. Any adverse changes in economic conditions in China, in the
policies of the Chinese government or in the laws and regulations in China could have a material adverse effect on the overall economic
growth of China. Such developments could adversely affect our business and operating results, lead to reduction in demand for our services
and adversely affect our competitive position. The Chinese government has implemented various measures to encourage economic growth and
guide the allocation of resources. Some of these measures may benefit the overall Chinese economy, but may have a negative effect on
us. For example, our financial condition and results of operations may be adversely affected by government control over capital investments
or changes in tax regulations. In addition, in the past the Chinese government has implemented certain measures, including interest rate
adjustment, to control the pace of economic growth. These measures may cause decreased economic activity in China, which may adversely
affect our business and operating results.
9
Upon
the effectiveness of the Trial Administrative Measures, we could be subject to the Trial Administrative Measures, as the Company has:
(i) 50% or more of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated
financial statements for the most recent accounting year is accounted for by PRC domestic companies; and (ii) the main parts of the issuer'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; and, if required, we cannot
assure you that we will be able to complete such process on time or at all.
On
February 17, 2023, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies
(the "Trial Administrative Measures"), which will take effect on March 31, 2023. Compared to the Draft Rules, the Trial Administrative
Measures further clarified and emphasized several aspects, including: (i) comprehensive determination of the "indirect overseas
offering and listing by PRC domestic companies" in compliance with the principle of "substance over form" and particularly,
an issuer will be required to go through the filing procedures under the Trial Administrative Measures if the following criteria are
met at the same time: a) 50% or more of the issuer's operating revenue, total profit, total assets or net assets as documented
in its audited consolidated financial statements for the most recent accounting year is accounted for by PRC domestic companies, and
b) the main parts of the issuer'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; (ii) exemptions from immediate filing requirements for issuers that a) have already been listed or registered but
not yet listed in foreign securities markets, including U.S. markets, prior to the effective date of the Trial Administrative Measures,
and b) are not required to re-perform the regulatory procedures with the relevant overseas regulatory authority or the overseas stock
exchange, c) whose such overseas securities offering or listing shall be completed before September 30, 2023. However, such issuers shall
carry out filing procedures as required if they conduct refinancing or are involved in other circumstances that require filing with the
CSRC; (iii) a negative list of types of issuers banned from listing overseas, such as issuers under investigation for bribery and corruption;
(iv) regulation of issuers in specific industries; (v) issuers' compliance with national security measures and the personal data
protection laws; and (vi) certain other matters such as: an issuer must file with the CSRC within three business days after it submits
an application for initial public offering to competent overseas regulators; and subsequent reports shall be filed with the CSRC on material
events, including change of control or voluntary or forced delisting of the issuer(s) who have completed overseas offerings and listings.
According to the Relevant Officials of the CSRC Answered Reporter Questions ("CSRC Answers") and Trial Administrative Measures,
upon effectiveness, as a company applying for listing on Nasdaq, we could be subject to the filing process if (i) we cannot obtain the
clearance from SEC or Nasdaq before the effective date of the Trial Administrative Measures; or (ii) after we obtain the clearance from
SEC or Nasdaq before the effective date of the Trial Administrative Measures, we cannot complete the overseas listing before September
30, 2023. As the Trial Administrative Measures are newly issued, there remains uncertainty as to how it will be interpreted or implemented.
Therefore, we cannot assure you that when the Company is subject to such filing requirements, or we will be able to obtain clearance
from the CSRC in a timely fashion or at all.
Risks
related to a future determination that the Public Company Accounting Oversight Board (the "PCAOB") is unable to inspect or
investigate our auditor completely.
The
audit report included in this prospectus was issued by HHC a United States based accounting firm that is registered with the PCAOB and
can be inspected by the PCAOB. We have no intention of dismissing HHC in the future or of engaging any auditor not subject to regular
inspection by the PCAOB. There is no guarantee, however, that any future auditor engaged by the Company would remain subject to full
PCAOB inspection during the entire term of our engagement. The PCAOB is currently unable to conduct inspections in China without the
approval of Chinese government authorities. If it is later determined that the PCAOB is unable to inspect or investigate our auditor
completely, investors may be deprived of the benefits of such inspection. Any audit reports not issued by auditors that are completely
inspected by the PCAOB, or a lack of PCAOB inspections of audit work undertaken in China that prevents the PCAOB from regularly evaluating
our auditors' audits and their quality control procedures, could result in a lack of assurance that our financial statements and
disclosures are adequate and accurate. In addition, under the HFCAA, our securities may be prohibited from trading on the Nasdaq or other
U.S. stock exchanges if our auditor is not inspected by the PCAOB for three consecutive years, and this ultimately could result in our
Ordinary Shares being delisted.
10
Although
the audit report included in this prospectus was issued by U.S. auditors who are currently inspected by the PCAOB, if it is later determined
that the PCAOB is unable to inspect or investigate our auditor completely, investors would be deprived of the benefits of such inspection
and our Ordinary Shares may be delisted or prohibited from trading.
The
audit report included in this prospectus was issued by HHC, a United States based accounting firm that is registered with the PCAOB and
can be inspected by the PCAOB. We have no intention of dismissing HHC in the future or of engaging any auditor not subject to regular
inspection by the PCAOB. As an auditor of companies that are registered with the SEC and publicly traded in the United States and a firm
registered with the PCAOB, our auditor is required under the laws of the United States to undergo regular inspections to assess its compliance
with the laws of the United States and professional standards. If we were to engage a different auditor in the future, we would engage
an auditor that is United States-based and subject to full PCAOB inspection with all materials related to the audit of our financial
statements accessible to the PCAOB. There is no guarantee, however, that any future auditor engaged by the Company would remain subject
to full PCAOB inspection during the entire term of our engagement. In such case, we will engage a new qualified and fully inspected auditor,
which may result in us delaying or restating our financial statements.
The
PCAOB is currently unable to conduct inspections in China without the approval of Chinese government authorities. If it is later determined
that the PCAOB is unable to inspect or investigate our auditor completely, investors may be deprived of the benefits of such inspection.
Any audit reports not issued by auditors that are completely inspected by the PCAOB, or a lack of PCAOB inspections of audit work undertaken
in China that prevents the PCAOB from regularly evaluating our auditors' audits and their quality control procedures, could result
in a lack of assurance that our financial statements and disclosures are adequate and accurate.
As
part of a continued regulatory focus in the United States on access to audit and other information currently protected by national law,
in particular mainland China's, in June 2019, a bipartisan group of lawmakers introduced bills in both houses of the U.S. Congress
which, if passed, would require the SEC to maintain a list of issuers for which PCAOB is not able to inspect or investigate the audit
work performed by a foreign public accounting firm completely. The proposed Ensuring Quality Information and Transparency for Abroad-Based
Listings on our Exchanges ("EQUITABLE") Act prescribes increased disclosure requirements for these issuers and, beginning
in 2025, the delisting from U.S. national securities exchanges such as the Nasdaq of issuers included on the SEC's list for three
consecutive years. It is unclear if this proposed legislation will be enacted. Furthermore, there have been recent deliberations within
the U.S. government regarding potentially limiting or restricting China-based companies from accessing U.S. capital markets. On May 20,
2020, the U.S. Senate passed the Holding Foreign Companies Accountable Act (the "HFCAA"), which includes requirements for
the SEC to identify issuers whose audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely because
of a restriction imposed by a non-U.S. authority in the auditor's local jurisdiction. The U.S. House of Representatives passed
the HFCAA on December 2, 2020, and the HFCAA was signed into law on December 18, 2020. Additionally, in July 2020, the U.S. President's
Working Group on Financial Markets issued recommendations for actions that can be taken by the executive branch, the SEC, the PCAOB or
other federal agencies and department with respect to Chinese companies listed on U.S. stock exchanges and their audit firms, in an effort
to protect investors in the United States. In response, on November 23, 2020, the SEC issued guidance highlighting certain risks (and
their implications to U.S. investors) associated with investments in China-based issuers and summarizing enhanced disclosures the SEC
recommends China-based issuers make regarding such risks. On December 2, 2021, the SEC adopted final rules relating to the implementation
of certain disclosure and documentation requirements of the HFCAA. We will be required to comply with these rules if the SEC identifies
us as having a "non-inspection" year (as defined in the interim final rules) under a process to be subsequently established
by the SEC. The SEC is assessing how to implement other requirements of the HFCAA, including the listing and trading prohibition requirements
described above. Under the HFCAA, our securities may be prohibited from trading on the Nasdaq or other U.S. stock exchanges if our auditor
is not inspected by the PCAOB for three consecutive years, and this ultimately could result in our Ordinary Shares being delisted. Furthermore,
on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act ("AHFCAA"), which was
signed into law on December 29, 2022, amended the HFCAA and requires the SEC to prohibit an issuer'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. On September
22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as
contemplated under the HFCAA, whether the Board 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 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: (1) mainland China of the People's Republic of China, because of a position taken by one or more authorities
in mainland China; and (2) Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or
more authorities in Hong Kong.
11
Should
the PCAOB be unable to fully conduct inspection of our auditor's work papers, it will make it difficult to evaluate the effectiveness
of our auditor's audit procedures or equity control procedures. Investors may consequently lose confidence in our reported financial
information and procedures or quality of the financial statements, which would adversely affect us and our securities.
Because
the majority of our operations are in China via our subsidiary Shanghai Qige, our business is subject to the complex and rapidly evolving
laws and regulations there. The Chinese government may exercise significant oversight and discretion over the conduct of our business
and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value
of our Ordinary Shares.
We
are subject to a variety of laws and regulations that involve matters important to, or may otherwise impact, our business, including,
among others, information security and censorship, foreign exchange and taxation. The introduction of new products and services may subject
us to additional laws, regulations, or other government scrutiny.
These
laws and regulations are continually evolving and may change significantly. As a result, the application, interpretation, and enforcement
of these laws and regulations are often uncertain, particularly in the rapidly evolving industry in which we operate. In addition, these
laws and regulations may be interpreted and applied inconsistently by different agencies or authorities, and inconsistently with our
current policies and practices. These laws and regulations may also be costly to comply with, and such compliance or any associated inquiries
or investigations or any other government actions may:
●
Delay
    or impede our development of new services,
●
Result
    in negative publicity, increase out operating costs,
●
Require
    significant management time and attention, and
●
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
practice.
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 manner in which we conduct our business and could require us to change certain aspects of our business
to ensure compliance, which could decrease demand for our products and 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 as well as the
value of our Ordinary Shares.
Any
actions that may be taken by the Chinese government to exert more oversight and control over offerings that are conducted overseas and/or
foreign investment in China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities
to investors and cause the value of such securities to significantly decline or be worthless.
Uncertainties
with respect to the PRC legal system could adversely affect us.
The
PRC legal system is a civil law system based on written statutes. Unlike the common law system, prior court decisions under the civil
law system may be cited for reference but have limited precedential value.
In
1979, the PRC government began to promulgate a comprehensive system of laws and regulations governing economic matters in general. The
overall effect of legislation over the past three decades has significantly enhanced the protections afforded to various forms of foreign
investments in China. However, China has not developed a fully integrated legal system, and recently enacted laws and regulations may
not sufficiently cover all aspects of economic activities in China. In particular, the interpretation and enforcement of these laws and
regulations involve uncertainties. Since PRC administrative and court authorities have significant discretion in interpreting and implementing
statutory provisions and contractual terms, it may be difficult to evaluate the outcome of administrative and court proceedings and the
level of legal protection we enjoy. These uncertainties may affect our judgment on the relevance of legal requirements and our ability
to enforce our contractual rights or tort claims. In addition, the regulatory uncertainties may be exploited through unmerited or frivolous
legal actions or threats in attempts to extract payments or benefits from us.
12
Furthermore,
the PRC legal system is based in part on government policies and internal rules, some of which are not published on a timely basis or
at all and may have retroactive effect. As a result, we may not be aware of our violation of any of these policies and rules until sometime
after the violation. In addition, any administrative and court proceedings in China may be protracted, resulting in substantial costs
and diversion of resources and management attention.
The
PRC government exerts substantial influence over the manner in which we must conduct our business activities through our subsidiary Shanghai
Qige.
The
PRC government has exercised and continues to exercise substantial control over virtually every sector of the PRC economy through regulation
and state ownership. Our ability to operate in China may be harmed by changes in its laws and regulations, including those relating to
taxation, import and export tariffs, environmental regulations, land use rights, property, and other matters. We believe that our operations
in China are in material compliance with all applicable legal and regulatory requirements. However, the central or local governments
of the jurisdictions in which we operate may impose new, stricter regulations or interpretations of existing regulations that would require
additional expenditures and efforts on our part to ensure our compliance with such regulations or interpretations.
Accordingly,
government actions in the future, including any decision not to continue to support recent economic reforms and to return to a more centrally
planned economy and any regional or local variations in the implementation of economic policies, could have a significant effect on economic
conditions in China or particular regions thereof and could require us to divest ourselves of any interest we then hold in Chinese properties
or joint ventures.
We
may rely on dividends and other distributions on equity paid by our PRC subsidiary, Shanghai Qige, to fund any cash and financing requirements
we may have, and any limitation on the ability of Shanghai Qige to make payments to us could have a material and adverse effect on our
ability to conduct our business.
We
are a BVI holding company and we rely principally on dividends and other distributions on equity from our PRC subsidiary for our cash
requirements, including for services of any debt we may incur. The ability of our PRC subsidiary to pay dividends and other distributions
on equity, in turn, depends on the payment they receive from our variable interest entity as service fees pursuant to certain contractual
arrangements among our PRC subsidiary, our variable interest entity and its shareholders entered into to comply with certain restrictions
under PRC laws on foreign investment.
Additionally,
our subsidiary's ability to distribute dividends is based upon its distributable earnings. Current PRC regulations permit our PRC
subsidiary to pay dividends to its shareholder only out of their accumulated profits, if any, determined in accordance with PRC accounting
standards and regulations. In addition, our PRC subsidiary, our variable interest entity and its subsidiaries are required to set aside
at least 10% of their after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of their registered
capital. These reserves are not distributable as cash dividends. If our PRC 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 payments to us. Any limitation on the ability
of our PRC subsidiary to distribute dividends or other payments to its shareholders could materially and adversely limit our ability
to grow, make investments or acquisitions that could be beneficial to our businesses, pay dividends or otherwise fund and conduct our
business.
To
address the persistent capital outflow and the RMB's depreciation against the U.S. dollar in the fourth quarter of 2016, the People's
Bank of China and the State Administration of Foreign Exchange, or SAFE, have implemented a series of capital control measures in the
subsequent months, including stricter vetting procedures for China-based companies to remit foreign currency for overseas acquisitions,
dividend payments and shareholder loan repayments. For instance, the
Circular on Further Improving Reform of Foreign Exchange Administration
and Optimizing Genuineness and Compliance Verification
, or the
SAFE Circular 3
, issued on January 26, 2017, provides that
the banks shall, when dealing with dividend remittance transactions from domestic enterprise to its offshore shareholders of more than
$50,000, review the relevant board resolutions, original tax filing form and audited financial statements of such domestic enterprise
based on the principal of genuine transaction. The PRC government may continue to strengthen its capital controls and our PRC subsidiary's
dividends and other distributions may be subject to tightened scrutiny in the future. Any limitation on the ability of our PRC subsidiary
to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments or acquisitions
that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.
13
In
addition, the
PRC Enterprise Income Tax Law
and its implementation rules provide that a withholding tax at a rate of 10% will
be applicable to dividends payable by Chinese companies to non-PRC-resident enterprises unless reduced under treaties or arrangements
between the PRC central government and governments of other countries or regions where the non-PRC resident enterprises are tax resident.
Pursuant to the
Arrangement between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation
and Tax Evasion on Income
, the withholding tax rate in respect to the payment of dividends by a PRC enterprise to a Hong Kong enterprise
may be reduced to 5% from a standard rate of 10% if the Hong Kong enterprise directly holds at least 25% of the PRC enterprise. Under
the
Circular of the State Administration of Taxation on the Issues concerning the Application of the Dividend Clauses of Tax Agreements
,
or
SAT Circular 81
, promulgated by the State Administration of Taxation, or the SAT, on February 20, 2009, a Hong Kong resident
enterprise must meet the following conditions, among others, in order to apply the reduced withholding tax rate: (i) it must be a company;
(ii) it must directly own the required percentage of equity interests and voting rights in the PRC resident enterprise; and (iii) it
must have directly owned such required percentage in the PRC resident enterprise throughout the 12 months prior to receiving the dividends.
Nonresident enterprises are not required to obtain pre-approval from the relevant tax authority in order to enjoy the reduced withholding
tax. Instead, nonresident enterprises and their withholding agents may, by self-assessment and on confirmation that the prescribed criteria
to enjoy the tax treaty benefits are met, directly apply the reduced withholding tax rate, and file necessary forms and supporting documents
when performing tax filings, which will be subject to post-tax filing examinations by the relevant tax authorities. Accordingly, our
Hong Kong subsidiary may be able to benefit from the 5% withholding tax rate for the dividends it receives from our PRC subsidiary, if
it satisfies the conditions prescribed under the
SAT Circular 81,
and other relevant tax rules and regulations. However, if the
relevant tax authorities consider the transactions or arrangements we have are for the primary purpose of enjoying a favorable tax treatment,
the relevant tax authorities may adjust the favorable withholding tax in the future. Accordingly, there is no assurance that the reduced
5% will apply to dividends received by our Hong Kong subsidiary from our PRC subsidiary. This withholding tax will reduce the amount
of dividends we may receive from our PRC subsidiary.
Fluctuations
in exchange rates could have a material and adverse effect on our results of operations and the value of your investment.
The
value of the Renminbi against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in political
and economic conditions in China and by China's foreign exchange policies. On July 21, 2005, the PRC government changed its decade-old
policy of pegging the value of the Renminbi to the U.S. dollar, and the Renminbi appreciated more than 20% against the U.S. dollar over
the following three years. Between July 2008 and June 2010, this appreciation halted and the exchange rate between the Renminbi and the
U.S. dollar remained within a narrow band. Since June 2010, the Renminbi has fluctuated against the U.S. dollar, at times significantly
and unpredictably. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between
the Renminbi and the U.S. dollar in the future.
Significant
revaluation of the Renminbi may have a material and adverse effect on your investment. For example, to the extent that we need to convert
U.S. dollars we receive from this offering into Renminbi for our operations, appreciation of the Renminbi against the U.S. dollar would
have an adverse effect on the Renminbi amount we would receive from the conversion. Conversely, if we decide to convert our Renminbi
into U.S. dollars for the purpose of making payments for dividends on our Ordinary Shares or for other business purposes, appreciation
of the U.S. dollar against the Renminbi would have a negative effect on the U.S. dollar amount available to us.
Very
limited hedging options are available in China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into
any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may decide to enter into hedging
transactions in the future, the availability and effectiveness of these hedges may be limited and we may not be able to adequately hedge
our exposure or at all. In addition, our currency exchange losses may be magnified by PRC exchange control regulations that restrict
our ability to convert Renminbi into foreign currency.
14
Governmental
control of currency conversion may limit our ability to utilize our revenues effectively and affect the value of your investment.
The
PRC government imposes controls on the convertibility of the Renminbi into foreign currencies and, in certain cases, the remittance of
currency out of China. We receive substantially all of our revenues in Renminbi. Under our current corporate structure, our Company primarily
relies on dividend payments from our PRC subsidiary to fund any cash and financing requirements we may have. Under existing PRC foreign
exchange regulations, payments of current account items, including profit distributions, interest payments and trade and service-related
foreign exchange transactions, can be made in foreign currencies without prior approval of the SAFE by complying with certain procedural
requirements. Specifically, under the existing exchange restrictions, without prior approval of SAFE, cash generated from the operations
of our PRC subsidiary in China may be used to pay dividends to our company. However, approval from or registration with appropriate governmental
authorities is required where Renminbi is to be converted into foreign currency and remitted out of China to pay capital expenses such
as the repayment of loans denominated in foreign currencies. As a result, we need to obtain SAFE approval to use cash generated from
the operations of our PRC subsidiary and variable interest entity to pay off their respective debt in a currency other than Renminbi
owed to entities outside China, or to make other capital expenditure payments outside China in a currency other than Renminbi. The PRC
government may at its discretion restrict access to foreign currencies for current account transactions in the future. If the foreign
exchange control system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands, we may not
be able to pay dividends in foreign currencies to our shareholders, including holders of our Ordinary Shares.
Certain
PRC regulations may make it more difficult for us to pursue growth through acquisitions.
Among
other things, the
Rules on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors
, or the
M&A Rules
,
promulgated by six PRC regulatory agencies in 2006 and amended in 2009, established additional procedures and requirements that could
make merger and acquisition activities by foreign investors more time-consuming and complex. The
M&A Rules
require, among
other things, that the MOFCOM be notified in advance of any change-of-control transaction in which a foreign investor acquires control
of a PRC domestic enterprise, if (i) any important industry is concerned, (ii) such transaction involves factors that have or may have
an impact on the national economic security, or (iii) such transaction will lead to a change in control of a domestic enterprise which
holds a famous trademark or PRC time-honored brand. Moreover, the
Anti-Monopoly Law
promulgated by the Standing Committee of the
NPC which became effective in 2008 requires that transactions that are deemed concentrations and involve parties with specified turnover
thresholds must be cleared by the MOFCOM before they can be completed. In addition, PRC national security review rules which became effective
in September 2011 require acquisitions by foreign investors of PRC companies engaged in military-related or certain other industries
that are crucial to national security be subject to security review before consummation of any such acquisition. We may pursue potential
strategic acquisitions that are complementary to our business and operations. Complying with the requirements of these regulations to
complete such transactions could be time-consuming, and any required approval processes, including obtaining approval or clearance from
the MOFCOM, may delay or inhibit our ability to complete such transactions, which could affect our ability to expand our business or
maintain our market share.
PRC
regulations relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial
owners or Shanghai Qige's to liability or penalties, limit our ability to inject capital into Shanghai Qige, limit our Shanghai
Qige's ability to increase its registered capital or distribute profits to us, or may otherwise adversely affect us.
In
July 2014, SAFE promulgated the
Circular on Relevant Issues Concerning Foreign Exchange Control on Domestic Residents' Offshore
Investment and Financing and Roundtrip Investment through Special Purpose Vehicles
, or
SAFE Circular 37
, to replace the
Circular
on Relevant Issues Concerning Foreign Exchange Administration for Domestic Residents' Financing and Roundtrip Investment through
Offshore Special Purpose Vehicles
, or
SAFE Circular 75
, which ceased to be effective upon the promulgation of
SAFE Circular
37
.
SAFE Circular 37
requires PRC residents (including PRC individuals and PRC corporate entities) to register with local
branches of SAFE in connection with their direct or indirect offshore investment activities.
SAFE Circular 37
is applicable to
our shareholders who are PRC residents and may be applicable to any offshore acquisitions that we make in the future.
15
Under
SAFE Circular 37
, PRC residents who control, or have prior to the implementation of SAFE Circular 37 controlled, directly or indirectly
of offshore special purpose vehicles, or SPVs, will be required to register such investments with the SAFE or its local branches. The
term "control" under
SAFE Circular 37
is broadly defined as the operation rights, beneficiary rights or decision-making
rights acquired by PRC residents in the SPVs, by means of acquisition, trust, proxy, voting rights, repurchase, convertible bonds or
other arrangements. In addition, any PRC resident who is a direct or indirect shareholder of an SPV, is required to update its filed
registration with the local branch of SAFE with respect to that SPV, to reflect any material change. Moreover, any subsidiary of such
SPV in China is required to urge the PRC resident shareholders to update their registration with the local branch of SAFE. If any PRC
shareholder of such SPV fails to make the required registration or to update the previously filed registration, the subsidiary of such
SPV in China may be prohibited from distributing its profits or the proceeds from any capital reduction, share transfer or liquidation
to the SPV, and the SPV may also be prohibited from making additional capital contribution into its subsidiary in China. On February
13, 2015, the SAFE promulgated a
Circular on Further Simplifying and Improving Foreign Exchange Administration Policy on Direct Investment
,
or
SAFE Circular 13
, which became effective on June 1, 2015. Under
SAFE Circular 13
, applications for foreign exchange
registration of inbound foreign direct investment and outbound overseas direct investment, including those required under the
SAFE
Circular 37
, will be filed with qualified banks instead of the SAFE. The qualified banks will directly examine the applications and
accept registrations under the supervision of the SAFE.
These
regulations may have a significant impact on our present and future structuring and investment. We have requested or intend to take all
necessary measures to require our shareholders who to our knowledge are PRC residents to make the necessary applications, filings and
amendments as required under these regulations. We further intend to structure and execute our future offshore acquisitions in a manner
consistent with these regulations and any other relevant legislation. However, because it is presently uncertain how the SAFE regulations
and any future legislation concerning offshore or cross-border transactions will be interpreted and implemented by the relevant government
authorities in connection with our future offshore financings or acquisitions, we cannot provide any assurances that we will be able
to comply with, qualify under, or obtain any approvals required by the regulations or other legislation. Furthermore, we cannot assure
you that any PRC shareholders of our company or any PRC company into which we invest will be able to comply with those requirements.
Any failure or inability by such individuals or entities to comply with SAFE regulations may subject us to fines or legal sanctions,
such as restrictions on our cross-border investment activities or our PRC subsidiary's ability to distribute dividends to, or obtain
foreign exchange-denominated loans from, our company or prevent us from making distributions or paying dividends. As a result, our business
operations and our ability to make distributions to you could be materially and adversely affected.
Furthermore,
as these foreign exchange regulations are still relatively new and their interpretation and implementation have been constantly evolving,
it is unclear how these regulations, and any future regulation concerning offshore or cross-border transactions, will be interpreted,
amended and implemented by the relevant governmental authorities. For example, we may be subject to a more stringent review and approval
process with respect to our foreign exchange activities, such as remittance of dividends and foreign-currency-denominated borrowings,
which may adversely affect our financial condition and results of operations. In addition, if we decide to acquire a PRC domestic company,
we cannot assure you that we or the owners of such company, as the case may be, will be able to obtain the necessary approvals or complete
the necessary filings and registrations required by the foreign exchange regulations. This may restrict our ability to implement our
acquisition strategy and could adversely affect our business and prospects.
16
If
we are classified as a PRC resident enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences
to us and our non-PRC shareholders.
Under
the
PRC Enterprise Income Tax Law
and its implementation rules, an enterprise established outside of the PRC with "de facto
management body" within the PRC is considered a "resident enterprise" and will be subject to the enterprise income
tax on its global income at the rate of 25%. The implementation rules define the term "de facto management body" as the body
that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties
of an enterprise. In 2009, the SAT issued the
Circular of the State Administration of Taxation on Issues Concerning the Identification
of Chinese-controlled Overseas Registered Enterprises as Resident Enterprises in accordance with the Actual Standards of Organizational
Management
, or the
SAT Circular 82
, which provides certain specific criteria for determining whether the "de facto management
body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to
offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the
criteria set forth in the circular may reflect the SAT's general position on how the "de facto management body" text
should be applied in determining the tax resident status of all offshore enterprises. According to
SAT Circular 82
, an offshore
incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of
having its "de facto management body" in China and will be subject to PRC enterprise income tax on its global income only
if all of the following conditions are met: (i) the places where the senior management and senior management departments responsible
for the daily production, operation and management of the enterprise perform their duties are mainly located within the territory of
the PRC; (ii) decisions relating to the enterprise's financial matters (such as money borrowing, lending, financing and financial
risk management) and human resource matters (such as appointment, dismissal and salary and wages) are made or are subject to approval
by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and
board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives
habitually reside in the PRC. In addition, the SAT issued the
Bulletin of the State Administration of Taxation on Printing and Distributing
the Administrative Measures for Income Tax on Chinese-controlled Resident Enterprises Incorporated Overseas (Trial Implementation)
in 2011, providing more guidance on the implementation of
SAT Circular 82
. This bulletin clarifies matters including resident
status determination, post determination administration, and competent tax authorities. In January 2014, the SAT issued the
Bulletin
of the State Administration of Taxation on Issues concerning the Determination of Resident Enterprises Based on the Standards of Actual
Management Institutions
, or
SAT Bulletin 9
. According to
SAT Bulletin 9
, a Chinese-controlled offshore incorporated
enterprise that satisfies the conditions prescribed under the
SAT Circular 82
for being recognized as a PRC tax resident must
apply for being recognized as a PRC tax resident to the competent tax authority at the place of registration of its main investor within
the territory of China.
We
believe that Company is not a PRC resident enterprise for PRC tax purposes. However, the tax resident status of an enterprise is subject
to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management
body." If the PRC tax authorities determine that Company or any of our offshore subsidiaries is a PRC resident enterprise for enterprise
income tax purposes, we and our offshore subsidiary will be subject to PRC enterprise income on their worldwide income at the rate of
25%, which would materially reduce our net income. Furthermore, if we are treated as a PRC tax resident enterprise, we may be required
to withhold a 10% withholding tax from dividends we pay to our shareholders that are non-resident enterprises. In addition, non-resident
enterprise shareholders may be subject to PRC tax on gains realized on the sale or other disposition of Ordinary Shares, if such income
is treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends payable to our non-PRC
individual shareholders and any gain realized on the transfer of Ordinary Shares by such shareholders may be subject to PRC tax at a
rate of 20% unless a reduced rate is available under an applicable tax treaty. It is unclear whether non-PRC shareholders of Company
would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that Company
is treated as a PRC resident enterprise.
We
face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies.
On
February 3, 2015, the SAT issued a
Bulletin of State Administration of Taxation on Several Issues concerning the Enterprise Income
Tax on the Indirect Transfer of Properties by Non-resident Enterprises
, or
SAT Bulletin 7
, which came into effect on February
3, 2015, but will also apply to cases where their PRC tax treatments are not yet concluded. Pursuant to
SAT Bulletin 7
, an "Indirect
Transfer" of PRC assets, including a transfer of equity interests in an unlisted non-PRC holding company of a PRC resident enterprise,
by non-PRC resident enterprises may be re-characterized and treated as a direct transfer of the underlying PRC assets, if such arrangement
does not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise income tax. As
a result, gains derived from such indirect transfer may be subject to PRC enterprise income tax, and the transferee or other person who
is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the transfer of equity
interests in a PRC resident enterprise.
On
October 17, 2017, the SAT issued the
Bulletin of the State Administration of Taxation on Issues Concerning the Withholding of Non-resident
Enterprise Income Tax at Source
, or
SAT Bulletin 37
, which came into effect on December 1, 2017. The
SAT Bulletin 37
further clarifies the practice and procedure of the withholding of non-resident enterprise income tax.
17
Where
a non-resident enterprise transfers taxable assets in China indirectly by disposing of the equity interests of an overseas holding company,
the non-resident enterprise as either transferor or transferee, or the PRC entity whose equity is transferred, may report such Indirect
Transfer to the relevant tax authority. Under the "substance over form" principle, the PRC tax authority may disregard the
existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing,
avoiding or deferring PRC tax. As a result, gains derived from such Indirect Transfer may be subject to PRC enterprise income tax, and
the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently at a
rate of 10% for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject
to penalties under PRC tax laws if the transferee fails to withhold the taxes and the transferor fails to pay the taxes.
We
face uncertainties as to the reporting and other implications of certain past and future transactions where PRC taxable assets are involved.
Our Company may be subject to filing obligations or taxed if our company is transferor in such transactions, and we may be subject to
withholding obligations if our company is a transferee in such transactions, under
SAT Bulletin 7
and
SAT Bulletin 37
.
For transfer of Ordinary Shares in our company by investors that are non-PRC resident enterprises, our PRC subsidiary may be requested
to assist in the filing under
SAT Bulletin 7
and
SAT Bulletin 37
. As a result, we may be required to expend valuable resources
to comply with
SAT Bulletin 7
and
SAT Bulletin 37
or to request the relevant transferors from whom we purchase taxable
assets to comply with these circulars, or to establish that our Company should not be taxed under these circulars, which may have a material
adverse effect on our financial condition and results of operations
If
the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment
in China-based issuers, such action could significantly limit or completely hinder our ability to offer or continue to offer securities
to investors and cause the value of such securities to significantly decline or be worthless.
On
December 28, 2021, the Measures for Cybersecurity Review (2021 version) was promulgated and became effective on February 15, 2022. Pursuant
to Article 2 of Measures for Cybersecurity Review (2021 version), the purchase of network products and services by critical information
infrastructure operator and the data processing activities carries out online platform operators, which affects or may affect national
security, shall be subject to cybersecurity review in accordance with the present Measures. Pursuant to Article 7, an online platform
operator who possesses the personal information of more than 1 million users shall declare to the Office of Cybersecurity Review for
cybersecurity review.
On
November 14, 2021, the CAC published the Network Internet Data Protection Draft Regulations (draft for comments). Article 13 of the Network
Internet Data Protection Draft Regulations (draft for comments) reiterates that data handlers that process the personal information of
more than one million users listing in a foreign country should apply for a cybersecurity review in compliance with relevant national
regulations.
Our
business does not involve the collection of user data, implicate cybersecurity, or involve any other type of restricted industry. However,
since the Measures for Cybersecurity Review (2021 version) just became effective on February 15, 2022, it is unclear on how it will be
interpreted and implemented by the relevant PRC authorities. In addition, since the deadline for feedback of the Network Internet Data
Protection Draft Regulations (draft for comments) is December 13, 2021 and the formal Network Internet Data Protection Regulations is
not promulgated, it is unclear on how it will be amended by the relevant PRC authorities. As of the date of this prospectus, our PRC
subsidiaries have not been involved in any investigations on cybersecurity review initiated by the relevant PRC authorities, and has
not received any requirements to obtain permissions from relevant PRC authorities to issue our Ordinary Shares to foreign investors or
were denied such permissions by relevant PRC authorities.
However,
if there is significant change to current political arrangements between mainland China and Hong Kong, or the applicable laws, regulations,
or interpretations change, and our Company or our PRC subsidiaries are required to obtain such approvals in the future, and that our
Company does not receive or maintain the approvals or is denied permissions from the PRC authorities, or inadvertently concludes that
such approvals are not required, we could incur material costs to ensure compliance, be subject to fines and no longer be permitted to
continue our current business operations. We may 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 interest of the investors and cause significant depreciation of the price of our Ordinary
Shares.
18
Uncertainties
with respect to the PRC legal system could limit the legal protections available to you and us.
We
conduct all of our business in China through our subsidiary, Shanghai Qige. Our Company is generally subject to laws and regulations
applicable to foreign investments in China and, in particular, laws applicable to foreign-invested enterprises. The PRC legal system
is based on written statutes, and prior court decisions may be cited for reference but have limited precedential value. Since 1979, a
series of new PRC laws and regulations have significantly enhanced the protections afforded to various forms of foreign investments in
China. 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 involve uncertainties, which may limit legal protections available
to you. In addition, any litigation in China may be protracted and result in substantial costs and diversion of resources and management
attention.
If
our preferential tax treatments and government subsidies are revoked or become unavailable or if the calculation of our tax liability
is successfully challenged by the PRC tax authorities, we may be required to pay tax, interest and penalties in excess of our tax provisions.
The
Chinese government has provided tax incentives to Chinese private companies, including reduced enterprise income tax rates. For example,
under the
PRC Enterprise Income Tax Law
and its implementation rules, the statutory enterprise income tax rate is 25%. However,
the income tax of an enterprise that has been determined to be a high and new technology enterprise can be reduced to a preferential
rate of 15%. According to the Administrative Measures for the Accreditation of High-tech Enterprises promulgated by three PRC regulatory
agencies, including SAT, the qualification of high and new enterprise is effective for a renewable three-year permitted. Our Chinese
subsidiaries does not meet the qualification of high and new enterprise, our Chinese subsidiaries are subject to the statutory enterprise
income tax rate of 25%. Any increase in the enterprise income tax rate applicable to our PRC subsidiary, or any discontinuation, retroactive
or future reduction or refund of any of the preferential tax treatments and local government subsidies currently enjoyed by our subsidiaries
in China, could adversely affect our business, financial condition, and results of operations.
Further,
in the ordinary course of our business, we are subject to complex income tax and other tax regulations, and significant judgment is required
in the determination of a provision for income taxes. Although we believe our tax provisions are reasonable, if the PRC tax authorities
successfully challenge our position and we are required to pay tax, interest, and penalties in excess of our tax provisions, our financial
condition and results of operations would be materially and adversely affected.
Our
failure to fully comply with PRC labor-related laws may expose us to potential penalties.
Companies
operating in China are required to participate in mandatory employee social security schemes that are organized by municipal and provincial
governments, including pension insurance, unemployment insurance, childbirth insurance, work-related injury insurance, medical insurance
and housing provident funds. Such schemes have not been implemented consistently by the local governments in China given the different
levels of economic development in different locations, but generally require us to make contributions to employee social security plans
at specified percentages of the salaries, bonuses and certain allowances of our eligible full-time employees, up to a maximum amount
specified by the local government from time to time. We have accrued in financial statements and have made full contributions to the
social insurance and housing provident funds in accordance for our eligible full-time employees as required by the relevant PRC laws
and regulations. As the date of this prospectus, none of our entities or subsidiaries had received any notice from local authorities
or any claim or request from the employees in this regard. Our failure to make full contributions to social insurance and to comply with
applicable PRC labor-related laws regarding housing funds may subject us to late payment penalties and other fines or labor disputes,
and we could be required to make up the contributions for these plans, which may adversely affect our financial condition and results
of operations.
According
to applicable PRC laws and regulations, employers must open social insurance registration accounts and housing provident fund accounts
and pay social insurance and housing provident funds for employees. We may, in the future, become subject to penalties imposed by the
local social insurance authorities and the local housing provident fund management centers if we fail to discharge our obligations in
relation to payment of social insurance and housing provident funds as an employer.
19
Failure
to comply with PRC regulations relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC
resident shareholders to personal liability, limit our ability to acquire PRC companies or to inject capital into our Holding Company,
or otherwise materially adversely affect us.
Pursuant
to the Circular on Relevant Issues concerning Foreign Exchange Administration of Overseas Investment and Financing and Return Investments
Conducted by Domestic Residents through Overseas Special Purpose Vehicle, or Circular 37, which was promulgated by SAFE, and became effective
on July 4, 2014, (1) a PRC resident must register with the local SAFE branch before he or she contributes assets or equity interests
in an overseas special purpose vehicle, or an Overseas SPV, that is directly established or controlled by the PRC resident for the purpose
of conducting investment or financing; and (2) following the initial registration, the PRC resident is also required to register with
the local SAFE branch for any major change, in respect of the Overseas SPV, including, among other things, a change in the Overseas SPV's
PRC resident shareholder, name of the Overseas SPV, term of operation, or any increase or reduction of the Overseas SPV's registered
capital, share transfer or swap, and merger or division.
We
have requested the beneficial holders of our Ordinary Shares who are PRC residents to register with the relevant branch of SAFE in connection
with their equity interests in us and our acquisitions of equity interests in our PRC subsidiaries pursuant to Circular 37 or the predecessor
regulation of Circular 37, namely the Notice on Relevant Issues Concerning Foreign Exchange Administration for PRC Residents Engaging
in Financing and Roundtrip Investments via Overseas Special Purpose Vehicles, as the case may be. Because of uncertainty over how Circular
37 will be interpreted and implemented, and how or whether SAFE will apply it to us, we cannot predict how it will affect our business
operations or future strategies.
In
addition, such PRC residents may not always be able to complete the necessary registration procedures required by Circular 37. We also
have little control over either our present or prospective direct or indirect shareholders or the outcome of such registration procedures.
We
may be exposed to liabilities under the Foreign Corrupt Practices Act and Chinese anti-corruption laws, and any determination that we
violated these laws could have a material adverse effect on our business.
We
are subject to the Foreign Corrupt Practice Act, or FCPA, and other U.S. laws that prohibit improper payments or offers of payments to
foreign governments and their officials and political parties by U.S. persons and issuers as defined by the relevant statute, for the
purpose of obtaining or retaining business. We have operations, agreements with third parties, and make most of our sales in China. PRC
anti-corruption laws also strictly prohibit bribery of government officials. Our activities in China create the risk of unauthorized
payments or offers of payments by the employees, consultants, sales agents, or distributors, even though they may not always be subject
to our control. It is our policy to implement safeguards to discourage these practices by our employees. However, our existing safeguards
and any future improvements may prove to be less than effective, and the employees, consultants, sales agents, or distributors may engage
in conduct for which we might be held responsible. Particularly, most of the hospitals and inoculation centers in China are state-owned
entities, whose employees may be recognized as foreign government officials for the purpose of FCPA. Therefore, any payments, expensive
gifts or other benefits provided to an employee of the state-owned hospital or inoculation center may be deemed violation of FCPA. Violations
of FCPA or PRC anti-corruption laws may result in severe criminal or civil sanctions, and we may be subject to other liabilities, which
could negatively affect our business, prospects, operating results and financial condition. In addition, the U.S. government may seek
to hold us liable for successor liability under FCPA violations committed by companies in which we invest or that we acquire.
Risks
Related to our Securities
Certain
existing shareholders have substantial influence over our company and their interests may not be aligned with the interests of our other
shareholders.
Our
directors and officers collectively own an aggregate of 88.9% of the total voting power of our outstanding Ordinary Shares. As a result,
they have substantial influence over our business, including significant corporate actions such as mergers, consolidations, sales of
all or substantially all of our assets, election of directors and other significant corporate actions.
20
They
may take actions that are not in the best interest of us or our other shareholders. This concentration of ownership may 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 may reduce the price of the Shares. These actions may be taken even if they are opposed by
our other shareholders. In addition, the significant concentration of share ownership may adversely affect the trading price of the Shares
due to investors' perception that conflicts of interest may exist or arise. For more information regarding our principal shareholders
and their affiliated entities, see "Principal Shareholders."
If
securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations
regarding our Shares, the market price for our Shares and trading volume could decline.
The
trading market for our Ordinary Shares will be influenced by research or reports that industry or securities analysts publish about our
business. If one or more analysts who cover us downgrade our Ordinary Shares, the market price for our Ordinary Shares would likely decline.
If one or more of these analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial
markets, which in turn could cause the market price or trading volume for our Shares to decline.
The
sale or availability for sale of substantial amounts of our Shares could adversely affect their market price.
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.
Ordinary Shares held by our existing shareholders may be sold in the public market in the future subject to the restrictions in Rule
144 and Rule 701 under the Securities Act. 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.
Because
we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Ordinary Shares for return on
your investment.
We
currently intend to retain most, if not all, of our available funds and any future earnings to fund the development and growth of our
business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment
in our Ordinary Shares as a source for any future dividend income.
Our
board of directors has complete discretion as to whether to distribute dividends. 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 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. There is no guarantee 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.
We
are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions
applicable to United States domestic public companies.
Because
we are a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations
in the United States that are applicable to U.S. domestic issuers, including: (i) the rules under the Exchange Act requiring the filing
of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC; (ii) the sections of the Exchange Act regulating the solicitation
of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; (iii) the sections of the Exchange
Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from
trades made in a short period of time; and (iv) the selective disclosure rules by issuers of material nonpublic information under Regulation
FD.
21
We
are required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we will continue to
publish our results on a quarterly basis through press releases, distributed pursuant to the rules and regulations of the Nasdaq Stock
Exchange. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the
information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be
filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information, which would be
made available to you, were you investing in a U.S. domestic issuer.
As
a foreign private issuer, we are permitted to, and we will, rely on exemptions from certain Nasdaq Stock Exchange corporate governance
standards applicable to domestic U.S. issuers. This may afford less protection to holders of our shares.
We
are exempted from certain corporate governance requirements of the Nasdaq Stock Exchange by virtue of being a foreign private issuer.
We are required to provide a brief description of the significant differences between our corporate governance practices and the corporate
governance practices required to be followed by domestic U.S. companies listed on the Nasdaq Stock Exchange. The standards applicable
to us are considerably different than the standards applied to domestic U.S. issuers. For instance, we are not required to:
●
have
    a majority of the board be independent (although all of the members of the audit committee must be independent under the U.S. Securities
    Exchange Act of 1934, as amended, or the Exchange Act);
●
have
    a compensation committee or a nominating or corporate governance committee consisting entirely of independent directors;
●
have
    regularly scheduled executive sessions with only independent directors; or
●
have
    executive sessions of solely independent directors each year.
We
have relied on and intend to continue to rely on some of these exemptions. As a result, you may not be provided with the benefits of
certain corporate governance requirements of the Nasdaq Stock Exchange.
If
we fail to establish and maintain proper internal financial reporting controls, our ability to produce accurate financial statements
or comply with applicable regulations could be impaired.
Our
management has not completed an assessment of the effectiveness of our internal controls over financial reporting, and our independent
registered public accounting firm has not conducted an audit of our internal control over financial reporting. In the course of auditing
our consolidated financial statements for the years ended December 31, 2022 and 2021, we identified several material weaknesses in our
internal control over financial reporting and other control deficiencies as of December 31, 2022. A "material weakness" is
a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility
that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely
basis.
The
material weaknesses identified to date relate to a lack of accounting staff and resources with appropriate knowledge of generally accepted
accounting principles in the United States ("U.S. GAAP") and SEC reporting and compliance requirements.
Following
the identification of the material weaknesses and control deficiencies, we have taken remedial measures including (i) hiring more qualified
accounting personnel with relevant U.S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function
and to set up a financial and system control framework; (ii) implementing regular and continuous U.S. GAAP accounting and financial reporting
training programs for our accounting and financial reporting personnel; and (iii) setting up an internal audit function as well as engaging
an external consulting firm to assist us with assessment of Sarbanes-Oxley compliance requirements and improvement of overall internal
control.
As
of the date of this report, we have not fully addressed the above-referenced weaknesses.
22
The
implementation of these measures may not fully address the material weaknesses in our internal control over financial reporting, and
we cannot conclude that they have been fully remedied. Our failure to correct theses material weaknesses or our failure to discover and
address any other material weaknesses could result in inaccuracies in our financial statements and could also impair our ability to comply
with applicable financial reporting requirements and related regulatory filings on a timely basis. As a result, our business, financial
condition, results of operations and prospects, as well as the trading price of our Ordinary Shares, may be materially and adversely
affected. Moreover, ineffective internal control over financial reporting significantly hinders our ability to prevent fraud. In addition,
once we cease to be an "emerging growth company" as such term is defined in the JOBS Act, our independent registered public
accounting firm must attest to and report on the effectiveness of our internal control over financial reporting. Our management may conclude
that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control
over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing,
may issue a report that is qualified if it is not satisfied with our internal controls or the level at which our controls are documented,
designed, operated or reviewed, or if it interprets the relevant requirements differently from us. In addition, after we become a public
company, our reporting obligations may place a significant strain on our management, operational and financial resources and systems
for the foreseeable future. We may be unable to timely complete our evaluation testing and any required remediation.
ITEM
    4.
INFORMATION
    ON THE COMPANY
A.
History
    and Development of the Company
Tian'an
Technology Group Ltd. ("Tian'an") is a holding company that was incorporated under the laws of the British Virgin Islands
on April 8, 2021. As a holding company with no material operations of our own, we conduct our operations through Yunke Jingrong Information
Technology Co., Ltd. ("Yunke"), our wholly owned subsidiary. Shanghai Qige Power Technology Co., Ltd. ("Shanghai Qige")
is a wholly owned subsidiary of Yunke and our operating company in China. Through our subsidiary, Shanghai Qige, we were engaged in the
technology driven sales of power control and service systems solutions.
In
the third quarter of 2022, the Company shifted its business model and through Shanghai Qige, focused on graphene production enterprises
and engaged in the health therapy industry. We utilize the far-infrared heat therapy characteristics of graphene, which is incorporated
into our products.
Private
Placement
In
May and June 2022, the Company issued 5 million shares in a private placement to 66 individuals for RMB 3,400,700 or approximately $500,000.
The relevant subscription receivable was collected in May and June 2022. Each of the following issuances was exempt from registration
under the Securities Act in reliance on Regulation D under the Securities Act or pursuant to Section 4(a)(2) of the Securities Act regarding
transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in
offshore transactions. No underwriters were involved in these issuances. We engaged in no general solicitation or advertising with regard
to the offering and the offering was made solely to "Accredited Investors" as defined in Rule 501 of Regulation D under the
Securities Act.
23
The
following diagram illustrates our corporate structure as of the date of this report:
The
structure of cash flows within our organization, and the applicable regulations, are as follows:
1.
Our
    equity structure is a direct shareholding structure, that is, the overseas entity to be listed in the U.S., Tian'an, directly
    controls Yunke and Shanghai Qige. See "
Corporate History and Structure
" above for additional details.
2.
Within
    our direct holding structure, the use of funds within our corporate group is legal and compliant with the laws and regulations of
    the PRC. Because Tian'an and Yunke have no actual operations, there is no funding for these entitles and all the revenue that
    is generated by Shanghai Qige is used to operate Shanghai Qige. After foreign investors' funds enter the Company at the close
    of this offering, the funds can be directly transferred to our PRC subsidiary Shanghai Qige through a WFOE structure.
3.
At
    present the Company has no restrictions on the use of its cash. We have a fund management policy in place which has corresponding
    internal control rules that are compliant with the laws and regulations of the PRC
4.
At
    present, we have never distributed any dividends and do not intend to in the future. However, if the Company decides to distribute
    dividends to its shareholders, the Company will transfer the dividends from the operating subsidiary in accordance with the laws
    and regulations of the PRC and other countries. Then the subsidiary will transfer the dividends to Tian'an, and the dividends
    will be distributed from Tian'an to all shareholders respectively in proportion to the shares they hold, regardless of whether
    the shareholders are U.S. investors or investors in other countries or regions.
To
address persistent capital outflows and the RMB's depreciation against the U.S. dollar in the fourth quarter of 2016, the People's
Bank of China and the State Administration of Foreign Exchange, or SAFE, have implemented a series of capital control measures in the
subsequent months, including stricter vetting procedures for China-based companies to remit foreign currency for overseas acquisitions,
dividend payments and shareholder loan repayments. The PRC government may continue to strengthen its capital controls and our PRC subsidiaries'
dividends and other distributions may be subject to tightened scrutiny in the future. The PRC government also imposes controls on the
conversion of RMB into foreign currencies and the remittance of currencies out of the PRC. Therefore, we may experience difficulties
in completing the administrative procedures necessary to obtain and remit foreign currency for the payment of dividends from our profits,
if any. Furthermore, if our subsidiaries in the PRC incur debt on their own in the future, the instruments governing the debt may restrict
their ability to pay dividends or make other payments.
In
addition, the Enterprise Income Tax Law and its implementation rules provide that a withholding tax at a rate of 10% will be applicable
to dividends payable by Chinese companies to non-PRC-resident enterprises unless reduced under treaties or arrangements between the PRC
central government and the governments of other countries or regions where the non-PRC resident enterprises are tax resident. Pursuant
to the tax agreement between Mainland China and the Hong Kong Special Administrative Region, the withholding tax rate in respect to the
payment of dividends by a PRC enterprise to a Hong Kong enterprise may be reduced to 5% from a standard rate of 10%. However, if the
relevant tax authorities determine that our transactions or arrangements are for the primary purpose of enjoying a favorable tax treatment,
the relevant tax authorities may adjust the favorable withholding tax in the future. Accordingly, there is no assurance that the reduced
5% withholding rate will apply to dividends received by our Hong Kong subsidiary from our PRC subsidiaries. This withholding tax will
reduce the amount of dividends we may receive from our PRC subsidiaries.
24
COVID-19
Impact
Our
business operations have been affected and may continue to be affected by the ongoing COVID-19 pandemic. Although we resumed our operations
since early March 2020 and the impact of COVID-19 on our operating results and financial performance for fiscal year 2020, 2021 and 2022
were temporary, a resurgence could negatively affect the execution of customer contracts, the collection of customer payments, or disrupt
our supply chain, and the continued uncertainties associated with COVID 19 may cause our revenue and cash flows to underperform in the
next 12 months from the date of issuance of our 2022 consolidated financial statements. The extent of the future impact of the COVID-19
pandemic on our business and results of operations is still uncertain.
Key
Financial Performance Indicators
In
assessing our financial performance, we consider a variety of financial performance measures, including principal growth in net revenue
and gross profit, our ability to control costs and operating expenses to improve our operating efficiency and net income. Our review
of these indicators facilitates timely evaluation of the performance of our business and effective communication of results and key decisions,
allowing our business to respond promptly to competitive market conditions and different demands and preferences from our customers.
The key measures that we use to evaluate the performance of our business are set forth below and are discussed in greater details under
"Results of Operations":
B.
Business
    Overview
Business
Overview
Tian'an
Technology Group Ltd. ("Tian'an") is a holding company that was incorporated under the laws of the British Virgin Islands
on April 8, 2021. Yunke Jingrong Information Technology Co., Ltd. ("Yunke") is our wholly owned subsidiary. Shanghai Qige
Power Technology Co., Ltd. ("Shanghai Qige") is a wholly owned subsidiary of Yunke and our operating company in China. Through
our subsidiary, Shanghai Qige, we were engaged in the technology driven sales of power control and service systems solutions, which products
are used in low-speed electric vehicles, such as electric forklifts, golf carts, street sweepers and other types of specialized field
vehicles.
Shanghai
Qige's main product was a series of brushless DC motor controllers. Brushless DC motors, for which its controllers are commonly
paired with, are common in industrial applications across the world.
Shanghai
Qige's products and operations were materially impacted by the recent pandemic-related lockdowns in China such that its revenues
for the six months ended June 30, 2022 were $0. In order to mitigate the adverse impacts on Shanghai Qige's business, we actively
embraced marketplace changes. We reviewed our internal structure and policies, areas of business and business model and determined Shanghai
Qige needed to enter into a differentiated and new business field.
The
aging population is an important trend in the development of the social system and a manifestation of human civilization progress. More
and more countries around the world are accelerating their entry into an aging population society. The United Nations General Assembly
pointed out that "the impact of population aging on the economy and society is both an opportunity and a challenge".
China
became an aged society in 2021 and its population aging will continue to deepen. In the context of a new round of industrial upgrading
and technology, the medical industry has entered the stage of digitalization, intelligence, standardization and internationalization.
The field of "big health" is a highly comprehensive and cross cutting industry, with numerous branches developed from medicine
among various sub industries. Big health centers around the concept that individuals should not just treat diseases, but work proactively
to prevent them. The relatively traditional fields within the industry include medical devices, pharmaceutical manufacturing, and health
services, which hold the vast majority of market share in the industry. On the basis of the industrial field, in recent years, with the
development of technology, digitization, and the Internet, more intelligent, digital, and high-end industrial segments have emerged,
including precision medicine, medical big data, internet healthcare, and consumer health services.
25
Due
to the level of demand in the health market at any time, the growth of its market size is relatively resilient and difficult to replace.
From 2016 to 2020, the market size of China's big health industry increased from 25.9 trillion yuan to 41.8 trillion yuan, and
is expected to continue to increase at a compound annual growth rate of nearly 10%, reaching approximately 64.2 trillion yuan by 2025.
Based
on this trend, the Company has integrated graphene production and focused its research on graphene health therapy. With the latest scientific
research achievements in graphene far-infrared heating technology, we have engaged in the health therapy industry. We believe utilizing
the far-infrared heat therapy characteristics of graphene, a new breakthrough in product technology is achieved allowing more people
to enjoy high-quality health therapy services.
Graphene
Graphene
is a type of material composed of carbon atoms and sp ² A two-dimensional carbon nanomaterial with a hexagonal honeycomb lattice
composed of hybrid orbitals. Simply, it is a single layer of carbon atoms arranged in a hexagonal lattice structure, forming a two-dimensional
(2D) material with exceptional mechanical, electrical, and thermal properties. As a new type of nanomaterial, graphene has ultra-high
strength and thermal conductivity, making it the most disruptive new material among many materials. It is widely studied for its potential
use in various fields such as electronics, energy storage, and biomedicine. Because of its excellent optical, electrical, and mechanical
properties, along with good stability, it is also becoming prominent in physical therapy and health related products.
Graphene
has the characteristics of uniform heating, fast heating reaction, and low energy consumption. In addition, its most prominent feature
is that it can release far-infrared light with a wavelength of 6-14um after being powered on. The infrared spectrum emitted by the human
body is similar, so it is called "life light wave". The comprehensiveness and permeability of graphene far-infrared radiation
plays a therapeutic role in the microcirculation tissue system throughout the body, both inside and outside. In addition, in activating
visceral cells, providing tissue regeneration ability, keeping the visceral environment in good condition, it plays a moderate role in
helping to prevent diseases.
Graphene
has emerged as one of the most promising nanomaterials because of its unique combination of exceptional properties: it is not only the
thinnest but also one of the strongest materials; it conducts heat better than all other materials; it is an excellent conductor of electricity;
it is optically transparent, yet so dense that it is impermeable to gases – not even helium, the smallest gas atom, can pass through
it.
The
graphene community expects that, by strengthening standards and creating tailored high-quality materials, graphene materials will go
beyond niche products and spearhead applications to broad market penetration by 2025. Then, graphene could be incorporated in ubiquitous
commodities such as tires, batteries, sensor and electronics.
Graphene
material is non-toxic and harmless, does not produce odors or chemical pollution, and is harmless to human health.
Cooperation
Agreement with Xiwang New Materials Technology Co., Ltd.
The
Company entered into a strategic cooperation framework agreement (the "Cooperation Agreement") with Xiwang New Materials
Technology Co., Ltd. ("Xiwang") on October 18, 2022. Pursuant to the Cooperation Agreement, Xiwang will provide us
various graphene based products with market prices and offer technical support and after sales services for our customers.
26
Our
Customers
Shanghai
Qige's customers purchase its products mainly via sales agreements, similar to a purchase order (each a "Sales Agreement").
Each Sales Agreement outlines the purchasing terms and conditions to which both Shanghai Qige and the customer must adhere. Shanghai
Qige's customers generally purchase from it in bulk, though Shanghai Qige allows for small or singular purchases. Shanghai Qige's
delivery and payment terms vary depending on the amount of products being purchased. However, in all cases, Shanghai Qige requires payment
in full prior to the delivery of its products. Shanghai Qige allows wholesale customers a 30 day payment period. Shanghai Qige's
products also have a standard warranty of twelve (12) months, which is customary for the health therapy industry.
Shanghai
Qige's Main Products
Far-infrared
is a main component of graphene. Since infrared therapy enhances and improves circulation in the skin and other parts of the body, it
can bring oxygen and nutrients to injured tissues, promoting healing. It helps ease pain, relieve inflammation, and protect against oxidative
stress.
Our
current product line consists of the following:
Graphene
Far Infrared Energy Room
This
product is similar to a sauna. This product is intended to promote blood circulation and metabolism, improve blood rheology, metabolism
and nervous system function, and overall enhance the body's immune capacity. The temperature is self-adjustable, up to 65 degrees.
It is not controlled by a controller, but the machine itself comes with a graphene heating film.
27
Pure
Graphene Heating Music Blanket
This
product is lightweight, convenient, has a stable performance, and has a long service life. The blanket employs a graphene heating film,
which emits a far-infrared wavelength. This wavelength is very similar to the human far-infrared wavelength, and is intended to have
a therapeutic effect. The blanket is intended to improve shoulder periarthritis, waist strain, shoulder strain, and cold legs. The heating
speed is quick, heating only after 10 seconds with a surface temperature of up to 35 ℃.
Graphene
Pillow
This
product improves the breathability of the average pillow, keeping you dry and comfortable during sleep. The surface of graphene pillow
has been specially treated to have excellent antibacterial and anti-mite functions, which can reduce allergic reactions and help with
respiratory health. By controlling the current, graphene pillows can be heated to a suitable temperature, which is intended to improve
cervical spondylosis (age-related wear and tear affecting the spinal disks in the neck
)
, cerebral blood supply, and sleep. The
pillow is lightweight and small in size making it easy to carry and suitable for travel and outdoor use.
Pure
Graphene Heating Knee Compartment
This
product activates infrared through an electric current, exerting the effect of far infrared heating which promotes blood circulation
and can alleviate muscle and joint pain. Graphene material has good breathability and softness and will not produce any odor, making
it comfortable to wear. The pure graphene heating knee compartment can continuously generate heat for multiple hours without the need
for an external power source which can effectively relieve joint pain. The pure graphene heating knee compartment has a small size, light
weight, and is easy to carry, making it easy to use anytime and anywhere.
28
Pure
Graphene Heating Knee Pads
This
product is intended to care for the knee joint area. The pads have heating film material, which heat up in 3 seconds, are comfortable
to wear, breathable without stuffiness and snug to the joints. They release 6 to 14 microns of far-infrared radiation with the same frequency
as the human body, targeting the knee joint areas. They are designed in a way that that allows the knee to comfortably bend without constraint
and walking is not affected. Three temperature levels can be switched with one click, and making it simple and convenient to reach the
heat that is most comfortable for the user.
The
core technology of the graphene heating film is intended to create intense physiotherapeutic effects. The knee pads are most suitable
for people who experience arthritis, hyper osteogeny, knee rheumatoid arthritis, rheumatism and post-surgery bone trauma.
Pure
Graphene Eye Mask
This
product is intended to enhance blood circulation on the eye acupressure point. We believe the appearance to fashionable and pleasing.
The SBR sponge 3D fitting design is breathable, soft, and comfortable. The integrated hot press cutting molding technology provides zero
pressure around the eyes, and the wearer can wear it without any light interference. The eye mask helps provide a comforting experience
that will block out light and promote sleep, penetrate into the muscle tissue around the eyes, relax the eyes, and relieve eye pressure.
The eye mask uses a 5V ultra-low voltage, which is completely safe and energy efficient.
29
Because
graphene is derived from carbon and more specifically, graphite, it has no known adverse effects on humans and the environment. While
research into the matter is admittedly limited at this point, the chemistry of graphene and anecdotal information derived from those
who've worked with it for a decade indicates that it is indeed safe and may one day be used in biomedical industries and perhaps
even in daily life.
Add
to that, the material does not burn or melt. It is chemically stable and resilient to UV rays. Furthermore, it has excellent insulation
properties – the perfect material for fire protection gear as well as for heat and acoustic insulation.
Shanghai
Qige's Suppliers
The Company entered into a strategic cooperation framework
agreement (the "Cooperation Agreement") with Xiwang New Materials Technology Co., Ltd. ("Xiwang") on October 18,
2022. Pursuant to the Cooperation Agreement, Xiwang will provide us various graphene based products with market prices and offer technical
support and after sales services for our customers.
The Company is seeking other suppliers to extend its product portfolios
and reduce the supply chain risks.
Shanghai
Qige's Market Opportunity
The
global graphene market size was valued at  $175.9 million in 2022 and is expected to expand at a compound annual growth rate (CAGR)
of 46.6% from 2023 to 2030. The market is expected to be driven by the growing electronics industry in emerging economies and high penetration
in composite applications. The graphene industry is also expected to witness significant growth on account of increasing demand from
research institutes and multinational companies for the purpose of research and development.
A
major share of key players is concentrated in developed regions, hence regional partnership and distribution agreements are the major
strategic initiatives adopted by several key players. Some of the key players in the market include Haydale Graphene Industries PLC;
Graphensic AB; Directa Plus; Graphene Technologies; Thomas Swan & Co., Ltd.; Grafoid, Inc.; ACS Materials Todayl, LLC; CVD Equipment
Corporation; AMO GmbH; Applied Graphene Materials; and BGT Material Limited.
30
Asia
Pacific was the largest market with a revenue of  $67.8 million in 2022. It is also the fastest-growing region with a projected CAGR
of 51.0% over the forecast period. The region promises to become a key contributor to the global demand in the graphene industry, owing
to the presence of a large number of manufacturers and consumers. Furthermore, increasing production volumes in various sectors including
automobile, marine, defense, and aerospace are expected to drive the market in this region over the forecast period. China is expected
to emerge as a prominent market for graphene with a CAGR of 60.9% over the forecast period in terms of volume. This is mainly due to
the favorable government support to promote investments in the manufacturing sector. The Chinese government has put forward strong policies
to ensure support for graphene research and development. The Chinese government is increasingly investing in the country's graphene
industry innovation center.
We
believe that we have a comprehensive product line. Given than, we believe we are well positioned with our current product line to capitalize
on growing graphene industry within the health therapy sector.
Strengths
Shanghai
Qige is dedicated to sales of high quality products that are tailored to customers' requirements and needs.
We will tailor our technology research and
development to satisfy the needs of our customers.
Our
marketing strategy is to rapidly reflect and adjust our product portfolios based on our analysis and research of market trend and
the feedback from our customers. Shanghai Qige continues to review its sale data to improve its products and find new products to
satisfy customer requirements. Shanghai Qige maintains communication with its customers and makes offers based on what it believes their
current and future need sets are. Shanghai Qige offers preferential pricing when it believes it will be most effective and to
maintain long term relationships with its customers.
Shanghai
Qige's products are designed to provide customized settings and functional optimization. Shanghai Qige believes the industrial
application of its advanced technological achievements improves the quality of its products, and also contributes to the control of product
costs, both of which benefit its customers.
After
extensive research, Shanghai Qige has developed a marketing strategy targeting the health therapy industry.
Continuous
Development
Since
its inception, Shanghai Qige has focused on providing cost-effective products that suit their customers' individual needs. At present,
Shanghai Qige only cooperates with third parties to develop products that are suitable for customers, and purchases and sells them to
customers from the third-party suppliers.
Shanghai
Qige's research and development management system is focused toward current market needs such that it can meet those needs with
technological innovation as a core solution.
Growth
Strategy
Shanghai
Qige will continue to adhere to its business principles of providing high quality and safe products to its consumers and promote social
responsibility. We believe that Shanghai Qige's pursuit of these goals will lead to sustainable growth driven by its capacity expansion
based on market demand, solidify its position in the industry, and create long-term value for shareholders, employees and other stakeholders.
●
Technological
                                            innovation
. Shanghai Qige intends to closely track and study the development trend
                                            of domestic and international graphene based products and other technology research so it
                                            can maintain its technological standards to meet consumer needs.
●
Market
    development.
Shanghai Qige hopes to expand its sales and distribution network to penetrate new geographic markets, further
    gaining market share in existing markets and accessing a broader range of customers. Shanghai Qige will continue to expand its sales
    network, leveraging its local resources to quickly enter new markets, while also minimizing requirements for capital outlay. Shanghai
    Qige plans to focus on brand customers and concentrate on high-end industry upgrades to its existing marketing system.
31
●
Industrial
    merger and acquisition plan.
Shanghai Qige's goal is to strengthen its market position and accelerate its expansion
    by expanding its scale and gaining additional market share. Shanghai Qige plans to increase investment in its business and expand
    its production capacity through horizontal or vertical acquisitions, strategic partnership and joint venture. Shanghai Qige plans
    to invest additional capital in technology research and development. With more exposure and promotion, Shanghai Qige's product
    and brand will be better recognized. Currently Shanghai Qige has no agreements or letters of intent for any acquisitions, partnerships
    or ventures.
●
Human
    resource development.
We believe Shanghai Qige's success greatly depends on its ability to attract, incentivize and
    retain talented professionals. With a view to maintaining and improving its competitive advantage in the market, Shanghai Qige plans
    to implement a series of initiatives to attract additional and retain mid- to high-level personnel, including formulating a market-oriented
    employee compensation structure and implementing a standardized multi-level performance review mechanism.
Research
and Development
We
do not expect significant changes in our research and development for foreseeable future. We will focus on the analysis of the
market trends and feedback from our customers to adjust our product portfolios.
Sales
and Marketing
Shanghai
Qige's experienced sales and marketing team is equipped with professional technical support personnel familiar with different application
fields. We believe Shanghai Qige has sufficient business personnel in the regions it does business and employs a multi-dimensional marketing
network system that supports customer service. Our customer service includes comprehensive consultation before, during and after product
use. Our consultation entails discussion around product efficacy and applicable symptoms, and after-sales service guarantees.
At
present, Shanghai Qige has two methods by which it markets:
1.
Many
    of Shanghai Qige's sales are from current customer introductions, references and word-of-mouth promotion. Its marketing model
    is designed to drive organic growth, leverage positive word-of-mouth, and remove friction from the evaluation and purchasing process.
2.
Shanghai
    Qige also employs a sales and marketing team. Its team will actively contact their potential customers, not limited to phone calls.
Business
Pivot
Shanghai
Qige's products and operations were materially impacted by the recent pandemic-related lockdowns in China such that its revenues
for the six months ended June 30, 2022 were $0. In order to mitigate the adverse impacts on Shanghai Qige's business, we actively
embraced marketplace changes. This adjustment is reflected in our financial statement.
Challenges
Shanghai
Qige's projects are based on research of current market trends, forecasts of future market development, and close communication with customers. Based on results of our projects, we will adjust our product portfolios
accordingly to extend or limit our product lines. In general, it
takes a minimum of 6 months or longer to launch a new product. Although Shanghai Qige conducts detailed market research and technical
pre-research before product development and implementation, the ultimate success of its ability to launch a successful product is also
affected by the product development cycle, launch timing, customer preferences, competitors' product strategies, and need of the
applicable market. Shanghai Qige's industry is influenced by many factors, most of which can be difficult to predict. If Shanghai
Qige's research and development is inaccurate, or fails altogether, its projects may not achieve the expected economic benefits,
which may lead to a decline in Shanghai Qige's profitability.
32
At
present, our main products are graphene based thermal therapy products. Graphene is produced in almost every part of world, but the
countries that are rich in producing graphene include China, Ukraine, and Russia. In 2020, China's graphite output was
approximately accounted for 650,000 tons or 62% of the world's total graphite production. However, Ukraine and Russia also
accounted for around 43,000 tons annual graphite production in total in 2020. Currently, the conflict between Russia and Ukraine has
not affected Shanghai Qige's supply chain, material costs or internal staffing. However, in the face of current continuing
military conflict between Ukraine and Russia, we keep overseeing our business and development plans, for possible threats posed by
such risks.
REGULATIONS
This
section sets forth a summary of the most significant rules and regulations that affect our business activities in China and the European
Union or our shareholders' rights to receive dividends and other distributions from us.
Regulations
Relating to Foreign Investment in China
Foreign
investment law
On
March 15, 2019, the National People's Congress, or the NPC, promulgated the
Foreign Investment Law of the PRC
, or the
Foreign
Investment Law
, which became effective on January 1, 2020, and replaced the
Sino-foreign Equity Joint Venture Enterprise Law
,
the
Sino-foreign Cooperative Joint Venture Enterprise Law,
and the
Wholly Foreign-invested Enterprise Law
. The organization
form, organization, and activities of foreign-invested enterprises shall be governed, among others, by the
PRC Company Law
and
the
PRC Partnership Enterprise Law
. Foreign-invested enterprises established in accordance with the
Sino-foreign Equity Joint
Venture Enterprise Law
, the
Sino-foreign Cooperative Joint Venture Enterprise Law,
and the
Wholly Foreign-invested Enterprise
Law
before the implementation of the
Foreign Investment Law
may retain the original business organization and so on within
five years after the implementation of the
Foreign Investment Law
. The
Foreign Investment Law
provides that that foreign
investment refers to investment activities directly or indirectly conducted within China by foreign natural persons, enterprises or other
entities (the "foreign investors"), which include the following forms: (a) a foreign investor, individually or collectively
with other investors, establishes a foreign-invested enterprise within PRC; (b) a foreign investor acquires stock shares, equity shares,
property portions, or other like rights and interests of an enterprise within PRC; (c) a foreign investor, individually or collectively
with other investors, invests in a new project within the PRC; and (d) other forms of investments under laws, administrative regulations,
or provisions prescribed by the State Council of the PRC.
On
December 26, 2019, the State Council promulgated the
Implementing Regulations of the Foreign Investment Law of the PRC
, or the
FIE Implementing Regulations
, which became effective on January 1, 2020. The
FIE Implementing Regulations
strictly implements
the legislative principles and purpose of the
Foreign Investment Law
, it emphasizes on promoting and protecting the foreign investment
and refines the specific measures. On the same day, the Supreme People's Court issued the
Interpretation on the Application
of the Foreign Investment Law of the PRC
, which also came into effect on January 1, 2020 and provides for interpretations on the
application of laws in cases of investment contracts disputes between equal parties. This interpretation shall apply to any contractual
dispute arising from the acquisition of the relevant rights and interests by a foreign investor by way of gift, division of property,
the merger of enterprises, division of enterprises, etc.
According
to the
FIE Implementing Regulations
, the registration of foreign-invested enterprises shall be handled by the State Administration
for Market Regulation, or the SAMR or its authorized local counterparts. Where a foreign investor invests in an industry or field subject
to licensing in accordance with laws, the relevant competent government department responsible for granting such license shall review
the license application of the foreign investor in accordance with the same conditions and procedures applicable to PRC domestic investors
unless it is stipulated otherwise by the laws and administrative regulations, and the competent government department shall not impose
discriminatory requirements on the foreign investor in terms of licensing conditions, application materials, reviewing steps and deadlines,
etc. However, the relevant competent government departments shall not grant the license or permit enterprise registration if the foreign
investor intends to invest in the industries or fields as specified in the Special Administrative Measures for Market Access of Foreign
Investment (Negative List) (2021 Version), or the Negative List 2021, without satisfying the relevant requirements. If a foreign investor
invests in a prohibited field or industry as specified in the Negative List 2021, the relevant competent government department shall
order the foreign investor to stop the investment activities, dispose of the shares or assets or take other necessary measures within
a specified time limit, and restore to the status prior to the occurrence of the aforesaid investment, and the illegal gains, if any,
shall be confiscated. If the investment activities of a foreign investor violate the special administrative measures for access restrictions
on foreign investments as stipulated in the negative list, the relevant competent government department shall order the investor to make
corrections within the specified time limit and take necessary measures to meet the relevant requirements. If the foreign investor fails
to make corrections within the specified time limit, the aforesaid provisions regarding the circumstance that a foreign investor invests
in the prohibited field or industry shall apply.
33
Regulation
on Product Liability
The
PRC laws and regulations governing the product liability primarily consist of the
PRC Product Quality Law
(1993), as lately amended
in 2018;
Law on the Protection of the Rights and Interests of Consumers
(1993), as lately amended in 2013, or the
Consumers
Protection Law
; and the
PRC Civil Code
.
Under
the
PRC Product Quality Law
, producers and vendors of defective products may incur liability for losses and injuries caused by
such products. There are three circumstances under which producers or vendors can have immunity from the defective product liability:
1) the defective products are never put into the market; 2) the products defect which caused the damages did not exist when the products
were put into the market; 3) the exam techniques and skills were not able to find out the defects when the products were put into the
market. So far, our product quality is in conformity with the national requirements and we have passed the regulatory agency's
examination.
Under
the
PRC Civil Code
, manufacturers or retailers of defective products that cause property damage or physical injury to any person
will be subject to civil liability. The
Consumers Protection Law
was enacted to protect the legitimate rights and interests of
end-users and consumers and to strengthen the supervision and control of the quality of products.
Under
the
PRC Civil Code
, a customer who suffers injury from a defective product can claim damages from either the manufacturer or vendor
of the defective product. And, where personal injury is caused by tort, the tortfeasor shall compensate the victim for the reasonable
costs and expenses for treatment and rehabilitation, as well as death compensation and funeral costs and expenses if it causes the death
of the victim. There is no cap on monetary damages the plaintiffs may seek under the
PRC Civil Code
.
Regulations
Relating to Employment
Pursuant
to the
PRC Labor Law
, promulgated by the Standing Committee of NPC in July 1994 and most recently amended in December 2018, and
the
PRC Labor Contract Law
, promulgated by the Standing Committee of NPC in June 2007 and amended in December 2012, employers
must execute written labor contracts with full-time employees. If an employer fails to enter into a written employment contract with
an employee within one year from the date on which the employment relationship is established, the employer must rectify the situation
by entering into a written employment contract with the employee and pay the employee twice the employee's salary for the period
from the day following the lapse of one month from the date of establishment of the employment relationship to the day prior to the execution
of the written employment contract. All employers must comply with local minimum wage standards. Violation of the
PRC Labor Law
and the
PRC Labor Contract Law
may result in the imposition of fines and other administrative and criminal liability in the case
of a serious violation.
In
December 2012, the
PRC Labor Contract Law
was amended to impose more stringent requirements on the use of employees of temp agencies,
who are known in China as "dispatched workers". Dispatched workers are entitled to equal pay with full-time employees for
equal work. Employers are only allowed to use dispatched workers for temporary, auxiliary, or substitutive positions, and the number
of dispatched workers may not exceed 10% of the total number of employees. As of the date hereof, our consolidated subsidiaries did not
use dispatched workers.
34
Enterprises
in China are required by PRC laws and regulations to participate in certain employee benefit plans, including social insurance funds,
namely a pension plan, a medical insurance plan, an unemployment insurance plan, a work-related injury insurance plan, and a maternity
insurance plan, and a housing provident fund, and contribute to the plans or funds in amounts equal to certain percentages of salaries,
including bonuses and allowances, of the employees as specified by the local government from time to time at locations where they operate
their businesses or where they are located. According to the
PRC Social Insurance Law
(amended in 2018), an employer that fails
to make social insurance contributions may be ordered to rectify the non-compliance and pay the required contributions within a stipulated
deadline and be subject to a late fee of up to 0.05% of the unpaid amount per day, as the case may be. If the employer still fails to
rectify the failure to make social insurance contributions within the stipulated deadline, it may be subject to a fine ranging from one
to three times the amount overdue. According to the
Regulations on Management of Housing Fund
employers must not suspend or reduce
the payment of housing provident funds for their employees. Under the circumstances where financial difficulties indeed exist due to
which an employer is unable to pay or pay up housing provident funds, the permission of the labor union of the employer and the approval
of the local housing provident funds commission must first be obtained before the employer can suspend or reduce their payment of housing
provident funds. Where an employer does not open accounts of housing provident funds for its employees, the relevant authorities have
the power to order such employer to do so within a prescribed period, failure of which can result in a fine of over RMB 10,000 and up
to RMB 50,000 charged on the employer. An enterprise that fails to make housing fund contributions may be ordered to rectify the noncompliance
and pay the required contributions within a stipulated deadline; otherwise, an application may be made to a local court for compulsory
enforcement.
Regulations
Relating to Foreign Exchange
The
principal regulations governing foreign currency exchange in China are the
Foreign Exchange Administration Regulations
, most recently
amended in August 2008. Payments of current account items, such as profit distributions and trade and service-related foreign exchange
transactions, can usually be made in foreign currencies without prior approval from the SAFE, by complying with certain procedural requirements.
By contrast, approval from or registration with appropriate governmental authorities is required where the Renminbi is to be converted
into foreign currency and remitted out of China to pay capital expenses such as the repayment of foreign currency-denominated loans,
direct investments, repatriation of investments and investments in securities outside of China.
On
March 30, 2015, SAFE issued the
Circular of the State Administration of Foreign Exchange on Reforming the Management Approach regarding
the Settlement of Foreign Exchange Capital of Foreign-invested Enterprises
, or
SAFE Circular 19,
most recently amended in
December 2019. Pursuant to
SAFE Circular 19
, the foreign exchange capital of foreign-invested enterprises is subject to the discretional
foreign exchange settlement, which means the foreign exchange capital in the capital account of foreign-invested enterprises upon the
confirmation of rights and interests of monetary contribution by the local foreign exchange bureau (or the book-entry registration of
monetary contribution by the banks) may be settled at the banks based on the actual operational needs of the enterprises. The proportion
of discretionary settlement of foreign exchange capital of foreign-invested enterprises is currently 100%. SAFE can adjust such proportion
in due time based on the circumstances of the international balance of payments.
SAFE
promulgated the
Circular of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign Exchange Settlement
Management Policy of Capital Account
, or
SAFE Circular 16
, effective June 2016, which reiterates some of the rules set forth
in
SAFE Circular 19
.
SAFE Circular 16
provides that discretionary foreign exchange settlement applies to foreign exchange
capital, foreign debt offering proceeds and remitted foreign listing proceeds, and the corresponding RMB capital converted from the foreign
exchange may be used to extend loans to related parties or repay inter-company loans (including advances by third parties). However,
there are substantial uncertainties with respect to
SAFE Circular 16
's interpretation and implementation in practice.
SAFE
Circular 19
and
SAFE Circular 16
may delay or limit us from using the proceeds of offshore offerings to make additional capital
contributions to our PRC subsidiary and any violations of these circulars could result in severe monetary or other penalties.
In
January 2017, SAFE promulgated the
Circular on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness
and Compliance Verification
, or
SAFE Circular 3
, which stipulates several capital control measures with respect to the outbound
remittance of profits from domestic entities to offshore entities, including (i) banks must check whether the transaction is genuine
by reviewing board resolutions regarding profit distribution, original copies of tax filing records and audited financial statements,
and (ii) domestic entities must retain income to account for previous years' losses before remitting any profits. Moreover, pursuant
to
SAFE Circular 3
, domestic entities must explain in detail the sources of capital and how the capital will be used, and provide
board resolutions, contracts, and other proof as a part of the registration procedure for outbound investment.
35
On
October 23, 2019, SAFE issued
Circular of the State Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border
Trade and Investment
, or
SAFE Circular 28
, which took effect on the same day.
SAFE Circular 28
allows non-investment
foreign-invested enterprises to use their capital funds to make equity investments in China, provided that such investments do not violate
the Negative List and the target investment projects are genuine and in compliance with laws. Since
SAFE Circular 28
was issued
only recently, its interpretation and implementation in practice are still subject to substantial uncertainties.
Regulations
on Dividend Distribution
According
to
PRC Company Law
, wholly foreign-owned companies in China may pay dividends only out of their accumulated profits as determined
in accordance with PRC accounting standards and regulations. In addition, wholly foreign-owned companies are required to set aside at
least 10% of their after-tax profits each year, if any, to fund a statutory reserve fund until the accumulative amount of such fund reaches
50% of its registered capital. Although the statutory reserves can be used, among other ways, to increase the registered capital and
eliminate future losses in excess of retained earnings of the respective companies, the reserve funds are not distributable as cash dividends
except in the event of a liquidation. At the discretion of the wholly foreign-owned companies, they may allocate a portion of their after-tax
profits based on PRC accounting standards to staff welfare and bonus funds. These reserve funds and staff welfare and bonus funds are
not distributable as cash dividends.
Regulations
on Offshore Financing
SAFE
promulgated the
Circular on Relevant Issues Concerning Foreign Exchange Control on Domestic Residents' Offshore Investment and
Financing and Roundtrip Investment through Special Purpose Vehicles
, or
SAFE Circular 37
, on July 4, 2014, which replaced
the former circular commonly known as
SAFE Circular 75
.
SAFE Circular 37
requires PRC residents to register with local
branches of SAFE in connection with their direct establishment or indirect control of an offshore entity, for the purpose of overseas
investment and financing, with such PRC residents' legally owned assets or equity interests in domestic enterprises or offshore
assets or interests, referred to in
SAFE Circular 37
as a "special purpose vehicle".
SAFE Circular 37
further
requires an amendment to the registration in the event of any significant changes with respect to the special purpose vehicle, such as
increase or decrease of capital contributed by PRC individuals, share transfer or exchange, merger, division, or other material events.
In the event that a PRC shareholder holding interests in a special purpose vehicle fails to fulfill the required SAFE registration, the
PRC subsidiaries of that special purpose vehicle may be prohibited from making profit distributions to the offshore parent and from carrying
out subsequent cross-border foreign exchange activities, and the special purpose vehicle may be restricted in its ability to contribute
additional capital into its PRC subsidiary. Furthermore, failure to comply with the various SAFE registration requirements described
above could result in liability under PRC law for the evasion of foreign exchange controls. We have taken steps to notify significant
beneficial owners of Ordinary Shares whom we know are PRC residents of their filing obligations. However, we may not at all times be
fully aware or informed of the identities of all our shareholders or beneficial owners that are required to make such registrations,
and we may not always be able to compel them to comply with all relevant foreign exchange regulations. As a result, we cannot assure
you that all of our shareholders or beneficial owners who are PRC residents will at all times comply with, or in the future make or obtain
any applicable registrations or approvals required by all relevant foreign exchange regulations.
On
February 13, 2015, SAFE released
Circular of the State Administration of Foreign Exchange on Further Simplifying and Improving the
Direct Investment-related Foreign Exchange Administration Policies
, or
SAFE Circular 13,
most recently amended in December
2019, under which local banks will examine and handle foreign exchange registration for overseas direct investment, including the initial
foreign exchange registration and amendment registration, starting from June 1, 2015.
SAFE
Circular 3
stipulates several capital control measures with respect to the outbound remittance of profit from domestic entities to
offshore entities, including (i) under the principle of a genuine transaction, banks shall check the board resolutions regarding profit
distribution, the original version of tax filing records and audited financial statements; and (ii) domestic entities shall hold income
to account for previous years' losses before remitting the profits. Moreover, pursuant to
SAFE Circular 3
, domestic entities
shall make detailed explanations of the sources of capital and utilization arrangements, and provide board resolutions, contracts, and
other proof when completing the registration procedures in connection with an outbound investment.
36
Regulations
Relating to Tax
Dividend
Withholding Tax
Pursuant
to the
PRC Enterprise Income Tax Law
and its implementation rules, if a non-resident enterprise has not set up an organization
or establishment in China, or has set up an organization or establishment but the income derived has no actual connection with such organization
or establishment, it will be subject to a withholding tax on its PRC-sourced income at a rate of 10%. Pursuant to the
Arrangement
between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income
,
the withholding tax rate in respect to the payment of dividends by a PRC enterprise to a Hong Kong enterprise is reduced to 5% from a
standard rate of 10% if the Hong Kong enterprise directly holds at least 25% of the PRC enterprise. Pursuant to the
Circular of the
State Administration of Taxation on the Issues concerning the Application of the Dividend Clauses of Tax Agreements
, or
SAT Circular
81
, a Hong Kong resident enterprise must meet the following conditions, among others, in order to enjoy the reduced withholding tax:
(i) it must directly own the required percentage of equity interests and voting rights in the PRC resident enterprise; and (ii) it must
have directly owned such percentage in the PRC resident enterprise throughout the 12 months prior to receiving the dividends. Furthermore,
the
Bulletin of the State Taxation Administration on Issuing the Administrative Measures for Entitlement to Treaty Benefits for Non-resident
Taxpayers
, which became effective in January 2020, requires that where non-resident taxpayers judge by themselves that they meet
the conditions for entitlement to treaty benefits, they may obtain such entitlement themselves at the time of making tax declarations,
or at the time of making withholding declarations via withholding agents. At the same time, they shall collect, gather, and retain relevant
materials for future reference in accordance with the provisions of these measures, and shall accept the follow-up administration of
tax authorities. Accordingly, our direct subsidiary, Yunke and, may be able to enjoy the 5% withholding tax rate for the dividends they
receive from Shanghai Qige, if it satisfies the conditions prescribed under
SAT Circular 81
and other relevant tax rules and regulations.
However, according to
SAT Circular 81
, if the relevant tax authorities consider the transactions or arrangements we have are for
the primary purpose of enjoying a favorable tax treatment, the relevant tax authorities may adjust the favorable withholding tax in the
future. Additionally, the
Announcement of the State Administration of Taxation on Issues concerning "Beneficial Owners"
in Tax Treaties
, promulgated by the SAT on February 3, 2018, and took effect on April 1, 2018, further clarified the analysis standard
when determining one's qualification for beneficial owner status.
Enterprise
Income Tax
The
principal regulations governing enterprise income tax in China are the
PRC Enterprise Income Tax Law
and its implementing rules,
which became effective on January 1, 2008, most recently amended in December 2018. Under the
PRC Enterprise Income Tax Law
, enterprises
are classified as resident enterprises and non-resident enterprises. PRC resident enterprises typically pay an enterprise income tax
at the rate of 25%. Uncertainties exist with respect to how the
PRC Enterprise Income Tax Law
applies to the tax residence status
of Tian'an Technology Group Ltd. and our subsidiaries.
Under
the
PRC Enterprise Income Tax Law
, an enterprise established outside China with its "de facto management bodies" located
within China is considered a "resident enterprise", meaning that it is treated in a manner similar to a PRC domestic enterprise
for enterprise income tax purposes. The implementing rules of the
PRC Enterprise Income Tax Law
define the "de facto management
body" as a managing body that in practice exercises "substantial and overall management and control over the production and
operations, personnel, accounting, and properties" of the enterprise.
The
SAT issued the
Circular of the State Administration of Taxation on Issues Concerning the Identification of Chinese-controlled Overseas
Registered Enterprises as Resident Enterprises in accordance with the Actual Standards of Organizational Management
, or
SAT Circular
82
, in 2009, and most recently amended in December 2017. According to
SAT Circular 82
, a Chinese-controlled offshore incorporated
enterprise will be regarded as a PRC tax resident by virtue of having a "de facto management body" in China and will be subject
to PRC enterprise income tax on its worldwide income only if all of the following criteria are met: (a) the places where the senior management
and senior management departments responsible for the daily production, operation and management of the enterprise perform their duties
are mainly located within the territory of China; (b) decisions relating to the enterprise's financial matters (such as money borrowing,
lending, financing and financial risk management) and human resource matters (such as appointment, dismissal and salary and wages) are
made or are subject to approval by organizations or personnel in China; (c) the enterprise's primary assets, accounting books and
records, company seals, and board and shareholders meeting minutes are located or maintained in China, and (d) 50% or more of voting
board members or senior executives habitually reside in China. In addition, the SAT issued the
Bulletin of the State Administration
of Taxation on Printing and Distributing the Administrative Measures for Income Tax on Chinese-controlled Resident Enterprises Incorporated
Overseas (Trial Implementation)
in 2011, most recently amended in June 2018, providing more guidance on the implementation of
SAT
Circular 82
. This bulletin clarifies matters including resident status determination, post determination administration, and competent
tax authorities. In January 2014, the SAT issued the
Bulletin of the State Administration of Taxation on Issues concerning the Determination
of Resident Enterprises Based on the Standards of Actual Management Institutions
, or
SAT Bulletin 9
. According to
SAT Bulletin
9
, a Chinese-controlled offshore incorporated enterprise that satisfies the conditions prescribed under the
SAT Circular 82
for being recognized as a PRC tax resident must apply for being recognized as a PRC tax resident to the competent tax authority at the
place of registration of its main investor within the territory of China.
37
We
do not believe that we meet all of the conditions outlined in the immediately preceding paragraph. We believe that Tian'an and
our subsidiaries should not be treated as a "resident enterprise" for PRC tax purposes if the criteria for "de facto
management body" as set forth in
SAT Circular 82
were deemed applicable to us. However, as the tax residency status of an
enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the
term "de facto management body" as applicable to our offshore entities, we may be treated as a resident enterprise for PRC
tax purposes under the
PRC Enterprise Income Tax Law,
and we may, therefore, be subject to PRC income tax on our global income.
We are actively monitoring the possibility of "resident enterprise" treatment for the applicable tax years and are evaluating
appropriate organizational changes to avoid this treatment, to the extent possible.
In
the event that Tian'an or any of our subsidiaries is considered to be a PRC resident enterprise: Tian'an or our subsidiaries,
as the case may be, may be subject to the PRC enterprise income tax at the rate of 25% on our worldwide taxable income; dividend income
that Tian'an or our subsidiaries, as the case may be, received from our PRC subsidiaries may be exempt from the PRC withholding
tax; and interest paid to our overseas shareholders or Shares holders who are non-PRC resident enterprises as well as gains realized
by such shareholders or Shares holders from the transfer of our shares or Shares may be regarded as PRC-sourced income and as a result
be subject to PRC withholding tax at a rate of up to 10%, subject to any reduction or exemption set forth in relevant tax treaties, and
similarly, dividends paid to our overseas shareholders or Shares holders who are non-PRC resident individuals, as well as gains realized
by such shareholders or Shares holders from the transfer of our shares or Shares, may be regarded as PRC-sourced income and as a result
be subject to PRC withholding tax at a rate of 20%, subject to any reduction or exemption set forth in relevant tax treaties. "Risk
Factor—Risks Related to Doing Business in China—If we are classified as a PRC resident enterprise for PRC income tax purposes,
such classification could result in unfavorable tax consequences to us and our non-PRC shareholders or Shares holders."
SAT
issued
Bulletin of the State Administration of Taxation on Several Issues concerning the Enterprise Income Tax on the Indirect Transfers
of Properties by Non-Resident Enterprises
, or
SAT Bulletin 7
, on February 3, 2015, which replaced or supplemented certain
previous rules under the
Circular of the State Administration of Taxation on Strengthening the Administration of Enterprise Income
Tax on Incomes from Equity Transfers of Non-Resident Enterprises
, or
SAT Circular 698
. Under
SAT Bulletin 7
, an "indirect
transfer" of assets, including equity interests in a PRC resident enterprise, by non-PRC resident enterprises may be re-characterized
and treated as a direct transfer of PRC taxable assets, if such arrangement does not have a reasonable commercial purpose and was established
for the purpose of avoiding payment of PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject
to PRC enterprise income tax. According to
SAT Bulletin 7
, "PRC taxable assets" include assets attributed to an establishment
in China, immovable properties in China, and equity investments in PRC resident enterprises. In respect of an indirect offshore transfer
of assets of a PRC establishment, the relevant gain is to be regarded as effectively connected with the PRC establishment and therefore
included in its enterprise income tax filing, and would consequently be subject to PRC enterprise income tax at a rate of 25%. Where
the underlying transfer relates to the immovable properties in China or to equity investments in a PRC resident enterprise, which is
not effectively connected to a PRC establishment of a non-resident enterprise, a PRC enterprise income tax at 10% would apply, subject
to available preferential tax treatment under applicable tax treaties or similar arrangements, and the party who is obligated to make
the transfer payments has the withholding obligation. There is uncertainty as to the implementation details of
SAT Bulletin 7
.
If
SAT Bulletin
7 was determined by the tax authorities to be applicable to some of our transactions involving PRC taxable assets,
our offshore subsidiaries conducting the relevant transactions might be required to spend valuable resources to comply with
SAT Bulletin
7
or to establish that the relevant transactions should not be taxed under
SAT Bulletin 7
.
38
On
October 17, 2017, the SAT issued the
Bulletin of the State Administration of Taxation on Issues Concerning the Withholding of Non-resident
Enterprise Income Tax at Source
, or
SAT Bulletin 37
, which came into effect on December 1, 2017. The
SAT Bulletin 37
further clarifies the practice and procedure of the withholding of nonresident enterprise income tax.
Where
the payers fail to withhold any or sufficient tax, the non-PRC residents, as the transferors, are required to declare and pay such taxes
to the tax authorities on their own within the statutory time limit. Failure to comply with the tax payment obligations by the non-PRC
residents will result in penalties, including full payment of taxes owed, fines ranging from fifty percent to five times the amount of
unpaid or underpaid tax, and default interest on those taxes.
Enterprises
that are recognized as high and new technology enterprises in accordance with the
Administrative Measures for the Determination of
High and New Tech Enterprises
issued by the Ministry of Science, or the MOF, and the SAT are entitled to enjoy a preferential enterprise
income tax rate of 15%. Under which the validity period of the high and new technology enterprise qualification shall be three years
from the date of issuance of the certificate. An enterprise can re-apply for such recognition as a high and new technology enterprise
before or after the previous certificate expires.
PRC
Value-Added Tax
Pursuant
to the
Interim Regulations on Value-Added Tax of the PRC
, which was promulgated by the State Council on December 13, 1993, most
recently amended on November 19, 2017, and the
Implementation Rules for the Interim Regulations on Value-Added Tax of the PRC
,
which was promulgated by the MOF, and SAT on December 25,1993, and became effective on January 1, 2009, and as amended on October 28,
2011, any entity or individual conducting product sales is required to pay a value-added tax, or VAT, on the gross sales price of goods.
VAT rates range up to 17%, depending on the type of products sold. On March 21, 2019, MOF, SAT and the General Administration of Customs
jointly promulgated the
Announcement on Relevant Policies for Deepening Value-Added Tax Reform
, which became effective on April
1, 2019 and provides that (i) with respect to VAT taxable sales acts or import of goods originally subject to VAT rates of 16% and 10%
respectively, such tax rates shall be adjusted to 13% and 9%, respectively; (ii) with respect to purchase of agricultural products originally
subject to tax rate of 10%, such tax rate shall be adjusted to 9%; (iii) with respect to purchase of agricultural products for the purpose
of production or consigned processing of goods subject to tax rate of 13%, such tax shall be calculated at the tax rate of 10%; (iv)
with respect to export of goods and services originally subject to tax rate of 16% and export tax refund rate of 16%, the export tax
refund rate shall be adjusted to 13%; and (v) with respect to export of goods and cross-border taxable acts originally subject to tax
rate of 10% and export tax refund rate of 10%, the export tax refund rate shall be adjusted to 9%. The VAT may be offset by VAT paid
by the Company on raw materials and other materials included in the cost of producing or acquiring its finished products.
Regulations
Relating to Overseas Listing and M&A
On
August 8, 2006, six PRC regulatory agencies, including the China Securities Regulatory Commission, or the CSRC, promulgated the
Rules
on the Merger and Acquisition of Domestic Enterprises by Foreign Investors
, or the
M&A Rules
, which became effective on
September 8, 2006, and were amended on June 22, 2009. The
M&A Rules
, among other things, require offshore special purpose
vehicles formed for overseas listing purposes through acquisitions of PRC domestic companies and controlled by PRC domestic enterprises
or individuals to obtain the approval of the CSRC prior to the listing and trading of such special purpose vehicle's securities
on an overseas stock exchange. In September 2006, the CSRC published on its official website procedures regarding its approval of overseas
listings by special purpose vehicles. The CSRC approval procedures require the filing of a number of documents with the CSRC. Although
the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like our recent IPO are subject
to the
M&A Rules
, the interpretation, and application of the regulations remain unclear, and any future offerings may ultimately
require approval from the CSRC. If CSRC approval is required, it is uncertain whether it would be possible for us to obtain the approval
and any failure to obtain or delay in obtaining CSRC approval for a future securities offering would subject us to sanctions imposed
by the CSRC and other PRC regulatory agencies.
39
The
M&A Rules
and other regulations and rules concerning mergers and acquisitions established additional procedures and requirements
that could make merger and acquisition activities by foreign investors more time-consuming and complex. For example, the
M&A Rules
require that MOFCOM be notified in advance of any change-of-control transaction in which a foreign investor takes control of a PRC
domestic enterprise, if (i) any important industry is concerned, (ii) such transaction involves factors that impact or may impact national
economic security, or (iii) such transaction will lead to a change in control of a domestic enterprise which holds a famous trademark
or PRC time-honored brand.
In
addition, according to the
Notice on Establishing the Security Review System for Mergers and Acquisitions of Domestic Enterprises
by Foreign Investors
issued by the General Office of the State Council on February 3, 2011, and which became effective on March 4,
2011, the
Rules on Implementation of Security Review System for the Merger and Acquisition of Domestic Enterprises by Foreign Investors
issued by MOFCOM on August 25, 2011, and which became effective on September 1, 2011, the
Measures for the Security Review of
Foreign Investments
issued by MOFCOM and NDRC on December 19, 2020, which became Effective on January 18, 2021, mergers and acquisitions
by foreign investors that raise "national defense and security" concerns and mergers and acquisitions through which foreign
investors may acquire de facto control over domestic enterprises that raise "national security" concerns are subject to strict
review by MOFCOM, and the regulations prohibit any activities attempting to bypass such security review, including by structuring the
transaction through a proxy or contractual control arrangement.
C.
Organizational
    Structure
Tian'an
Technology Group Ltd. ("Tian'an") is a holding company that was incorporated under the laws of the British Virgin Islands
on April 8, 2021. Yunke Jingrong Information Technology Co., Ltd. ("Yunke") is our wholly owned subsidiary. Shanghai Qige
Power Technology Co., Ltd. ("Shanghai Qige") is a wholly owned subsidiary of Yunke and our operating company in China.
The
following diagram illustrates our corporate structure as of the date of this annual report:
D.
Property,
    Plants and Equipment
Property,
Plants, and Equipment
Our
current property and equipment consist of fixed assets and offices with a total net book value of $0 and $16,089 as of December 31, 2022
and 2021, respectively.
We
maintain an office in Room 501, No.3, Lane 743, Taopu Road, Putuo District, Shanghai, China with space of 58.13 square meters which we
leased from October 14, 2022 to October 13, 2023. The monthly rent for our office space is $643.45 (equivalent to RMB $4,500), which we
pay on a quarterly basis.
40
ITEM
    4A.
UNRESOLVED
    STAFF COMMENTS
Not
applicable.
ITEM
    5.
OPERATING
    AND FINANCIAL REVIEW AND PROSPECTS
A.
Operating
    Results
Key
Financial Performance Indicators
In
assessing our financial performance, we consider a variety of financial performance measures, including principal growth in net revenue
and gross profit, our ability to control costs and operating expenses to improve our operating efficiency and net income. Our review
of these indicators facilitates timely evaluation of the performance of our business and effective communication of results and key decisions,
allowing our business to respond promptly to competitive market conditions and different demands and preferences from our customers.
The key measures that we use to evaluate the performance of our business are set forth below and are discussed in greater details under
"Results of Operations".
Net
Loss
Our
net revenue is driven by changes in the number of customers, sales volume, selling price, and mix of products sold.
With
lockdowns in cities across China due to COVID-19 restrictions, Shanghai Qige lost much of its original customer base and product demand
decreased. Our products and operations were materially impacted. In order to mitigate the adverse impacts on Shanghai Qige's business,
we actively embraced marketplace changes. We reviewed our internal structure and policies, areas of business and business model and determined
Shanghai Qige needed to enter into a differentiated and new business field.
Based
on our trend analysis, the Company has integrated graphene production and focused its research on graphene health therapy. With the latest
scientific research achievements in graphene far-infrared heating technology, we have engaged in the health therapy industry. We believe
utilizing the far-infrared heat therapy characteristics of graphene, a new breakthrough in product technology is achieved allowing more
people to enjoy high-quality health therapy
As
a result of the above factors, we had a net loss of $280, 517 for the year ended December 31, 2022, compared to a net loss of $119,255
for the year ended December 31, 2021.
Gross
Profit
Gross
profit was $52,828 for the fiscal year ended December 31, 2022, an increase of $40,870 or 342%, compared to $11,958 of gross profit
for the fiscal year ended December 31, 2021. The increase was mainly due to the extension of Shanghai Qige's product lines and customer
base.
Operating
Expenses
Our
operating expenses consist of selling expenses, general and administrative expenses and research and development expenses.
41
Our
general and administrative expenses primarily include overseas listing related expenses and fees. We expect our professional fees for
legal, audit, and advisory services to increase as we become a public company since we completed our offering in March 2023.
Our
research expenses primarily consist of personnel salaries, social security, and travel expenses. Research and development expenses were
6%, and 91% of our revenues for the years ended December 31, 2022 and 2021, respectively. We expect our research and development
expenses, including, but not limited to, salaries and material expenses, to decrease in the foreseeable future, as we plan to shift our
focus to engaging in finding new customers and expanding our market.
Comparison
of Results of Operations for the Years Ended December 31, 2022 and 2021
The
following table summarizes the results of our operations during the fiscal years ended December 31, 2022 and 2021, respectively, and
provides information regarding the dollar and percentage increase or (decrease) during such periods.
(Presented
in $USD)
For the years ended December 31,
2022
2021
Revenue
$
195,733
$
37,065
Cost of revenue
$
142,905
$
25,107
Gross profit
$
52,828
$
11,958
Operating expenses
Research and development
$
10,945
$
33,757
Selling and marketing
$
12,917
$
18,015
General and administrative
$
307,691
$
78,935
Total operating expenses
$
331,553
$
130,707
Operating loss
$
(278,725
)
$
(118,749
)
Other loss
Interest expense
$
61
$
30
Other expense, net
$
(1,853
)
$
(536
)
Other loss, net
$
(1,792
)
$
(506
)
Loss before income tax provision
$
(280,517
)
$
(119,255
)
Income taxes
$
-
$
-
Net loss
$
(280,517
)
$
(119,255
)
Revenue
Revenue
were $195,733 for the fiscal year ended December 31, 2022, an increase of $158,668 or 428%, compared to $37,065 in the same period
for the fiscal year ended December 31, 2021. The increase was mainly due to the increased sales from our new graphene product line.
42
Cost
of Revenue
Our
cost of revenue was $142,905 for the fiscal year ended December 31, 2022, an increase of $117,798 or 469%, compared to $25,107 in
the same period for the fiscal year ended December 31, 2021. The increase was mainly due to launch of our
new graphene products.
Selling
and Marketing
Our
selling and marketing expenses were $12,917 for the fiscal year ended December 31, 2022, a decrease of $5,098 or 28%, compared to
$18,015 in the same period for the fiscal year ended December 31, 2021. The decrease was mainly due to our adjustments over our marketing team. We had to adjust our sales strategy for our new
graphene products. We also reduced of the number of our salespersons, which caused a
corresponding reduction in payroll and employee benefits.
General
and Administrative Expenses
Our
general and administrative expenses were $307,691 for the fiscal year ended December 31, 2022, an increase of $228,756 or 290%, compared
to $78,935 in the same period for the fiscal year ended December 31, 2021. The increase was mainly due to our overseas listing related
expenses and fees.
Research
and Development
Our
research and development expenses were $10,945 for the fiscal year ended December 31, 2022, a decrease of $22,812 or 68%, compared
to $33,757 in the same period for the fiscal year ended December 31, 2021. The decrease was mainly due to the launch of our new
graphene products and the shift away from Brushless DC controllers. We expect that these expenses
will continue to decrease in the coming years.
Operating
Loss
Our
operating loss was $278,725 for the year ended December 31, 2022, compared to $118,749 in the same period of 2021, representing an increase
of $159,976 or 135%. The increase was mainly due to the increase in general and administrative expenses which contain additional expenditures related to listing as a public company in the overseas market.
Cash
Flows
Operating
Activities
Net
cash used in operating activities in the year ended December 31, 2022 totaled $145,419. Cash flow pertaining to operating activities
benefited from non-cash expenditures, including depreciation and amortization of $5,470. In addition, we had a decrease in
inventories of $30,209, an increase in advances from customers of $27,739, and an increase of $128,065 in our other payables, and an
increase in taxes payable of $12,544, were partially offset by an increase in advances to suppliers of $44,320, a decrease of
$21,691 in payroll payable.
Net
cash used in operating activities in the year ended December 31, 2021 totaled $138,375. Cash flow pertaining to operating activities
affected by non-cash expenditures, including depreciation and amortization of $8,654 which was offset by a reduction of $4,170 from impairment reserve of inventory. In addition, we had an increase in
inventories of $15,369, an increase in advances to suppliers of $13,733, and a decrease in lease liabilities of $10,907, were
partially offset by an increase of $14,426 in payroll payable and collection of $6,200 from due from related parties.
Investing
Activities
For the year ended December 31, 2022, we had $163 cash provided by our
investing activities due to disposal of our fixed assets. There
was no net cash used in investing activities for the year ended December 31, 2021.
43
Financing
Activities
For
the year ended December 31, 2022, we had net cash of $159,704 inflow from financing activities. These were comprised of subscription collection of $505,121 from new issuances of shares and proceeds
of $312,367 from related party loans. In addition, we repaid $657,784 loans in the same period.
For
the year ended December 31, 2021, we had net cash of $130,728 inflow from financing activities. This was comprised of repayments of related
party loans of $271,265, offset by the proceeds of $293,493 and $108,500 from related party loans and third parties.
B.
Liquidity
    and Capital Resources
Historically,
our primary uses of cash have been to finance working capital needs. As of December 31, 2022, we had current assets of $74,702, we had
current liabilities of $382,201, and our working capital deficit was $307,499. We anticipate that our current liquidity is not sufficient
to meet the obligations associated with being a company that is fully reporting with the SEC.
To
date, we have managed our cash flow requirement through financial support from our founder and CEO, Mr. Heng Fei Yang. We may need to
raise additional capital to fund our operating expenses, pay our obligations, and grow our Company in the future. Our current resources
may be insufficient to satisfy all of our cash requirements and we may seek to sell additional equity or debt securities or obtain a
credit facility. We are pursuing a restructuring initiative that we hope can extend our cash runway until our operating cash flows increase.
We are also pursuing additional potential financing initiatives such as strategic collaborations and marketing, distribution arrangements,
business and asset divestitures and / or grant funding, among other things. If we are unable to obtain funding in an amount, on terms
and at the time that we desire, we could be forced to delay, reduce or eliminate some or all of our research, product portfolio expansion
or commercialization efforts, and take additional measures to reduce costs in order to conserve our cash in amounts sufficient to sustain
operations and meet our obligations. These measures could adversely affect our business prospects. Furthermore, if we issue additional
equity or debt securities, stockholders may experience additional dilution or the new equity securities may have rights, preferences
or privileges senior to those of existing holders of our ordinary shares.
Our
financial statements have been prepared in conformity with US GAAP, which contemplates our continuation as a going concern. We have an
accumulated deficit of $814,339 as of December 31, 2022. In addition, our current liabilities exceed our current assets by $307,449.
These factors raise substantial doubt about our ability to continue operating as a going concern. Our ability to continue our operations
as a going concern, realize the carrying value of our assets, and discharge our liabilities in the normal course of business is dependent
upon our ability to raise capital sufficient to fund our commitments and ongoing losses, and ultimately generate profitable operations.
Our
financial condition and liquidity are and will continue to be influenced by a variety of factors, including our ability to continue to
generate cash flows from our operations, our capital expenditure requirements, and the impact of geopolitical conditions on financial
markets and the global economy.
44
C.
Research
    and Development, Patents and Licenses, Etc.
Please
see Item 4.A. "Information on the Company—Business Overview," above.
D.
Trend
    Information
Other
than as disclosed elsewhere in this annual report, specifically the shut downs in China related to COVID-19, we are not aware of any
trends, uncertainties, demands, commitments or events for the year ended December 31, 2022 that are reasonably likely to have a material
adverse effect on our net revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial
information to be not necessarily indicative of future operating results or financial conditions.
E.
Off-Balance
    Sheet Arrangements
As
of December 31, 2022 and 2021, there were no off-balance sheet arrangements.
F.
Tabular
    Disclosure of Contractual Obligations
As
of December 31, 2022, there were no contractual obligations.
Legal
proceedings
We
are currently not a party to any material legal or administrative proceedings. We may from time to time be subject to various legal or
administrative claims and proceedings arising in the ordinary course of business. Litigation or any other legal or administrative proceeding,
regardless of the outcome, may result in substantial cost and diversion of our resources, including our management's time and attention.
Concentrations
of Business and Credit Risks
All
of the Company's suppliers are located in the PRC. There can be no assurance that the Company will be able to successfully
continue to
purchase
its products and failure to do so would have a material adverse
effect on the Company's financial position, results of operations and cash flows. Moreover, the success of the Company's
operations is subject to numerous contingencies, some of which are beyond management's control. These contingencies include
general economic conditions,
product
prices, competition,
governmental and political conditions, and changes in regulations. Since the Company is dependent on trade in the PRC, the Company
is subject to various additional political, economic and other uncertainties. Among other risks, the Company's operations will
be subject to the risks of restrictions on transfer of funds, domestic customs, changing taxation policies, foreign exchange
restrictions, and political and governmental regulations. The Company operates in China, which may give rise to significant foreign
currency risks from fluctuations and the degree of volatility of foreign exchange rates between United States dollars
("USD") and the Chinese currency Renminbi ("RMB"). The results of operations denominated in foreign currency
are translated at the average rate of exchange during the reporting periods.
Critical
Accounting Policies and Estimates
Our
discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements. These
financial statements are prepared in accordance with U.S. GAAP, which requires us to make estimates and assumptions that affect the reported
amounts of our assets and liabilities and revenues and expenses, to disclose contingent assets and liabilities on the date of the consolidated
financial statements, and to disclose the reported amounts of revenues and expenses incurred during the financial reporting period. The
most significant estimates and assumptions include the valuation of accounts receivable and inventories, useful lives of equipment, the recoverability of long-lived assets, provision necessary for contingent liabilities, and revenue
recognition. We continue to evaluate these estimates and assumptions that we believe to be reasonable under the circumstances. We rely
on these evaluations as the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent
from other sources. Since the use of estimates is an integral component of the financial reporting process, actual results could differ
from those estimates. Some of our accounting policies require higher degrees of judgment than others in their application. We believe
critical accounting policies as disclosed in this report reflect the more significant judgments and estimates used in preparation of
our consolidated financial statements.
45
Risks
and Uncertainties
Our
main operation is located in the PRC. Accordingly, our business, financial condition, and results of operations may be influenced by
political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy. Our results may be adversely
affected by changes in the political, regulatory and social conditions in the PRC. Although we have not experienced losses from these
situations and believes that we are in compliance with existing laws and regulations including our organization and structure, this may
not be indicative of future results.
Our
business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme
weather conditions, health epidemics and other catastrophic incidents. Our operations may be further affected by the ongoing outbreak
of COVID-19 pandemic. Although the Company resumed its operations since March 2, 2020 and the COVID-19 impact on the Company's
operating results and financial performance for the years ended December 31, 2022 and 2021 seems to be temporary, a resurgence could
negatively affect the execution of customer contracts, the collection of customer payments, or disruption of our supply chain. The continued
uncertainties associated with COVID-19 may cause our revenue and cash flows to underperform in the next 12 months. The extent of the
future impact of COVID-19 is still highly uncertain and cannot be predicted as of the financial statement reporting date.
No
adjustments have been made to the amounts reported in these consolidated financial statements as a result of this matter.
The
following critical accounting policies rely upon assumptions and estimates and were used in the preparation of our consolidated financial
statements:
Uses
of Estimates
The
preparation of financial statements in conformity with US GAAP requires Management to make estimates and judgments that affect the reported
amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements, and the reported
amounts of revenues and expenses during the reporting period.
Management
bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable
under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly,
these estimates may change as new events occur, as more experience is acquired, as additional information is obtained, and as the Company's
operating environment changes. Significant estimates and assumptions by management include, among others, useful life and impairment
analysis of long-lived assets, valuation of inventory and right-of-use assets and liabilities, allowance for credit loss of financial
assets, other receivables and prepayments. While management believes that the estimates and assumptions used in the preparation of the
financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed
and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary.
Accounts
Receivable, Net
Accounts
receivable are presented net of allowance for doubtful accounts. We determine the adequacy of reserves for doubtful accounts based on
individual account analysis and historical collection trend. We establish a provision for doubtful receivables when there is objective
evidence that we may not be able to collect amounts due. The allowance is based on management's best estimate of specific losses
on individual exposures, as well as a provision on historical trends of collections. Actual amounts received may differ from management's
estimate of credit worthiness and the economic environment. Delinquent account balances are written-off against the allowance for doubtful
accounts after management has determined that the collection is not probable, $0 and $0 uncollectable account receivable was written-off
during the years ended December 31, 2022 and 2021, respectively. Allowance for uncollectable balances amounted to $0 and $0 as of December
31, 2022 and 2021, respectively.
46
Inventories,
Net
Inventories are stated at net realizable value using weighted average method. Costs include the cost of raw materials, freight and related
production overhead. Any excess of the cost over the net realizable value of each item of inventories is recognized as a provision for
diminution in the value of inventories. Net realizable value is the estimated selling price in the normal course of business less any
costs to complete and sell products. We evaluate inventories on a quarterly basis for its net realizable value adjustments, and reduces
the carrying value of those inventories that are obsolete or in excess of the forecasted usage to their estimated net realizable value
based on various factors including aging, expiration dates, as applicable, taking into consideration historical and expected future product
sales. We recorded inventory reserve of $0 and $0 as of December 31, 2022 and 2021, respectively.
Revenue
Recognition
We
adopted Accounting Standard Codification ("ASC") Topic 606, Revenues from Contract with Customers ("ASC 606")
for all periods presented. Under ASC 606, revenue is recognized when control of the promised goods and services is transferred to the
Company's customers, in an amount that reflects the consideration that we expect to be entitled to in exchange for those goods
and services, net of value-added tax. We determine revenue recognition through the following steps:
●
Identify
    the contract with a customer;
●
Identify
    the performance obligations in the contract;
●
Determine
    the transaction price;
●
Allocate
    the transaction price to the performance obligations in the contract; and
●
Recognize
    revenue when (or as) the entity satisfies a performance obligation.
The
transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated
to each performance obligation is recognized when that performance obligation is satisfied by the control of the promised goods and services
is transferred to the customers, which at a point in time or over time as appropriate.
Our
revenues are net of value added tax ("VAT") collected on behalf of PRC tax authorities in respect to the sales of merchandise.
VAT collected from customers, net of VAT paid for purchases, is recorded as a liability in the accompanying consolidated balance sheets
until it is paid to the relevant PRC tax authorities.
Income
Tax
The
Company is governed by the Income Tax Law and associated legislations of the PRC. The Company accounts for income taxes in accordance
with FASB ASC 740 "Income Taxes" (formerly SFAS No. 109
Accounting for Income Taxes)
, which is an asset and liability
approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that
have been recognized in the Company's financial statements or tax returns. ASC 740 additionally requires the establishment of a
valuation allowance to reflect the likelihood of realization of deferred tax assets. Realization of deferred tax assets is dependent
upon future earnings, if any, of which the timing and amount are uncertain.
According
to ASC 740, the evaluation of a tax position is a two-step process. The first step is to determine whether it is more likely than not
that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical
merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the
amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater
than 50% likelihood of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not
recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions
that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which
the threshold is no longer met. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting
in interim periods, disclosures, and transition.
47
We
account for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when
temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial
statements. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary,
to reduce deferred tax assets to the amount expected to be realized.
An
uncertain tax position is recognized only if it is "more likely than not" that the tax position would be sustained in a tax
examination. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination.
For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred
related to underpayment of income tax are classified as income tax expense in the period incurred. As of December 31, 2022, we had income
tax payable of $576,098, primarily related to the unpaid income tax in China.
Our
operating subsidiaries in China are subject to the income tax laws of the PRC. No significant income was generated outside the PRC for
the years ended December 31, 2022, 2021 and 2020. As of December 31, 2022 and 2021, all of the tax returns of our PRC subsidiary remain
open for statutory examination by PRC tax authorities.
Recent
Accounting Pronouncements Not Yet Adopted
In
March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which amends ASC
Topic 848, Reference Rate Reform. This ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships,
and other transactions affected by reference rate reform if certain criteria are met. This new guidance is optional and may be elected
over time through December 31, 2022 as reference rate reform activities occur. This new guidance does not have a material impact on the
Company's consolidated financial statements.
In
October 2021, the FASB issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which
amends ASC Topic 805, Business Combinations, The ASU improves the accounting for acquired revenue contracts with customers in a business
combination by addressing diversity in practice and inconsistency related to the (1) recognition of an acquired contract liability and
(2) payment terms and their direct effect on subsequent revenue recognized by the acquirer. ASU 2021-08 is effective for annual periods,
and interim periods within those annual periods, beginning after December 15, 2022. This new guidance does not have a material impact
on the Company's consolidated financial statements.
Other
accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until
a future date are not expected to have a material impact on the Company's consolidated financial statements upon adoption
.
G.
Safe
    Harbor
See
"Introductory Notes—Forward-Looking Information."
48
ITEM
    6.
DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors
    and Senior Management
The
following table sets forth certain information regarding our directors and senior management, as well as employees upon whose work we
are dependent, as of the date of this annual report.
Our
executive officers and directors and their ages as of the date of this Report are as follows:
Name
Age
Position(s)
    and Office(s) Held
Heng
    Fei Yang
42
Chief
    Executive Officer and Director
Cong
    He
32
Chief
    Financial Officer
The
business address for all of our officers and directors is Room 501, No. 3, Lane 743, Taopu Road, Putuo District, Shanghai, China.
Set
forth below is a brief description of the background and business experience of our executive officers and directors:
Heng
Fei Yang
has served as the Company's Chief Executive Officer and sole director since its inception. He has been involved in
the industrial automation equipment manufacturing industry for many years and has unique opinions on the electric drive industry. From
November 2015 to February 2018, Mr. Yang served as the technical director of forklift equipment of Wanshaade Environmental Protection
Technology (Shanghai) Co., LTD. Between March 2017 and December 2019, Mr. Yang also served as the executive director, legal representative
and general manager of Shanghai Qige Power Technology Co., LTD. Mr. Yang continues to work with different technologies both domestically
and abroad. Given his experience, and his familiarity with market industry technology, he drives our Company's development and
supply-demand relationships. Mr. Yang holds a degree in Business Administration from the Dalian University of Technology. Mr. Yang is
well qualified to serve on our board of directors due to his significant experience in the industrial automation equipment manufacturing
industry.
Cong
He
has served as the Company's Chief Financial Officer since February 2022. Ms. He has helped our Company establish a high-quality
financial management system, effectively controlling costs, planning taxes and allocating operating funds as well as participating in
the Company's investment decisions. Ms. He served as the Chief Financial Officer of the Medical Institutions Traditional Medicine
Technology (Liaoning) Co., Ltd. from July 2019 to January 2022. Prior to that, Ms. He was employed as Deputy Financial Director of the
Beijing Ruihua Vision Investment Management Ltd from March 2014 to July 2019. Ms. He has expertise in strategic planning, finance, budget
forecasting, audit and financial reporting. Ms. He holds a degree in Accounting from The Central South University of Forestry and Technology,
and is a certified tax agent and intermediate accountant.
B.
Compensation
Set
forth below is the compensation paid during the fiscal year ended December 31, 2022 for each of our executive officers and directors.
Name
2022
2021
Heng Fei Yang
$
12,629
$
14,881
Cong He
$
22,972
$
-
C.
Board
    Practices
Term
of Office
Our
Directors are appointed for a one-year term to hold office until the next annual general meeting of our shareholders or until removed
from office in accordance with our Articles.
49
Employment
Contracts
Heng
Fei Yang
On
December 18, 2019, the Company entered into an employment agreement with its Chief Executive Officer ("CEO"), Heng Fei Yang,
pursuant to which he receives a monthly base salary of approximately $1,186 (equivalent to RMB $8000). Mr. Yang's salary may be
adjusted based on his work performance, in the sole discretion of the Company. Mr. Yang's employment is for an initial term of
two (2) years, which can be renewed thirty (30) days prior to the expiration of the term if both parties wish to extend. Mr. Yang may
be entitled to a bonus, such amount to be determined, at the sole discretion of the Company. The agreement was extended to December 31,
2025.
The
Company may terminate Mr. Yang's employment for cause, at any time, without notice or remuneration, for certain acts, such as serious
violation of the Company's rules and regulations, gross neglect of duty and misconduct resulting in large economic losses, criminal
acts and any breach of confidentiality or trade secrets.
Mr.
Yang is not permitted to operate on his own or on behalf of other individuals or enterprises any business providing the same or similar
competitive products or services. There is a customary confidentiality clause in Mr. Yang's agreement whereby he has agreed to
keep all confidential information confidential. Mr. Yang is not allowed to engage in any activities that may compete with the Company
during the term of her employment, and for two years after the termination of his employment.
Cong
He
On
February 1, 2022, the Company entered into an employment agreement with its Chief Financial Officer, Cong He. Pursuant to Ms. He's
employment agreement, she received probationary monthly base salary of approximately $2,216 (equivalent to RMB $15,000) from February
1, 2022 to February 28, 2022. Ms. He currently receives a monthly base salary of approximately $2,393 (equivalent to RMB $16,200). Ms.
He's salary may be adjusted based on her work performance, in the sole discretion of the Company. Ms. He's employment was
for an initial term of one (1) year, which could be renewed thirty (30) days prior to the expiration of the term if both parties wish
to extend. Ms. He may be entitled to a bonus, such amount to be determined, at the sole discretion of the Company. Ms. He's agreement
was extended to January 31, 2026.
The
Company may terminate Ms. He's employment for cause, at any time, without notice or remuneration, for certain acts, such as serious
violation of the Company's rules and regulations, gross neglect of duty and misconduct resulting in large economic losses, criminal
acts and any breach of confidentiality or trade secrets.
Ms.
He is not permitted to operate on his own or on behalf of other individuals or enterprises any business providing the same or similar
competitive products or services. There is a customary confidentiality clause in Ms. He's agreement whereby she has agreed to keep
all confidential information confidential. Ms. He is not allowed to engage in any activities that may compete with the Company during
the term of her employment, and for two years after the termination of her employment.
Committees
of the Board
We
currently do not have any committees under the board of directors.
Duties
of Directors
Under
British Virgin Island law, our directors have a duty to act honestly, in good faith and with a view to our best interests. Our directors
also have a duty to exercise the care, diligence and skills that a reasonably prudent person would exercise in comparable circumstances.
In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association and the
class rights vested thereunder in the holders of the shares. A shareholder may in certain circumstances have rights to damages if a duty
owed by the directors is breached.
Our
board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions
and powers of our board of directors include, among others:
●
convening
    shareholders' annual general meetings and reporting its work to shareholders at such meetings;
●
declaring
    dividends and distributions;
50
●
appointing
    officers and determining the term of office of the officers;
●
exercising
    the borrowing powers of our company and mortgaging the property of our company; and
●
approving
    the transfer of shares in our company, including the registration of such shares in our share register.
Terms
of Directors and Officers
Our
officers are elected by and serve at the discretion of the board of directors. Our directors hold office until the next annual meeting
of shareholders of the Company and until their successors have been elected and qualified. Our officers are elected by the board of directors
and serve at the discretion of the board of directors.
D.
Employees
As
of December 31, 2022, we had a total of 6 full time employees. We do not have any part time employees.
E.
Share
    Ownership
The
following table sets forth, as of the date of this report, the beneficial ownership of our Ordinary Shares by each executive officer
and director, by each person known by us to beneficially own more than 5% of our Ordinary Shares and by the executive officers and directors
as a group. Except as otherwise indicated, all shares are owned directly and the percentage shown is based on 45,000,000 shares of Ordinary
Shares issued and outstanding.
Title of class
Name of
beneficial owner
Amount of
beneficial ownership
Percent of class
Current Executive Officers and Directors
Ordinary Shares
Heng Fei Yang
40,000,000
88.9
%
Ordinary Shares
Cong He
-
0.00
%
Total of All Current Officers and Directors: (2)
88.9
%
As
used in this table, "beneficial ownership" means the sole or shared power to vote, or to direct the voting of, a security,
or the sole or shared investment power with respect to a security (i.e., the power to dispose of, or to direct the disposition of, a
security). In addition, for purposes of this table, a person is deemed, as of any date, to have "beneficial ownership" of
any security that such person has the right to acquire within 60 days after such date.
The
persons named above have full voting and investment power with respect to the shares indicated. Under the rules of the Securities and
Exchange Commission, a person (or group of persons) is deemed to be a "beneficial owner" of a security if he or she, directly
or indirectly, has or shares the power to vote or to direct the voting of such security, or the power to dispose of or to direct the
disposition of such security. Accordingly, more than one person may be deemed to be a beneficial owner of the same security. A person
is also deemed to be a beneficial owner of any security, which that person has the right to acquire within 60 days, such as options or
warrants to purchase our Ordinary Shares.
Major
Shareholders
Other
than as set forth above, there are no beneficial owners of 5% or more of our voting securities. The company is not directly or indirectly
owned or controlled by another corporation(s) or by any foreign government. There are no arrangements, known to us, the operation of
which may at a subsequent date result in a change in control of the company.
51
ITEM
    7.
MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major
    Shareholders
Please
refer to Item 6 "Directors, Senior Management and Employees—E. Share Ownership."
B.
Related
    Party Transactions
Except
as set forth below, during our preceding three financial years up to the date of this report, there have been no transactions or loans
between the company and (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by,
or are under common control with, the company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the voting
power of the company that gives them significant influence over the company, and close members of any such individual's family;
(d) key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling the
activities of the company, including directors and senior management of companies and close members of such individuals' families;
and (e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in
(c) or (d) or over which such a person is able to exercise significant influence:
Due from
related parties
For operation
al
purpose, the Company provided certain amount of advances to members of its management team, including CEO. As of December 31, 2022 and
2021, the outstanding balance of the advances to the Company's management was $0 and $0, respectively. The advances were collected
$0 and $6,200, respectively, during the years ended December 31, 2022 and 2021.
Due to related
parties
On
July 15, 2019, the Company entered into a loan agreement with one of its related parties, Liaoning Xinjian Linguo Yitang Health
Management Ltd., for a total amount of $459,315. The loan has no interest and no collateral. The loan is due on demand.
The Company's CEO, Mr. Heng Fei Yang, is the controlling owner of Liaoning Xinjian Linguo Yitang Health Management Ltd.
During the years ended December 31, 2022 and 2021, the Company repaid $185,668 and $271,265, respectively. As of December 31, 2022 and 2021, the
outstanding balance of the loan was $0 and $196,625, respectively.
On
April 15, 2021, the Company entered into a loan agreement with one of its related parties, Mr. Heng Fei Yang, for a total amount of
$293,493. The loan has no interest and no collateral. The loan is due on demand. Mr. Heng Fei Yang is the Company's CEO.
The loan was repaid in full during the second quarter of 2022. During the year ended December 31, 2022, the Company borrowed an
aggregate of $121,501 from Mr. Yang and repaid $355,517. As of December 31, 2022 and 2021, the outstanding balance of the
loan was $46,098 and $297,848, respectively.
On
August 20, 2022, the Company entered into a 12-month loan agreement with one of its related parties, Mr. Jinhua Xu, in the total
amount of $178,241. The loan has no interest and no collateral. Mr. Hu is a shareholder of the Company. As of December 31, 2022
and 2021, the outstanding balance of the loan was $173,956 and $0, respectively.
On
September 23, 2022 and October 14, 2022, the Company entered into two 3-month loan agreements with one of its related parties, Ms.
Xiaoyan Yuan, in the total amount of $12,625. The loans have no interest and no collateral.
Ms. Yuan is a shareholder of the
Company.
The loans were repaid in full on
October 28, 2022. As of December 31, 2022 there was no outstanding balance.
Sales with
a related party
During
the year ended December 31, 2022 the Company sold healthcare products to one of its related parties, Suzhou Xinjianlin Health
Management Co., Ltd. ("Xinjianlin ") in the total amount of $32,342. As of December 31, 2022, the balance of advances from Xinjianlin was
$1,703.
C.
Interests
    of Experts and Counsel
Not
applicable.
ITEM
    8.
FINANCIAL
    INFORMATION
A.
Consolidated
    Statements and Other Financial Information
Financial
Statements
We
have appended consolidated financial statements filed as part of this report. See Item 18 "Financial Statements."
52
Legal
Proceedings
We
are currently not a party to any material legal or administrative proceedings. We may from time to time be subject to various legal or
administrative claims and proceedings arising in the ordinary course of business. Litigation or any other legal or administrative proceeding,
regardless of the outcome, may result in substantial cost and diversion of our resources, including our management's time and attention.
Dividend
Policy
To
date, we have not paid any cash dividends on our shares. Dividends may be declared and paid out of surplus only; but in case there is
no surplus, dividends may be declared or paid out of the net profits for the fiscal year in which the dividend is declared and for the
preceding fiscal year. We currently anticipate that we will retain any available funds to finance the growth and operation of our business
and we do not anticipate paying any cash dividends in the foreseeable future. Additionally, our cash held in foreign countries may be
subject to certain control limitations or repatriation requirements, limiting our ability to use this cash to pay dividends.
B.
Significant
    Changes
No
significant change has occurred since the date of our consolidated financial statements filed as part of this annual report.
ITEM
    9.
THE
    OFFER AND LISTING
A.
Offer
    and Listing Details
We
intend to apply to quote our Ordinary Shares on the OTCQB. There is no assurance that we will be successful at having our shares quoted.
Approximate
Number of Holders of Our Securities
On
June 5,
2023, there were 67 shareholders of record of our Ordinary Shares. Certain of our
securities are held in nominee or street name so the actual number of beneficial owners of our securities is greater than the number
of record holders set forth above.
B.
Plan
    of Distribution
Not
applicable.
C.
Markets
See
our disclosures above under "A. Offer and Listing Details."
D.
Selling
    Shareholders
Not
applicable.
E.
Dilution
Not
applicable.
F.
Expenses
    of the Issue
Not
applicable.
53
ITEM
    10.
ADDITIONAL
    INFORMATION
A.
Share
    Capital
As
of the date of this annual report and pursuant to our
memorandum and articles of association ("M&A"),
the Company is authorized to issue an unlimited number of Ordinary Shares of a single class with no par value. There are currently
45,000,000 Ordinary Shares issued and outstanding. The Company may issue fractional shares. A fractional share shall have the corresponding
fractional liabilities, limitations, preferences, privileges, qualifications, restrictions, rights and other attributes of a whole share
of the same class and series. All of our issued and outstanding Ordinary Shares are fully paid.
B.
Memorandum
    and Articles of Association
We
are a BVI business company limited by shares and our affairs are governed by our memorandum and articles of association, as amended and
restated from time to time, and the BVI Business Companies Act (the "BVI Act").
Designations,
Powers and Preferences of Shares
Each
share in the Company confers upon the shareholder:
a)
the
    right to one vote at a meeting of the shareholders of the Company or on any resolution of the shareholders;
b)
the
    right to an equal share in any dividend paid by the Company; and
c)
the
    right to an equal share in the distribution of the surplus assets of the Company on its liquidation.
The
directors may, at their discretion by resolution, redeem, purchase or otherwise acquire all or any of the shares in the Company in accordance
with Regulation 3 of the M&A.
Variation
of the Rights of Shareholders
As
permitted by the BVI Act and our M&A, whenever the capital of our Company is divided into different classes, the rights attached
to any such class may only be materially adversely varied with the consent in writing of the shareholders more than fifty percent (50%)
of the issued shares of that class.
Rights
conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided
by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking pari passu
therewith.
Shareholder
meetings
In
accordance with, and subject to, our M&A, (a) any director may convene meetings of the members at such time and in such matter and
places within our outside the British Virgin Islands as the director considers necessary and desirable; and (b) upon the written request
of shareholders entitled to exercise thirty percent (30%) or more of the voting rights in respect of the matter for which the meeting
is requested, the directors shall convene a meeting of shareholders within twenty eight (28) days of receiving the written request. Under
BVI law, the M&A may be amended to decrease but not increase the required percentage to call a meeting above thirty per cent (30%).
In
accordance with, and subject to, our M&A, (a) a meeting of shareholders held in contravention of the requirement to give notice is
valid if shareholders holding at least ninety percent (90%) of the total voting rights on all the matters to be considered at the meeting
have waived notice of the meeting; (c) a meeting of shareholders is duly constituted if, at the commencement of the meeting, there are
present in person or by proxy one or more shareholders holding shares which carry in aggregate not less than a majority of all votes
attaching to all shares in issue and entitled to vote at such meeting, and (d) if within half an hour from the time appointed for the
meeting a quorum is not present, the meeting shall be dissolved.
54
Quorum
A
quorum for a meeting of the members is duly constituted if, at the commencement of the meeting, there are present in person or by proxy,
not less than fifty percent (50%) of the votes of the shares or class or series of shares entitled to vote on the resolutions of members
to be considered at the meeting.
Transfer
of Shares
Subject
to any applicable restrictions or limitations arising pursuant to (i) our M&A; or (ii) the BVI Act, any of our shareholders may transfer
all or any of his or her shares by an instrument of transfer in the usual or common form or in any other form which our directors may
approve (such instrument of transfer being signed by the transferor and containing the name and address of the transferee). Our directors
may decline to register any transfer of shares which is not fully paid up or on which our company has a lien.
Where
shares are listed on a recognized exchange, the shares may be transferred without the need for a written instrument of transfer if the
transfer is carried out in accordance with the laws, rules, procedures and other requirements applicable to shares registered on the
recognized exchange and subject to the Company's M&A.
Access
to Corporate Records
Under
the BVI Act, members of the general public, on payment of a nominal fee, can obtain copies of the public records of a company available
at the office of the Registrar of Corporate Affairs which will include the company's certificate of incorporation, its memorandum
and articles of association (with any amendments) and records of license fees paid to date and will also disclose any liquidation plan,
articles of merger or consolidation and any particulars of charges if either the Company or chargee have elected to file particulars
of such charges.
A
member of the Company is also entitled, upon giving written notice to us, to inspect (i) our memorandum and articles of association,
(ii) the register of members, (iii) the register of directors, and (iv) minutes of meetings and resolutions of members and of those classes
of members of which that member is a member, and to make copies and take extracts from the documents and records referred to in (i) to
(iv) above.
Indemnification
The
Company indemnifies against all expenses, including legal fees, and against all judgments, fine and amounts paid in settlement and reasonably
incurred in connection with legal, administrative or investigative proceedings any person who
a)
in
    or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal,
    administrative or investigative, by reason of the fact that the person is or was a director of the Company; or
b)
is
    or was, at the request of the Company, serving as a director of, or in any other capacity is or was acting for, another body corporate
    or a partnership, joint venture, trust or other enterprise.
Differences
in Corporate Law
The
BVI Act and the laws of the British Virgin Islands affecting British Virgin Islands companies like us and our shareholders differ from
laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of the significant differences between the
provisions of the laws of the British Virgin Islands applicable to us and the laws applicable to companies incorporated in the United
States and their shareholders.
55
Mergers
and Similar Arrangements
Under
the laws of the British Virgin Islands, two or more companies may merge or consolidate in accordance with Section 170 of the BVI Act.
A merger means the merging of two or more constituent companies into one of the constituent companies (the "surviving company")
and a consolidation means the uniting of two or more constituent companies into a new company (the "consolidated company").
The procedure for a merger or consolidation between the company and another company (which need not be a BVI company, and which may be
the company's parent or subsidiary, but need not be) is set out in the BVI Act. In order to merge or consolidate, the directors
of each constituent company must approve a written plan of merger or consolidation, which with the exception of a merger between a parent
company and its subsidiary, must also be approved by a resolution of a majority of the shareholders voting at a quorate meeting of shareholders
or by written resolution of the shareholders of the BVI company or BVI companies which are to merge. While a director may vote on the
plan of merger or consolidation, or any other matter, even if he has a financial interest in the plan, the interested director must disclose
the interest to all other directors of the company promptly upon becoming aware of the fact that he is interested in a transaction entered
into or to be entered into by the company. A transaction entered into by our company in respect of which a director is interested (including
a merger or consolidation) is voidable by us unless the director's interest was (a) disclosed to the board prior to the transaction
or (b) the transaction is (i) between the director and the company and (ii) the transaction is in the ordinary course of the company's
business and on usual terms and conditions. Notwithstanding the above, a transaction entered into by the company is not voidable if the
material facts of the interest are known to the shareholders and they approve or ratify it or the company received fair value for the
transaction. In any event, all shareholders must be given a copy of the plan of merger or consolidation irrespective of whether they
are entitled to vote at the meeting to approve the plan of merger or consolidation. A foreign company which is able under the laws of
its foreign jurisdiction to participate in the merger or consolidation is required by the BVI Act to comply with the laws of that foreign
jurisdiction in relation to the merger or consolidation. The shareholders of the constituent companies are not required to receive shares
of the surviving or consolidated company but may receive debt obligations or other securities of the surviving or consolidated company,
other assets, or a combination thereof. Further, some or all of the shares of a class or series may be converted into a kind of asset
while the other shares of the same class or series may receive a different kind of asset. As such, not all the shares of a class or series
must receive the same kind of consideration. After the plan of merger or consolidation has been approved by the directors and authorized,
if required, by a resolution of the shareholders, articles of merger or consolidation are executed by each company and filed with the
Registrar of Corporate Affairs in the British Virgin Islands. The merger or consolidation is effective on the date that the articles
of merger or consolidation are registered with the Registrar or on such subsequent date, not exceeding thirty days, as is stated in the
articles of merger or consolidation.
As
soon as a merger or consolidation becomes effective: (a) the surviving company or consolidated company (so far as is consistent with
its memorandum and articles of association, as amended or established by the articles of merger or consolidation) has all rights, privileges,
immunities, powers, objects and purposes of each of the constituent companies; (b) in the case of a merger, the memorandum and articles
of association of any surviving company are automatically amended to the extent, if any, that changes to its memorandum and articles
of association are contained in the articles of merger or, in the case of a consolidation, the memorandum and articles of association
filed with the articles of consolidation are the memorandum and articles of the consolidated company; (c) assets of every description,
including choses-in-action and the business of each of the constituent companies, immediately vest in the surviving company or consolidated
company; (d) the surviving company or consolidated company is liable for all claims, debts, liabilities and obligations of each of the
constituent companies; (e) no conviction, judgment, ruling, order, claim, debt, liability or obligation due or to become due, and no
cause existing, against a constituent company or against any member, director, officer or agent thereof, is released or impaired by the
merger or consolidation; and (f) no proceedings, whether civil or criminal, pending at the time of a merger or consolidation by or against
a constituent company, or against any member, director, officer or agent thereof, are abated or discontinued by the merger or consolidation;
but: (i) the proceedings may be enforced, prosecuted, settled or compromised by or against the surviving company or consolidated company
or against the member, director, officer or agent thereof; as the case may be; or (ii) the surviving company or consolidated company
may be substituted in the proceedings for a constituent company. The Registrar of Corporate Affairs shall strike off the register of
companies each constituent company that is not the surviving company in the case of a merger and all constituent companies in the case
of a consolidation. If the directors determine it to be in the best interests of the company, it is also possible for a merger or consolidation
to be approved as a Court approved plan of arrangement or scheme of arrangement in accordance with the BVI Act.
A
shareholder may dissent from (a) a merger if the company is a constituent company, unless the company is the surviving company and the
member continues to hold the same or similar shares; (b) a consolidation if the company is a constituent company; (c) any sale, transfer,
lease, exchange or other disposition of more than fifty percent (50%) in value of the assets or business of the company if not made in
the usual or regular course of the business carried on by the company but not including: (i) a disposition pursuant to an order of the
court having jurisdiction in the matter, (ii) a disposition for money on terms requiring all or substantially all net proceeds to be
distributed to the members in accordance with their respective interest within one year after the date of disposition, or (iii) a transfer
pursuant to the power of the directors to transfer assets for the protection thereof; (d) a compulsory redemption of ten percent (10%),
or fewer of the issued shares of the company required by the holders of ninety percent (90%), or more of the shares of the company pursuant
to the terms of the BVI Act; and (e) a plan of arrangement, if permitted by the British Virgin Islands Court (each, an Action). A shareholder
properly exercising his dissent rights is entitled to a cash payment equal to the fair value of his shares.
56
A
shareholder dissenting from an Action must object in writing to the Action before the vote by the shareholders on the merger or consolidation,
unless notice of the meeting was not given to the shareholder. If the merger or consolidation is approved by the shareholders, the company
must give notice of this fact to each shareholder within twenty (20) days who gave written objection. Such objection shall include a
statement that the member proposes to demand payment for his or her shares if the Action is taken. These shareholders then have twenty
(20) days to give to the company their written election in the form specified by the BVI Act to dissent from the Action, provided that
in the case of a merger, the twenty (20) days starts when the plan of merger is delivered to the shareholder. Upon giving notice of his
election to dissent, a shareholder ceases to have any shareholder rights except the right to be paid the fair value of his shares. As
such, the merger or consolidation may proceed in the ordinary course notwithstanding his dissent. Within seven (7) days of the later
of the delivery of the notice of election to dissent and the effective date of the merger or consolidation, the company shall make a
written offer to each dissenting shareholder to purchase his shares at a specified price per share that the company determines to be
the fair value of the shares. The company and the shareholder then have thirty (30) days to agree upon the price. If the company and
a shareholder fail to agree on the price within the thirty (30) days, then the company and the shareholder shall, within twenty (20)
days immediately following the expiration of the 30-day period, each designate an appraiser and these two appraisers shall designate
a third appraiser. These three appraisers shall fix the fair value of the shares as of the close of business on the day prior to the
shareholders' approval of the transaction without taking into account any change in value as a result of the transaction.
Shareholders'
Suits
There
are both statutory and common law remedies available to our shareholders as a matter of British Virgin Islands law. These are summarized
below.
Prejudiced
Members
A
shareholder who considers that the affairs of the company have been, are being, or are likely to be, conducted in a manner that is, or
any act or acts of the company have been, or are, likely to be oppressive, unfairly discriminatory or unfairly prejudicial to him in
that capacity, can apply to the court under Section 184I of the BVI Act, inter alia, for an order that his shares be acquired, that he
be provided compensation, that the Court regulate the future conduct of the company, or that any decision of the company which contravenes
the BVI Act or our memorandum and articles of association be set aside.
Derivative
Actions
Section
184C of the BVI Act provides that a shareholder of a company may, with the leave of the Court, bring an action in the name of the company
in certain circumstances to redress any wrong done to it. Such actions are known as derivative actions. The BVI Court may only grant
permission to bring a derivative action where the following circumstances apply:
●
the
    company does not intend to bring, diligently continue or defend or discontinue proceedings; and
●
it
    is in the interests of the company that the conduct of the proceedings not be left to the directors or to the determination of the
    shareholders as a whole.
When
considering whether to grant leave, the British Virgin Islands Court is also required to have regard to the following matters:
●
whether
    the shareholder is acting in good faith;
●
whether
    a derivative action is in the company's best interests, taking into account the directors' views on commercial matters;
●
whether
    the action is likely to proceed;
●
the
    costs of the proceedings; and
●
whether
    an alternative remedy is available.
57
Restraining
or Compliance Order
If
a BVI company or a director of a BVI company engages in, proposes to engage in or has engaged in, conduct that contravenes the BVI Act
or the memorandum or articles of the company, the Court may, on the application of a shareholder of the company pursuant to Section 184B
of the BVI Act, make an order directing the company or director to comply with, or restraining the company or director from engaging
in conduct that contravenes, the BVI Act or the company's memorandum or articles.
Just
and Equitable Winding Up
In
addition to the statutory remedies outlined above, shareholders can also petition the BVI Court for the winding up of a company under
the BVI Insolvency Act, 2003 (as amended), for the appointment of a liquidator to liquidate the company and the court may appoint a liquidator
for the company if it is of the opinion that it is just and equitable for the court to so order. Save in exceptional circumstances, this
remedy is generally only available where the company has been operated as a quasi-partnership and trust and confidence between the partners
has broken down.
C.
Material
    Contracts
We
have not entered into any material contracts other than in the ordinary course of business and other than those described in Item 4 "Information
on the Company," Item 5 "Operating and Financial Review and Prospects—F. Tabular Disclosure of Contractual Obligations,"
Item 7 "Major Shareholders and Related Party Transactions," or filed (or incorporated by reference) as exhibits to this annual
report or otherwise described or referenced in this annual report.
D.
Exchange
    Controls
BVI
Exchange Controls
There
are no material exchange controls restrictions on payment of dividends, interest or other payments to the holders of our common stock
or on the conduct of our operations in the BVI, where we were incorporated. There are no material BVI laws that impose any material exchange
controls on us or that affect the payment of dividends, interest or other payments to nonresident holders of our common stock. BVI law
and our memorandum and articles of association do not impose any material limitations on the right of non-residents or foreign owners
to hold or vote our common stock.
PRC
Exchange Controls
Regulations
on Foreign Currency Exchange
Under
the PRC Foreign Currency Administration Rules promulgated on January 29, 1996 and last amended on August 5, 2008 and various regulations
issued by SAFE and other relevant PRC government authorities, payment of current account items in foreign currencies, such as trade and
service payments, payment of interest and dividends can be made without prior approval from SAFE by following the appropriate procedural
requirements. By contrast, the conversion of RMB into foreign currencies and remittance of the converted foreign currency outside the
PRC for the purpose of capital account items, such as direct equity investments, loans and repatriation of investment, requires prior
approval from SAFE or its local office.
On
February 13, 2015, SAFE promulgated the Circular on Simplifying and Improving the Foreign Currency Management Policy on Direct Investment,
effective from June 1, 2015, which cancels the requirement for obtaining approvals of foreign exchange registration of foreign direct
investment and overseas direct investment from SAFE. The application for the registration of foreign exchange for the purpose of foreign
direct investment and overseas direct investment may be filed with qualified banks, which, under the supervision of SAFE, may review
the application and process the registration.
58
The
Circular of the SAFE on Reforming the Management Approach regarding the Settlement of Foreign Capital of Foreign-invested Enterprise,
or SAFE Circular 19, was promulgated on March 30, 2015 and became effective on June 1, 2015. According to SAFE Circular 19, a foreign-invested
enterprise may, according to its actual business needs, settle with a bank the portion of the foreign exchange capital in its capital
account for which the relevant foreign exchange bureau has confirmed monetary contribution rights and interests (or for which the bank
has registered the account-crediting of monetary contribution). For the time being, foreign-invested enterprises are allowed to settle
100% of their foreign exchange capitals on a discretionary basis; a foreign-invested enterprise shall truthfully use its capital for
its own operational purposes within the scope of business; where an ordinary foreign-invested enterprise makes domestic equity investment
with the amount of foreign exchanges settled, the invested enterprise shall first go through domestic re-investment registration and
open a corresponding Account for Foreign Exchange Settlement Pending Payment with the foreign exchange bureau (bank) at the place of
registration. The Circular of the SAFE on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital
Accounts, or SAFE Circular 16, was promulgated and became effective on June 9, 2016. According to SAFE Circular 16, enterprises registered
in PRC may also convert their foreign debts from foreign currency into Renminbi on self-discretionary basis. SAFE Circular 16 provides
an integrated standard for conversion of foreign exchange under capital account items (including but not limited to foreign currency
capital and foreign debts) on self—discretionary basis, which applies to all enterprises registered in the PRC. SAFE Circular 16
reiterates the principle that Renminbi converted from foreign currency-denominated capital of a company may not be directly or indirectly
used for purposes beyond its business scope and may not be used for investments in securities or other investment with the exception
of bank financial products that can guarantee the principal within the PRC unless otherwise specifically provided. Besides, the converted
Renminbi shall not be used to make loans for related enterprises unless it is within the business scope or to build or to purchase any
real estate that is not for the enterprise own use with the exception for the real estate enterprise.
On
January 26, 2017, SAFE promulgated the Circular on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness
and Compliance Verification, or SAFE Circular 3, which stipulates several capital control measures with respect to the outbound remittance
of profits from domestic entities to offshore entities, including (i) banks must check whether the transaction is genuine by reviewing
board resolutions regarding profit distribution, original copies of tax filing records and audited financial statements, and (ii) domestic
entities must retain income to account for previous years' losses before remitting any profits. Moreover, pursuant to SAFE Circular
3, domestic entities must explain in detail the sources of capital and how the capital will be used, and provide board resolutions, contracts
and other proof as a part of the registration procedure for outbound investment.
Regulations
on Foreign Exchange Registration of Overseas Investment by PRC Residents
SAFE
issued the Circular on Relevant Issues Relating to Domestic Resident's Investment and Financing and Roundtrip Investment through
Special Purpose Vehicles, or SAFE Circular 37, which became effective in July 2014, to replace the Circular of the State Administration
of Foreign Exchange on Issues Concerning the Regulation of Foreign Exchange in Equity Finance and Roundtrip Investments by Domestic Residents
through Offshore Special Purpose Vehicles, to regulate foreign exchange matters in relation to the use of special purpose vehicles, or
SPVs, by PRC residents or entities to seek offshore investment and financing or conduct round trip investment in China. SAFE Circular
37 defines a SPV as an offshore entity established or controlled, directly or indirectly, by PRC residents or entities for the purpose
of seeking offshore financing or making offshore investment, using legitimate onshore or offshore assets or interests, while "round
trip investment" is defined as direct investment in China by PRC residents or entities through SPVs, namely, establishing foreign-invested
enterprises to obtain the ownership, control rights and management rights. SAFE Circular 37 stipulates that, prior to making contributions
into an SPV, PRC residents or entities be required to complete foreign exchange registration with SAFE or its local branch. In addition,
SAFE promulgated the Notice on Further Simplifying and Improving the Administration of the Foreign Exchange Concerning Direct Investment
in February 2015, which amended SAFE Circular 37 and became effective on June 1, 2015, requiring PRC residents or entities to register
with qualified banks rather than SAFE in connection with their establishment or control of an offshore entity established for the purpose
of overseas investment or financing.
59
PRC
residents or entities who had contributed legitimate onshore or offshore interests or assets to SPVs but had not obtained registration
as required before the implementation of the SAFE Circular 37 must register their ownership interests or control in the SPVs with qualified
banks. An amendment to the registration is required if there is a material change with respect to the SPV registered, such as any change
of basic information (including change of the PRC residents, name and operation term), increases or decreases in investment amount, transfers
or exchanges of shares, and mergers or divisions. Failure to comply with the registration procedures set forth in SAFE Circular 37 and
the subsequent notice, or making misrepresentation on or failure to disclose controllers of the foreign-invested enterprise that is established
through round-trip investment, may result in restrictions being imposed on the foreign exchange activities of the relevant foreign-invested
enterprise, including payment of dividends and other distributions, such as proceeds from any reduction in capital, share transfer or
liquidation, to its offshore parent or affiliate, and the capital inflow from the offshore parent, and may also subject relevant PRC
residents or entities to penalties under PRC foreign exchange administration regulations. See "Risk Factors—PRC regulations
relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial owners or
our PRC subsidiary to liability or penalties, limit our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary's
ability to increase its registered capital or distribute profits to us, or may otherwise adversely affect us."
Regulations
on Dividend Distribution
Distribution
of dividends of foreign investment enterprises are mainly governed by the Foreign Investment Enterprise Law, issued in 1986 and amended
in 2000 and 2016 respectively, and the Implementation Rules under the Foreign Investment Enterprise Law, issued in 1990 and amended in
2001 and 2014 respectively. Under these regulations, foreign investment enterprises in the PRC may distribute dividends only out of their
accumulative profits, if any, determined in accordance with PRC accounting standards and regulations. In addition, no less than 10% of
the accumulated profits of the foreign investment enterprises in the PRC are required to be allocated to fund certain reserve funds each
year unless these reserves have reached 50% of the registered capital of the enterprises. A PRC company is not permitted to distribute
any profits until any losses from previous fiscal years have been offset. Profits retained from prior fiscal years may be distributed
together with distributable profits from the current fiscal year. Under our current corporate structure, our BVI holding company may
rely on dividend payments from our wholly owned subsidiary incorporated in China to fund any cash and financing requirements we may have.
Limitation on the ability of our operating subsidiaries to make remittance to our WOFEs and on the ability of our WOFEs to pay dividends
to us could limit our ability to access cash generated by the operations of those entities.
E.
Taxation
The
following summary of the material British Virgin Islands, PRC and U.S. federal income tax consequences of an investment in our Ordinary
Shares is based upon laws and relevant interpretations thereof in effect as of the date of this annual report, all of which are subject
to change. This summary does not deal with all possible tax consequences relating to an investment in our Ordinary Shares, such as the
tax consequences under U.S. state and local tax laws or under the tax laws of jurisdictions other than the British Virgin Islands, the
People's Republic of China and the United States.
British
Virgin Islands Taxation
The
Company is governed by the Income Tax Law and associated legislations of the PRC. The Company accounts for income taxes in accordance
with FASB ASC 740 "Income Taxes" (formerly SFAS No. 109
Accounting for Income Taxes)
, which is an asset and liability
approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that
have been recognized in the Company's financial statements or tax returns. ASC 740 additionally requires the establishment of a
valuation allowance to reflect the likelihood of realization of deferred tax assets. Realization of deferred tax assets is dependent
upon future earnings, if any, of which the timing and amount are uncertain.
According
to ASC 740, the evaluation of a tax position is a two-step process. The first step is to determine whether it is more likely than not
that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical
merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the
amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is greater
than 50% likelihood of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not
recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions
that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which
the threshold is no longer met. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting
in interim periods, disclosures, and transition.
60
People's
Republic of China Taxation
Under
the
PRC Enterprise Income Tax Law
and its implementation rules, an enterprise established outside of the PRC with "de facto
management body" within the PRC is considered a resident enterprise. The implementation rules define the term "de facto management
body" as the body that exercises full and substantial control and overall management over the business, productions, personnel,
accounts and properties of an enterprise. In April 2009, the SAT issued the
SAT Circular 82
, which provides certain specific criteria
for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located
in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those
controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT's general position on how
the "de facto management body" text should be applied in determining the tax resident status of all offshore enterprises.
According to
SAT Circular 82
, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will
be regarded as a PRC tax resident by virtue of having its "de facto management body" in China only if all of the following
conditions are met: (i) the places where the senior management and senior management departments responsible for the daily production,
operation and management of the enterprise perform their duties are mainly located within the territory of the PRC; (ii) decisions relating
to the enterprise's financial matters (such as money borrowing, lending, financing and financial risk management) and human resource
matters (such as appointment, dismissal and salary and wages) are made or are subject to approval by organizations or personnel in the
PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions,
are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC.
In addition, the SAT issued the
Bulletin of the State Administration of Taxation on Printing and Distributing the Administrative Measures
for Income Tax on Chinese-controlled Resident Enterprises Incorporated Overseas (Trial Implementation)
in 2011, providing more guidance
on the implementation of
SAT Circular 82
. This bulletin clarifies matters including resident status determination, post determination
administration, and competent tax authorities. In January 2014, the SAT issued the
SAT Bulletin 9
. According to
SAT Bulletin
9
, a Chinese-controlled offshore incorporated enterprise that satisfies the conditions prescribed under the
SAT Circular 82
for being recognized as a PRC tax resident must apply for being recognized as a PRC tax resident to the competent tax authority at the
place of registration of its main investor within the territory of China.
We
believe that Tian'an is not a PRC resident enterprise for PRC tax purposes. Tian'an is not controlled by a PRC enterprise
or PRC enterprise group and we do not believe that Tian'an meets all of the conditions above. Tian'an is a company incorporated
outside the PRC. As a holding company, its key assets are its ownership interests in its subsidiaries, and its key assets are located,
and its records (including the resolutions of its board of directors and the resolutions of its shareholders) are maintained, outside
the PRC. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain
with respect to the interpretation of the term "de facto management body."
If
the PRC tax authorities determine that Tian'an is a PRC resident enterprise for enterprise income tax purposes, we would be subject
to 25% enterprise income tax on its worldwide income. Furthermore, we may be required to withhold a 10% withholding tax from dividends
we pay to our shareholders that are non-resident enterprises, including the holders of our Shares. In addition, non-resident enterprise
shareholders may be subject to a 10% PRC tax on gains realized on the sale or other disposition of ordinary shares, if such income is
treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends payable to our non- resident
individual shareholders and any gain realized on the transfer of ordinary shares by such shareholders may be subject to PRC tax at a
rate of 20% unless a reduced rate is available under an applicable tax treaty. It is also unclear whether non- resident shareholders
of Tian'an would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event
that Tian'an is treated as a PRC resident enterprise.
On
February 3, 2015, the SAT issued the
SAT Bulletin 7
, which came into effect on February 3, 2015, but will also apply to cases
where their PRC tax treatments are not yet concluded. Pursuant to
SAT Bulletin 7
, an ''indirect transfer''
of PRC assets, including a transfer of equity interests in an unlisted non-PRC holding company of a PRC resident enterprise, by non-PRC
resident enterprises may be re-characterized and treated as a direct transfer of the underlying PRC assets, if such arrangement does
not have a reasonable commercial purpose and was established for the purpose of avoiding payment of PRC enterprise income tax. As a result,
gains derived from such indirect transfer may be subject to PRC enterprise income tax, and the transferee or other person who is obligated
to pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the transfer of equity interests
in a PRC resident enterprise.
61
On
October 17, 2017, the SAT issued the
SAT Bulletin 37
, which came into effect on December 1, 2017. The
SAT Bulletin 37
further
clarifies the practice and procedure of the withholding of non-resident enterprise income tax.
Where
a non-resident enterprise transfers taxable assets in China indirectly by disposing of the equity interests of an overseas holding company,
which is an Indirect Transfer, the non-resident enterprise as either transferor or transferee, or the PRC entity whose equity is transferred,
may report such Indirect Transfer to the relevant tax authority. Using a "substance over form" principle, the PRC tax authority
may disregard the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose
of reducing, avoiding or deferring PRC tax. As a result, gains derived from such Indirect Transfer may be subject to PRC enterprise income
tax, and the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently
at a rate of 10% for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may be subject
to penalties under PRC tax laws if the transferee fails to withhold the taxes and the transferor fails to pay the taxes. Our company
may be subject to filing obligations or taxed if our company is transferor in such transactions, and we may be subject to withholding
obligations if our company is transferee in such transactions, under
SAT Bulletin 7
and
SAT Bulletin 37
. For transfer of
shares in our company by investors who are non-PRC resident enterprises, our PRC subsidiaries may be requested to assist in the filing
under
SAT Bulletin 7
and
SAT Bulletin 37
. As a result, we may be required to expend valuable resources to comply with
SAT
Bulletin 7
and
SAT Bulletin 37
or to request the relevant transferors from whom we purchase taxable assets to comply with
these circulars, or to establish that our company should not be taxed under these circulars, which may have a material adverse effect
on our financial condition and results of operations.
United
States Federal Income Tax Considerations
The
following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of
our Ordinary Shares by a U.S. Holder (as defined below) that acquires and holds our Shares as "capital assets" (generally,
property held for investment) under the U.S. Internal Revenue Code of 1986, as amended, or the Code. This discussion is based upon existing
U.S. federal tax law, which is subject to differing interpretations or change, possibly with retroactive effect. No ruling has been sought
from the Internal Revenue Service, the IRS, with respect to any U.S. federal income tax consequences described below, and there can be
no assurance that the IRS or a court will not take a contrary position. This discussion, moreover, does not address the U.S. federal
estate, gift, Medicare, and alternative minimum tax considerations, or any state, local and non-U.S. tax considerations, relating to
the ownership or disposition of our Ordinary Shares. The following summary does not address all aspects of U.S. federal income taxation
that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such
as:
●
banks
    and other financial institutions;
●
insurance
    companies;
●
pension
    plans;
●
cooperatives;
●
regulated
    investment companies;
●
real
    estate investment trusts;
●
broker-dealers;
●
traders
    in securities that elect to use a mark-to-market method of accounting;
●
certain
    former U.S. citizens or long-term residents;
●
tax-exempt
    entities (including private foundations);
62
●
persons
    liable for alternative minimum tax;
●
holders
    who acquire their ordinary shares pursuant to any employee share option or otherwise as compensation;
●
investors
    that will hold their ordinary shares as part of a straddle, hedge, conversion, constructive sale or other integrated transaction
    for U.S. federal income tax purposes;
●
investors
    that have a functional currency other than the U.S. dollar;
●
persons
    that actually or constructively own 10% or more of the total combined voting power of all classes of our voting stock; or
●
partnerships
    or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding ordinary shares through such entities.
all
of whom may be subject to tax rules that differ significantly from those discussed below.
Each
U.S. Holder is urged to consult its tax advisor regarding the application of U.S. federal tax law to its particular circumstances, and
the state, local, non-U.S. and other tax considerations of the ownership and disposition of our Ordinary Shares.
General
For
purposes of this discussion, a "U.S. Holder" is a beneficial owner of our ordinary shares that is, for U.S. federal income
tax purposes:
●
an
    individual who is a citizen or resident of the United States;
●
a
    corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created in, or organized under the law
    of the United States or any state thereof or the District of Columbia;
●
an
    estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or
●
a
    trust (A) the administration of which is subject to the primary supervision of a U.S. court and which has one or more U.S. persons
    who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated
    as a U.S. person under the Code.
If
a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our ordinary shares,
the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership.
Partnerships holding our ordinary shares and their partners are urged to consult their tax advisors regarding an investment in our ordinary
shares.
Information
Reporting
Certain
U.S. Holders may be required to report information to the IRS with respect to the beneficial ownership of our ordinary shares. These
rules also impose penalties if a U.S. Holder is required to submit such information to the IRS and fails to do so.
In
addition, U.S. Holders may be subject to information reporting to the IRS with respect to dividends on and proceeds from the sale or
other disposition of our Ordinary Shares. Each U.S. Holder is advised to consult with its tax advisor
63
F.
Dividends
    and Paying Agents
Not
applicable.
G.
Statement
    by Experts
Not
applicable.
H.
Documents
    on Display
We
have filed this annual report on Form 20-F with the SEC under the Exchange Act. Statements made in this report as to the contents of
any document referred to are not necessarily complete. With respect to each such document filed as an exhibit to this report, reference
is made to the exhibit for a more complete description of the matter involved, and each such statement shall be deemed qualified in its
entirety by such reference.
We
are subject to the informational requirements of the Exchange Act as a foreign private issuer and file reports and other information
with the SEC. Reports and other information filed by us with the SEC including this report, may be inspected and copied at the public
reference room of the SEC at 100 F Street, N.E., Washington D.C. 20549. You can also obtain copies of this report by mail from the Public
Reference Section of the SEC, 100 F. Street, N.E., Washington D.C. 20549, at prescribed rates. Additionally, copies of this material
may be obtained from the SEC's Internet site at http://www.sec.gov. The SEC's telephone number is 1-800-SEC-0330. In accordance
with NASDAQ Stock Market Rule 5250(d), we will also mail a copy of this annual report on Form 20-F to our shareholders.
As
a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly reports
and proxy statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery
provisions contained in Section 16 of the Exchange Act.
I.
Subsidiary
    Information
Please
see Item 4.a, Information on the Company – History and Development of the Company, above.
ITEM
    11.
QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Foreign
Exchange Risk
Foreign
currency risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations.
Substantially all of our revenue-generating transactions, and a majority of our expense-related transactions, are denominated in Renminbi,
which is the functional currency of our operations. We do not hedge against currency risk.
The
value of the Renminbi against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in political
and economic conditions. To the extent that we need to convert U.S. dollars into Renminbi for our operations, appreciation of the Renminbi
against the U.S. dollar would reduce the Renminbi amount we receive from the conversion. Conversely, if we decide to convert Renminbi
into U.S. dollars for the purpose of making payments for dividends on our ordinary shares, servicing outstanding debts, or for other
business purposes, appreciation of the U.S. dollar against the Renminbi would reduce the U.S. dollar amounts available to us.
Our
functional currency is the RMB, and our financial statements are presented in U.S. dollars. The RMB depreciated by 10.2% for the year
ended December 31, 2022. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between
the RMB and the U.S. dollar in the future. The change in the value of the RMB relative to the U.S. dollar may affect our financial results
reported in the U.S. dollar terms without giving effect to any underlying changes in our business or results of operations. Currently,
our assets, liabilities, revenues and costs are denominated in RMB.
64
Interest
Rate Risk
We
are not currently exposed to interest rate risk. We do not own any interest-bearing instruments and our interest-bearing debt carries
a fixed rate.
Market
Price Risk
We
are not currently exposed to commodity price risk or market price risk.
Inflation
Inflation
does not materially affect our business or the results of our operations.
Seasonality
Seasonality
does not materially affect our business or the results of our operations.
ITEM
    12.
DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES
A.
Debt
    Securities
Not
applicable.
B.
Warrants
    and Rights
Not
applicable.
C.
Other
    Securities
Not
applicable.
D.
American
    Depositary Shares
We
do not have any American Depositary Shares.
PART
II
ITEM
    13.
DEFAULTS,
    DIVIDEND ARREARAGES AND DELINQUENCIES
None.
ITEM
    14.
MATERIAL
    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
None.
65
ITEM
    15.
CONTROLS
    AND PROCEDURES
A.
Disclosure
    Controls and Procedures
Our
management has not completed an assessment of the effectiveness of our internal controls over financial reporting, and our independent
registered public accounting firm has not conducted an audit of our internal control over financial reporting. In the course of auditing
our consolidated financial statements for the year ended December 31, 2022, we identified several material weaknesses in our internal
control over financial reporting and other control deficiencies as of December 31, 2022. A "material weakness" is a deficiency,
or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material
misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.
The
material weaknesses identified to date relate to a lack of accounting staff and resources with appropriate knowledge of generally accepted
accounting principles in the United States ("U.S. GAAP") and SEC reporting and compliance requirements.
As
a result of the above material weaknesses, management has concluded that our internal control over financial reporting was ineffective
as of December 31, 2022.
Following
the identification of the material weaknesses and control deficiencies, we have taken remedial measures including (i) hiring more qualified
accounting personnel with relevant U.S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function
and to set up a financial and system control framework; (ii) implementing regular and continuous U.S. GAAP accounting and financial reporting
training programs for our accounting and financial reporting personnel; and (iii) setting up an internal audit function as well as engaging
an external consulting firm to assist us with assessment of Sarbanes-Oxley compliance requirements and improvement of overall internal
control.
B.
Management's
    Annual Report on Internal Control Over Financial Reporting
This
annual report on Form 20-F does not include a report of management's assessment regarding internal control over financial reporting
due to a transition period established by rules of the SEC for newly public companies.
C.
Attestation
    Report of the Registered Public Accounting Firm
Because
the Company is a non-accelerated filer, this annual report does not include an attestation report of our registered public accounting
firm regarding internal control over financial reporting. Management's report was not subject to attestation by our registered
public accounting firm pursuant to rules of the SEC where domestic and foreign registrants that are non-accelerated filers, which we
are, and "emerging growth companies," which we also are, are not required to provide the auditor attestation report.
D.
Changes
    in Internal Controls over Financial Reporting
Other
than as described above, there were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the
Exchange Act) that occurred during the year ended December 31, 2022 that have materially affected, or are reasonably likely to materially
affect, our internal controls over financial reporting.
ITEM
    16A.
AUDIT
    COMMITTEE FINANCIAL EXPERT
We
do not currently have an audit committee.
ITEM
    16B.
CODE
    OF ETHICS
We
have adopted a Code of Business Conduct and Ethics (the "Code of Ethics") that applies to all of the directors, officers
and employees of the Company and its subsidiaries, including our principal executive officer, principal financial officer and principal
accounting officer. The Code of Ethics addresses, among other things, honesty and ethical conduct, conflicts of interest, compliance
with laws, regulations and policies, including disclosure requirements under the federal securities laws, confidentiality, trading on
inside information, and reporting of violations of the code.
66
ITEM
    16C.
PRINCIPAL
    ACCOUNTANT FEES AND SERVICES
The
following table sets forth the aggregate fees by categories specified below in connection with services rendered by our principal external
auditors for the periods indicated.
Fiscal Year Ended
December 31,
2022
2021
Audit Fees*
$
50,000
$
50,000
*
"Audit
    Fees" consisted of the aggregate fees billed for professional services rendered for the audit of our annual financial statements
    or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements.
ITEM
    16D.
EXEMPTIONS
    FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not
applicable
ITEM
    16E.
PURCHASES
    OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
There
were no purchases of equity securities made by or on behalf of us or any "affiliated purchaser" as defined in Rule 10b-18
of the Exchange Act during the period covered by this Annual Report.
ITEM
    16F.
CHANGES
    IN REGISTRANT'S CERTIFYING ACCOUNTANT
None.
ITEM
    16G.
CORPORATE
    GOVERNANCE
We
were incorporated in the British Virgin Islands and our corporate governance practices are governed by applicable British Virgin Islands
law and our Articles of Association.
ITEM
    16H.
MINE
    SAFETY DISCLOSURE
Not
applicable.
PART
III
ITEM
    17.
FINANCIAL
    STATEMENTS
We
have elected to provide financial statements pursuant to Item 18.
ITEM
    18.
FINANCIAL
    STATEMENTS
The
financial statements are filed as part of this annual report beginning on page F-1.
67
ITEM
    19.
EXHIBITS
Exhibit
    No.
Description
3.1*
Certificate of Incorporation of Tian'an Technology Group Ltd
3.2*
Articles of Association of Yunke Jingrong Information Technology Co., Limited
3.3*
Articles of Association of Shanghai Qige Power Technology Co., Ltd.
3.4*
English Translation of Business License of Shanghai Qige Power Technology Co., Ltd, dated August 10, 2016
10.1*
Factory Premises Leasing Contract by and between Shanghai MarisoPrecision Machinery Co., Ltd and Shanghai Qige Power Technology Co., Ltd dated April 15, 2021.
10.2*
Loan Agreement by and between Liaoning Xinjianlin Guoyitang Health Management Co., Ltd. and the Company, dated July 15, 2019
10.4*
Market Expansion Cooperation Agreement by and between Shanghai Qige Power Technology Co., Ltd and He Li, dated November 2, 2021
10.5*
Strategic Cooperation Framework Agreement by and Shanghai Qige Power Technology Co., Ltd and Xiwang New Materials Technology Co., Ltd, dated October 18, 2022
10.6*
Loan Agreement by and between Tian'an Technology Group Ltd and Mr. Yang Heng Fei, dated April 15, 2021
10.7*
Loan Agreement by and between Tian'an Technology Group Ltd and Shenzhen Shihong Education and Culture Ltd, dated November 20, 2021
10.8*
Form of Securities Purchase Agreement
10.9
Employment agreement by and between Tian'an Technology Group Ltd and Mr. Yang Heng Fei, dated December 18, 2019
10.10
Employment agreement by and between Tian'an Technology Group Ltd and He Cong, dated February 1, 2022
10.11
Lease Agreement by and between Shanghai Qige Power Technology Co., Ltd and Jin Yonggang, dated October 8, 2022
14.1
Code of Business Conduct and Ethics
21.1
Significant subsidiaries of the Registrant
31.1
Certifications of Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-1(a)
31.2
Certifications of Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-1(a)
32.1
Certifications of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2
Certifications of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS
Inline
    XBRL Instance Document
101.SCH
Inline
    XBRL Taxonomy Extension Schema Document
101.CAL
Inline
    XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
Inline
    XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
Inline
    XBRL Taxonomy Extension Label Linkbase Document
101.PRE
Inline
    XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover
    Page Interactive Data File (embedded within the Inline XBRL document)
* Incorporated by reference to Registration Statement on Form F-1 filed March 17, 2023
68
SIGNATURE
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this report on its behalf.
Date:
June 7,
2023
TIAN'AN
TECHNOLOGY GROUP LTD
/s/
    Heng Fei Yang
Heng
    Fei Yang
Chief
    Executive Officer
69
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
TIAN'AN
TECHNOLOGY GROUP LTD. AND SUBSIDIARIES
TABLE
OF CONTENTS
Consolidated
    Financial Statements
Report of Independent Registered Public Accounting Firm
F-
2
Consolidated Balance Sheets as of December 31, 2022 and 2021
F-3
Consolidated Statements of Operations for the years ended December 31, 2022 and 2021
F-4
Consolidated Statements of Shareholders' Equity for the years ended December 31, 2022 and 2021
F-5
Consolidated Statements of Cash Flows for the years ended December 31, 2022 and 2021
F-6
Notes to Consolidated Financial Statements
F-7
F-
1
Report
of Independent Registered Public Accounting Firm
To
the Stockholders and the Board of Directors of
Tian'an
Technology Group Ltd. And Subsidiaries
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of Tian'an Technology Group Ltd. And Subsidiaries (the Company) as of December 31,
2022 and 2021, and the related statements of operations and comprehensive loss, stockholders' equity, and cash flows for the
years ended December 31, 2022 and 2021, and related notes (collectively referred to as the "financial statements").
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31,
2022 and 2021, and the results of its operations and its cash flows for the years ended December 31, 2022 and 2021, in conformity
with accounting principles generally accepted in the United States of America.
Substantial
Doubt about the Company's Ability to Continue as a Going Concern
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
2 to the financial statements, the Company has suffered recurring significant losses which resulted significant accumulated deficiency
in stockholders' equity and has a net capital deficiency. These factors raise substantial doubt about the Company's ability
to continue as a going concern. Management's plans in regard to this matter are also discussed in Note 2. The financial statements
do not include any adjustments that might result from the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
/s/
HHC
We
have served as the Company's auditor since 2022.
Forest
Hills, New York
June
6, 2023
PCAOB ID #
5867
F-
2
TIAN'AN TECHNOLOGY GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of December 31,
2022
2021
ASSETS
Current Assets:
Cash
$
15,005
$
456
Other receivables
1,461
2,094
Inventories
-
31,991
Advances to suppliers
58,236
16,257
VAT credit
-
11,580
Total Current Assets
74,702
62,378
Noncurrent Assets:
Equipment, net
-
2,277
Operating lease right-of-use assets, net
-
13,812
TOTAL ASSETS
$
74,702
$
78,467
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable
$
83
$
-
Payroll payable
8,002
31,653
Taxes payable
1,570
-
Operating lease liabilities - current portion
-
5,683
Advance from customers
25,803
472
Advance from customers - related party
1,703
-
Due to related parties
220,054
494,473
Loan payables
-
110,110
Other payables
124,986
-
Total Current Liabilities
382,201
642,391
Operating lease liabilities - noncurrent portion
-
7,604
TOTAL LIABILITIES
382,201
649,995
Commitments and Contingencies
-
-
Stockholders' Equity:
Common Stock,
No
par value,
100,000,000
shares authorized;
45,000,000
shares and
40,000,000
issued and outstanding as of December 31, 2022 and 2021
-
-
Additional paid-in capital
500,000
-
Accumulated deficits
(
814,339
)
(
533,822
)
Other comprehensive income (loss)
6,840
(
37,706
)
Total Stockholders' Equity
(
307,499
)
(
571,528
)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
74,702
$
78,467
The accompanying notes are an integral part of these consolidated financial statements
F-
3
TIAN'AN TECHNOLOGY GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the Year Ended December 31,
2022
2021
Revenue - third parties
$
163,391
$
37,065
Revenue - related parties
32,342
-
Revenue
195,733
37,065
Cost of revenue - third parties
120,978
25,107
Cost of revenue - related parties
21,927
-
Cost of revenue
142,905
25,107
Gross profit
52,828
11,958
Operating Expenses:
Research and development
10,945
33,757
Selling and marketing
12,917
18,015
General and administrative
307,691
78,935
Total operating expenses
331,553
130,707
Loss from operations
(
278,725
)
(
118,749
)
Other Income (Loss):
Interest income, net
61
30
Other expense, net
(
1,853
)
(
536
)
Other loss, net
(
1,792
)
(
506
)
Loss before income taxes
(
280,517
)
(
119,255
)
Income taxes
-
-
Net loss
(
280,517
)
(
119,255
)
Other Comprehensive Loss:
Foreign currency translation adjustment
44,546
(
13,800
)
Comprehensive loss
$
(
235,971
)
$
(
133,055
)
Loss per common share, basic and diluted
$
(
0.01
)
$
(
0.00
)
Weighted average number of shares outstanding, basic and diluted
41,821,918
40,000,000
The
accompanying notes are an integral part of these consolidated financial statements
F-
4
TIAN'AN TECHNOLOGY GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
Common Stock
Number of Shares
Common Stock
Additional Paid-in Capital
Accumulated Deficits
Other Comprehensive Income (Loss)
Total
Balance at December 31, 2020
40,000,000
$
-
$
-
$
(
414,567
)
$
(
23,906
)
$
(
438,473
)
Net loss
-
-
-
(
119,255
)
-
(
119,255
)
Foreign currency translation adjustment
-
-
-
-
(
13,800
)
(
13,800
)
Balance at December 31, 2021
40,000,000
-
-
(
533,822
)
(
37,706
)
(
571,528
)
Net loss
-
-
-
(
280,517
)
-
(
280,517
)
Issuance of new shares
5,000,000
-
500,000
-
-
500,000
Foreign currency translation adjustment
-
-
-
-
44,546
44,546
Balance at December 31, 2022
45,000,000
$
-
$
500,000
$
(
814,339
)
$
6,840
$
(
307,499
)
The accompanying notes are an integral part of these consolidated financial statements
F-
5
TIAN'AN TECHNOLOGY GROUP LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year Ended
December 31,
2022
2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss
$
(
280,517
)
$
(
119,255
)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Depreciation and amortization
5,470
8,654
Loss from disposal of fixed assets
978
-
Impairment of inventory
-
(
4,170
)
Written off of doubtful accounts
-
(
543
)
Other receivables
480
(
1,521
)
Inventories
30,209
(
15,369
)
Advances to suppliers
(
44,320
)
(
13,733
)
VAT credit
-
(
1,324
)
Accounts payable
85
(
1,298
)
Advance from customers
27,739
465
Payroll payable
(
21,691
)
14,426
Taxes payable
12,544
-
Lease liabilities
(
4,461
)
(
10,907
)
Other payables
128,065
-
Due from related parties
-
6,200
Net Cash Used in Operating Activities
(
145,419
)
(
138,375
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Collection of subscription receivables
505,121
-
Proceeds from related parties
312,367
293,493
Repayments to related parties
(
553,810
)
(
271,265
)
Proceeds from loan payables
-
108,500
Repayments to loan payables
(
103,974
)
-
Net Cash Provided by Financing Activities
159,704
130,728
CASH FLOWS FROM INVESTING ACTIVITIES:
Disposal of fixed assets
163
-
Net Cash Provided by Investing Activities
163
-
Effect Of Exchange Rate Changes On Cash
101
105
Net Increase (Decrease) in Cash
14,549
(
7,542
)
Cash, beginning of year
456
7,998
Cash, end of year
$
15,005
$
456
Supplemental Disclosure Of Cash Flow Information:
Interest
$
61
$
-
Income taxes
$
-
$
-
NON-CASH TRANSACTIONS OF INVESTING AND FINANCING ACTIVITIES
Establishment of right-of-use assets and lease liabilities for new leases
$
-
$
17,183
Reduction of right-of-use assets and lease liabilities for cancelation of old leases
$
9,048
$
17,964
The accompanying notes are an integral part of these consolidated financial statements
F-
6
TIAN'AN
TECHNOLOGY GROUP LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1 –
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The
Consolidated Financial Statements include data of Tian'an Technology Group Ltd. ("Tian'an"), a holding
company incorporated in the British Virgin Islands on April 8, 2021; Yunke Jingrong Information Technology, Co., Ltd.
("Yunke"), a holding company incorporated in Hong Kong on October 27, 2021 and Shanghai Qige Power Technology Co., Ltd.
("Shanghai Qige"), an operating company incorporated in China (PRC) on August 10, 2016. Shanghai Qige is a wholly owned
subsidiary of Yunke, which is a wholly owned subsidiary of Tian'an. Tian'an, Yunke and Shanghai Qige are collectively
referred to as "the Company". Currently, all of the Company's operations are conducted through its subsidiary
Shanghai Qige. Tian'an and Yunke are holding companies and have no operations.
Through, Shanghai Qige, we were engaged
in the technology driven sales of power control and service systems solutions. In the third quarter of 2022, the Company shifted its
business model and through Shanghai Qige, focused on graphene production enterprises and engaged in the health therapy industry. We
utilize the far-infrared heat therapy characteristics of graphene, which is incorporated into our products.
The
Company's initial marketing efforts are in the Eastern China market with the intention of developing a nationwide marketing
network. The Company has developed a reputation of excellence in product quality and after sales service.
Name of Consolidated Companies
Domicile and Date of Incorporation
Paid in Capital
Percentage of Effective Ownership
Percent Principal Activities
Tian'an Technology Group Ltd.
April 8, 2021
,
British Virgin Islands
USD $
0
89
%
    owned by Mr. Heng Fei Yang
Investment holding
Yunke Jingrong Information Technology Co., Ltd.
October 27, 2021
,
PRC
USD $
0
100
% owned by Tian'an
Investment holding
Shanghai Qige Power Technology Co., Ltd.
August 10, 2016
,
PRC
USD $
0
100
% owned by Yunke Jingrong
Production and distribution of power drive product systems
Basis
of Presentation and Principles of Consolidation
The
consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America ("US GAAP") and include the Company and its wholly-owned subsidiary.
The
Company's functional currency is the Chinese Renminbi ("RMB"); however, the accompanying consolidated financial statements
have been translated and presented in United States Dollars ("USD").
All significant
inter-company accounts and transactions have been eliminated.
The consolidated financial statements include all adjustments that,
in the opinion of management, are necessary to make the financial statements not misleading.
Use
of Estimates and Assumptions
The
preparation of financial statements in conformity with US GAAP requires Management to make estimates and judgments that affect the reported
amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements, and the reported
amounts of revenues and expenses during the reporting period.
Management
bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable
under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly,
these estimates may change as new events occur, as more experience is acquired, as additional information is obtained, and as the Company's
operating environment changes. Significant estimates and assumptions by Management include, among others, useful life and impairment
analysis of long-lived assets, valuation of inventory and right-of-use assets and liabilities, allowance for credit loss of financial
assets, other receivables and prepayments. While Management believes that the estimates and assumptions used in the preparation of the
financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed
and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary.
F-
7
Concentrations
of Business and Credit Risks
All
of the Company's manufacturing is located in the PRC. There can be no assurance that the Company will be able to successfully continue
to manufacture its products and failure to do so would have a material adverse effect on the Company's financial position, results
of operations and cash flows. Moreover, the success of the Company's operations is subject to numerous contingencies, some of which
are beyond management's control. These contingencies include general economic conditions, prices of raw materials, competition,
governmental and political conditions, and changes in regulations. Since the Company is dependent on trade in the PRC, the Company is
subject to various additional political, economic and other uncertainties. Among other risks, the Company's operations will be
subject to the risks of restrictions on transfer of funds, domestic customs, changing taxation policies, foreign exchange restrictions,
and political and governmental regulations. The Company operates in China, which may give rise to significant foreign currency risks
from fluctuations and the degree of volatility of foreign exchange rates between United States dollars ("USD") and the Chinese
currency Renminbi ("RMB"). The results of operations denominated in foreign currency are translated at the average rate of
exchange during the reporting periods.
Risks
and Uncertainties
The
recent outbreak of the coronavirus COVID-19 has spread across the globe and is impacting worldwide economic activity. Conditions surrounding
the coronavirus continue to rapidly evolve and government authorities have implemented emergency measures to mitigate the spread of the
virus. The outbreak and the related mitigation measures have had and will continue to have a material adverse impact on global economic
conditions as well as on the Company's business activities. The extent to which COVID-19 may impact the Company's business
activities will depend on future developments, such as the ultimate geographic spread of the disease, the duration of the outbreak, travel
restrictions, business disruptions, and the effectiveness of actions taken in the United States and other countries to contain and treat
the disease. These events are highly uncertain and, as such, the Company cannot determine their financial impact at this time. No adjustments
have been made to the amounts reported in these consolidated financial statements as a result of this matter.
Statements
of Cash Flows
In
accordance with Statement FASB ASC Topic 230, "Statement of Cash Flows", cash flow from the Company's operations is
calculated based upon the local currencies and translated to the reporting currency using an average foreign exchange rate for the reporting
period. As a result, amounts related to assets and liabilities reported in the statements of cash flows will not necessarily be the same
as the corresponding balances on the consolidated balance sheets.
Cash
Cash
consist primarily of
cash
on hand
and cash in banks which is readily available in checking and saving accounts. The Company maintains cash with various
financial institutions in the PRC where its accounts are uninsured. The Company has not experienced any losses from funds held in bank
accounts and believes it is not exposed to any risk on its bank accounts.
Advances
to Suppliers
The
Company periodically makes advances to certain vendors for purchases of raw materials or to service providers for services and records
these payments as advances to suppliers. As of December 31, 2022 and 2021, advances to suppliers amounted for $
58,236
and $
16,257
, respectively.
Inventories
Inventories
are stated at the lower of cost or market value. The Company used the weighted average cost method of accounting for inventories. The
Company regularly evaluates the composition of its inventories to identify slow-moving and obsolete inventories to determine whether
valuation allowance is required. As of December 31, 2022 and 2021, the Company did
no
t record inventory valuation allowance. During the
years ended December 31, 2022 and 2021, the Company wrote off its inventories of $
0
and $
4,170
, respectively.
F-
8
Equipment
Equipment
is stated at cost less accumulated depreciation, and includes expenditures that substantially increase the useful life of existing assets.
Depreciation
is computed using the straight-line method over the estimated useful lives of the assets. Estimated useful life is as follows:
Operating Equipment
5
years
Office equipment
5
years
The
cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss
is included in the consolidated statements of operations. Maintenance, repairs, and minor renewals are charged directly to expenses as
incurred. Significant renewals and betterment to buildings and equipment are capitalized. Leasehold improvements are depreciated over
the lesser of the useful life or the life of the lease.
Impairment
of Long-Lived Assets
Long-lived
assets of the Company are reviewed annually as to whether their carrying value has become impaired, pursuant to the guidelines established
in FASB ASC 360 (formerly SFAS No. 144
Accounting for the Impairment or Disposal of Long-Lived Assets
). The Company considers
assets to be impaired if the carrying value exceeds the future projected cash flows from the related operations. The Company also re-evaluates
the periods of depreciation and amortization to determine whether subsequent events and circumstances warrant revised estimates of useful
life. The Company did
no
t record any impairment loss for the years ended December 31, 2022 and 2021.
Leases
The
Company leases space from third parties for its plant sites and/or office space. In accordance with Statement FASB ASC Topic 842, the
Company recognizes a right-of-use asset and lease liability at the commencement date of the of the lease contract and recognizes
in profit or loss the lease cost or expense during the lease term. As an accounting policy, the Company elects not to recognize a
right-of-use asset and lease liability requirement to short-term leases, which with a term of 12 months or less, instead,
recognizes the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the
period in which the obligation for those payments is incurred. The Company generally uses an incremental borrowing rate as discount
rate to measure its lease liabilities, as the rate implicit in the lease is typically not readily determinable. Certain lease
agreements include renewal options that are under the Company's control. The Company includes optional renewal periods in the
lease term only when it is reasonably certain that the Company will exercise its option.
Variable
lease payments include payments to lessors for taxes, maintenance, insurance and other operating costs as well as payments that are adjusted
based on an index or rate. The company's lease agreements do not contain any significant residual value guarantees or restrictive
covenants.
Revenue
Recognition
We
adopted Accounting Standard Codification ("ASC") Topic 606, Revenues from Contract with Customers ("ASC 606")
for all periods presented. Under ASC 606, revenue is recognized when control of the promised goods and services is transferred to the
Company's customers, in an amount that reflects the consideration that we expect to be entitled to in exchange for those goods
and services, net of value-added tax. We determine revenue recognition through the following steps:
●
Identify
    the contract with a customer;
●
Identify
    the performance obligations in the contract;
●
Determine
    the transaction price;
●
Allocate
    the transaction price to the performance obligations in the contract; and
●
Recognize
    revenue when (or as) the entity satisfies a performance obligation.
F-
9
The
transaction price is allocated to each performance obligation on a relative standalone selling price basis. The transaction price allocated
to each performance obligation is recognized when that performance obligation is satisfied by the control of the promised goods and services
is transferred to the customers, which at a point in time or over time as appropriate.
Our
revenues are net of value added tax ("VAT") collected on behalf of PRC tax authorities in respect to the sales of merchandise.
VAT collected from customers, net of VAT paid for purchases, is recorded as a liability in the accompanying consolidated balance sheets
until it is paid to the relevant PRC tax authorities.
Fair
Value of Financial Instruments
The
Company measures its financial and non-financial assets and liabilities, as well as makes related disclosures, in accordance with FASB
Accounting Standards Codification No. 820, Fair Value Measurement ("ASC 820"), which provides guidance with respect to valuation
techniques to be utilized in the determination of fair value of assets and liabilities. Approaches include, (i) the market approach (comparable
market prices), (ii) the income approach (present value of future income or cash flow), and (iii) the cost approach (cost to replace
the service capacity of an asset or replacement cost). ASC 820 utilizes a fair value hierarchy that prioritizes the inputs to valuation
techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:
Level
    1
: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level
    2
: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar
    assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not
    active.
Level
    3
: Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
    such as valuations derived from valuation techniques in which one more significant inputs or significant value drivers are unobservable.
Loss
per Common Share
The
basic loss per share is calculated by dividing the Company's net loss available to common shareholders by the weighted average
number of common shares during the year. The diluted loss per share is calculated by dividing the Company's net loss available
to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number
of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted loss per share
is the same as basic loss per share due to the lack of dilutive instruments in the Company. For the years ended December 31, 2022 and
2021, the Company had no potential dilutive common stock equivalents outstanding.
Income
Taxes
The
Company is governed by the Income Tax Law and associated legislations of the PRC. The Company accounts for income taxes in accordance
with FASB ASC 740 "Income Taxes" (formerly SFAS No. 109
Accounting for Income Taxes)
, which is an asset and liability
approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that
have been recognized in the Company's financial statements or tax returns. ASC 740 additionally requires the establishment of a
valuation allowance to reflect the likelihood of realization of deferred tax assets. Realization of deferred tax assets is dependent
upon future earnings, if any, of which the timing and amount are uncertain.
F-
10
According
to ASC 740, the evaluation of a tax position is a two-step process. The first step is to determine whether it is more likely than not
that a tax position will be sustained upon examination, including the resolution of any related appeals or litigation based on the technical
merits of that position. The second step is to measure a tax position that meets the more-likely-than-not threshold to determine the
amount of benefit to be recognized in the financial statements. A tax position is measured at the largest amount of benefit that is
greater
than 50% likelihood
of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not
recognition threshold should be recognized in the first subsequent period in which the threshold is met. Previously recognized tax positions
that no longer meet the more-likely-than-not criteria should be de-recognized in the first subsequent financial reporting period in which
the threshold is no longer met. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting
in interim periods, disclosures, and transition.
Translation
of Foreign Currencies
For
subsidiaries where the functional currency is other than the U.S. dollar, the Company uses the period-end exchange rates to translate
assets and liabilities, the average monthly exchange rates to translate revenue and expenses, and historical exchange rates to translate
shareholders' equity, into U.S. dollars. The Company records translation gains and losses in accumulated other comprehensive loss
as a component of shareholders' equity in the consolidated balance sheet.
December 31,
2022
2021
Year ended RMB: USD Exchange rate
0.1450
0.1573
Average yearly RMB: USD Exchange rate
0.1485
0.1550
The
RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions.
No representation is made that the RMB amounts could have been, or could be, converted into USD at the rates used in translation.
For
the years ended December 31, 2022 and 2021 foreign currency translation adjustments of $
44,546
and $
(
13,800
)
respectively, have been
reported as other comprehensive income (loss) in the consolidated financial statements.
Other
Comprehensive Income
Other
comprehensive income is defined as the change in equity during the period from transactions and other events, excluding the changes resulting
from investments by owners and distributions to owners. Other comprehensive income is not included in the computation of income tax expense
or benefit. Accumulated other comprehensive income represents the accumulated balance of foreign currency translation adjustments.
Segment
Information
The
Company follows FASB ASC 280-Segment Reporting, which requires that companies disclose segment data based on how management makes decision
about allocating resources to segments and evaluating their performance.
For
the year ended December 31, 2022, management has determined that the Company is operating in two reportable business segments, Healthcare
and Motor Controller. For the year ended December 31, 2021, the Company is operating in one reportable business segment, Motor Controller.
The Company's reportable segments are strategic business units that offer different products. They are managed separately based
on the fundamental differences in their operations.
Recent
Accounting Pronouncements
In
March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which amends ASC
Topic 848, Reference Rate Reform. This ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships,
and other transactions affected by reference rate reform if certain criteria are met. This new guidance is optional and may be elected
over time through December 31, 2022 as reference rate reform activities occur. This new guidance does not have a material impact on the
Company's consolidated financial statements.
F-
11
In
August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which
amends ASC Subtopic 470-20, Debt with Conversion and Other Options and ASC Subtopic 815-40, Derivatives and Hedging – Contracts
in Entity's Own Equity. The ASU simplifies the accounting for convertible instruments by reducing the number of accounting models
for convertible debt instruments and convertible preferred stock. In addition, the ASU enhances information transparency by making targeted
improvements to the disclosures for convertible instruments and earnings-per-share guidance and amends the guidance for the derivatives
scope exception for contracts in an entity's own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06
is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2021. This new guidance
does not have a material impact on the Company's consolidated financial statements.
In
October 2021, the FASB issued ASU 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which
amends ASC Topic 805, Business Combinations, The ASU improves the accounting for acquired revenue contracts with customers in a business
combination by addressing diversity in practice and inconsistency related to the (1) recognition of an acquired contract liability and
(2) payment terms and their direct effect on subsequent revenue recognized by the acquirer. ASU 2021-08 is effective for annual periods,
and interim periods within those annual periods, beginning after December 15, 2022. This new guidance does not have a material impact
on the Company's consolidated financial statements.
Other
accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until
a future date are not expected to have a material impact on the Company's consolidated financial statements upon adoption.
NOTE
2 –
GOING CONCERN
As
of December 31, 2022, the Company has generated revenues from its business operations and has incurred an accumulated deficit of
$
814,339
and a negative working capital of $
307,499
.
The Company will require additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of
the Company to continue as a going concern is dependent on raising capital to fund its business plan and ultimately to attain
profitable operations. Accordingly, these factors raise substantial doubt as to the Company's ability to continue as a going
concern from a period of one year from the issuance of these financial statements. The Company intends to continue to fund its
business by way of private placements and financing supports from related parties as may be required. As of December 31, 2022 the
Company has not issued any shares of common stock. These financial statements do not include any adjustments relating to the
recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this
uncertainty.
NOTE
3 –
INVENTORIES
Inventories
consist of the following:
December 31,
2022
2021
Finished goods
$
-
$
31,991
Less: impairment loss
-
-
Inventory, net
$
-
$
31,991
During
the years ended December 31, 2022 and 2021, the Company wrote off $
0
and $
4,170
, respectively. During the years ended December 31,
2022 and 2021, the Company did
no
t recognize an impairment loss from inventory.
F-
12
NOTE
4 –
EQUIPMENT, NET
Equipment
consisted of the following:
December 31,
2022
2021
Office equipment
$
-
$
1,101
Operating equipment
-
6,135
-
7,236
Less: accumulated depreciation
-
(
4,959
)
Equipment, net
$
-
$
2,277
Depreciation
expenses for the years ended December 31, 2022 and 2021 were $
1,009
and $
1,149
,
respectively. Management evaluates if any circumstance change that makes aggregate undiscount
ed
future cash flow generated by the equipment will
be
less than its carrying amount in annual basis. There is
no
t
any impairment situation for the years ended December 31, 2022 and 2021, respectively.
On
December 29, 2022, the Company disposed of all of its equipment for $
163
and reported a loss from the disposal of $
978
.
NOTE
5 –
LEASES
The
Company's lease portfolio primarily consists of an office lease. The lease term from is
April
17, 2021 to April 16, 2024.
On October 13, 2022, the Company terminated the lease early. The Company relocated to a different
office space and executed a 12-month lease. The following table summarizes the amounts and location of operating and finance
leases on the consolidated balance sheets:
December 31,
Balance Sheet Caption
2022
2021
Assets
Operating
Right-of-use assets
$
-
$
13,812
Finance
-
-
Total lease assets
$
-
$
13,812
Liabilities
Operating
Current
Lease liabilities – current portion
$
-
$
5,683
Noncurrent
Lease liabilities – noncurrent portion
-
7,604
Finance
Current
-
-
Noncurrent
-
-
Total lease liabilities
$
-
$
13,287
The
following table summarizes the lease costs recognized in the consolidated statements of earnings:
For the Year Ended December 31,
2022
2021
Operating lease cost
$
4,461
$
7,505
Short-term lease cost
2,005
-
Variable lease cost
-
-
Total lease cost
$
6,466
$
7,505
F-
13
The
following table presents the weighted-average remaining lease term and weighted-average discount rate for operating and finance leases:
For the Year Ended December 31,
2022
2021
Weighted-average remaining lease term (years)
Operating
0.80
2.33
Finance
-
-
Weighted-average discount rate
Operating
-
6.05
%
Finance
-
-
The
following table presents supplementary cash flow information regarding the company's leases:
For the Year Ended December 31,
2022
2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating activities
$
4,461
$
10,907
Right-of-use assets obtained in exchange for new operating lease liabilities
$
-
$
17,183
Reduction of right-of-use assets and lease liabilities for cancelation of old leases
$
9,048
$
17,964
NOTE
6 –
LOAN PAYABLES
On
November 20, 2021, the Company entered into a loan agreement of $
108,500
with Shenzhen Shihong Education and Culture Ltd. The loan was due on November 22, 2022 and had no interest charge if the loan was
repaid upon maturity. If the loan was not fully repaid on or before November 22, 2022, the Company would be charged
0.03
%
interest per day. The Company repaid the loan in full on May 20, 2022. As of December 31, 2022 and 2021, the ending balance of
loan payables was $
0
and
$
110,110
, respectively.
NOTE
7 –
RELATED PARTY TRANSACTIONS
Due
from related parties
For
operational purposes, the Company provided a certain amount of advances to members of its management team, including its CEO. As of
December 31, 2022 and 2021, the outstanding balance of the advances to the Company's management was $
0
and $
0
,
respectively. The advances of $
0
and $
6,200
,
respectively, were collected during the years ended December 31, 2022 and 2021.
Due
to related parties
On
July 15, 2019, the Company entered into a loan agreement of $
459,315
with one of its related parties, Liaoning Xinjian Linguo Yitang Health Management Ltd., without interest charge and collateral. The
loan is due on demand. The Company's CEO, Mr. Heng
F
ei Yang, is the controlling owner of Liaoning Xinjian Linguo Yitang Health
Management Ltd. During the years ended December 31, 2022 and 2021, the Company repaid $
185,668
and $
271,265
, respectively.
As of December 31, 2022 and 2021, the outstanding balance of the loan was $
0
and $
196,625
,
respectively.
On
April 15, 2021, the Company entered into a loan agreement of $
293,493
with one of its related parties, Mr. Heng Fei Yang, without interest charge and collateral. The loan is due on demand. Mr. Heng Fei
Yang is the Company's CEO. The loan was repaid in full during the second quarter of 2022. During the year ended December 31,
2022, the Company borrowed a total of $
121,501
from Mr. Yang and repaid $
355,517
.
As of December 31, 2022 and 2021, the outstanding balance of the loan was $
46,098
and $
297,848
,
respectively.
On
August 20, 2022, the Company entered into a 12-month loan agreement in the total amount of $
178,241
with one of its related parties, Mr. Jinhua Xu, without interest charge and collateral. Mr. Xu is a shareholder of the Company. As
of December 31, 2022 and 2021, the outstanding balance of the loan was $
173,956
and $
0
,
respectively.
F-
14
On
September 23, 2022 and October 14, 2022, the Company entered into two 3-month loan agreements in the total amount of $
12,625
with one of its related parties, Ms. Xiaoyan Yuan, without interest charge and collateral. The loans were repaid in full on October
28, 2022. Ms
.
Yuan is shareholder of the Company. As of December 31, 2022 and 2021, there was
no
outstanding balance.
Sales
with a related party
During
the years ended December 31, 2022 and 2021, the Company sold healthcare products in the total amount of $
32,342
to one of its related parties, Suzhou Xinjianlin
Health Management Co., Ltd. ("Xinjianlin "). As of December 31, 2022 the balance of advances from Xinjianlin was $
1,703
.
NOTE
8 –
OTHER PAYABLES
As
of December 31, 2022 and 2021, the Company reported $
124,986
and $
0
as its other payables, respectively. The other payables mainly consist
of payables for professional services, including audit, legal, and financial statement filing services.
NOTE
9 –
EQUITY
The
Company is authorized to issue
100,000,000
shares of common stock without par value. As of December 31, 2022 and 2021, it had
45,000,000
shares and
40,000,000
shares outstanding, respectively.
On
July 13, 2022, the Company effectuated a reverse stock split to convert its outstanding common stock from
100,000,000
shares to
40,000,000
shares.
On
August 22, 2022, the Company issued
5
million shares to 66
individuals for RMB
3,400,700
or approximately $
500,000
.
The relevant subscription receivable has been collected in May and June 2022.
NOTE
10 –
TAXES
Income
Taxes
British
Virgin Islands ("BVI")
Tian'an
is registered in BVI and are not subject to tax on income or capital gain. In addition, payments of dividends by Tian'an to their
shareholders are not subject to withholding tax in the BVI.
Hong
Kong
The
Company's subsidiary, Yunke, is incorporated in Hong Kong and has no operating profit or tax liabilities during the period. Yunke
is subject to tax at
16.5
% on the assessable profits arising in or derived from Hong Kong.
The
PRC
The
Company's subsidiary operating in the PRC is subject to the Corporate Income Tax Law of the PRC at a unified income tax rate of
25
%. The reconciliation of income tax rate to the effective income tax rate for the years ended December 31, 2022 and 2021 from our continuing
operation is as follows:
For the Year Ended December 31,
2022
2021
Loss before income taxes from operations in the PRC
$
(
280,517
)
$
(
119,255
)
Statutory income tax rate
25
%
25
%
Income tax expense at statutory rate
(
70,129
)
(
29,814
)
Tax effect of non-deductible items
-
-
Valuation allowance of deferred tax assets
70,129
29,814
Income tax expense
$
-
$
-
F-
15
Management
believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company
provided for a full valuation allowance against its deferred tax assets of $
70,129
and $
29,814
for the years ended December 31, 2022
and 2021, primarily relating to net operating loss carryforwards from the local tax regime.
Value-Added
Tax and Other Withholding and Other Levies
The
Company's products are sold in the PRC and are subject to VAT on the gross sales price. The VAT rates range up to
13
%, depending
on the type of products sold. The VAT may be offset by VAT paid by the Company for raw materials and other materials included in the
cost of producing or acquiring its finished products. The Company records a VAT payable net of payments if the VAT payable on the gross
sales is larger than VAT paid by the Company on purchase of materials or finished goods: otherwise, the Company records a VAT deductible
in the accompanying financial statements net of any VAT payable at the end of reporting periods. As of December 31, 2022 and 2021, the
Company recorded VAT payable (credit) of $
1,570
and $(
11,580
), respectively.
The
Company is also subject to other levies such as stamp tax, unban construction tax, additional education tax which are charged by local
governments. The rates of such levies are small and vary among the different jurisdictions in which the Company does business. The Company
also acts as the personal income tax withholding agent for the salaries paid its employees. As of December 31, 2022 and 2021, the Company
recorded other levies and withholding $
0
, respectively.
NOTE
11 –
NET LOSS PER SHARE
Basic
net loss per share is computed using the weighted average number of common shares outstanding during the year. The dilutive effect of
potential common shares outstanding is included in diluted net loss per share. The following table sets forth the computation of basic
and diluted net loss per share for the years ended December 31, 2022 and 2021:
For the Year Ended December 31,
2022
2021
Net loss attributable to common shareholders
$
(
280,517
)
$
(
119,255
)
Weighted average common shares outstanding – Basic and diluted
41,821,918
40,000,000
Loss per shares – basic and diluted
$
(
0.01
)
$
(
0.00
)
NOTE
12 –
STATUTORY RESERVES
Under
the laws of the PRC the Company's subsidiaries are required to make appropriations to the statutory reserve based on after-tax
net earnings and determined in accordance with generally accepted accounting principles of the People's Republic of China (the
"PRC GAAP").
Appropriation to the statutory reserve should be at least 10% of the after-tax net income until the reserve
is equal to 50% of the registered capital.
The statutory reserve is established for the purpose of providing employee facilities and
other collective benefits to the employees and is non-distributable other than in liquidation.
The
reserves amounted to $
0
and $
0
as of December 31, 2022 and 2021.
NOTE
13 –
SEGMENTS
In
2022, the Company operated in two reportable business segments, Healthcare and Motor Controller. Before 2022, the Company had one reportable
business segment, Motor Controller. The Company's reportable segments are strategic business units that offer different products.
They are managed separately based on the fundamental differences in their operations. Information with respect to these reportable business
segments is as the following:
F-
16
For
the year ended December 31, 2022
Revenue
Cost of revenue
Gross profit
Loss from operations
Depreciation and amortization
Assets
Healthcare
$
152,432
$
111,683
$
40,749
$
(
141,444
)
$
-
$
59,720
Motor controller
43,301
31,222
12,079
(
137,281
)
5,470
14,982
Segment Totals
$
195,733
$
142,905
$
52,828
(
278,725
)
$
5,470
74,702
Other Loss, net
(
1,792
)
Income tax benefits
-
Unallocated Assets
-
Net Loss
$
(
280,517
)
Total Assets
$
74,702
For
the year ended December 31, 2021
Revenue
Cost of revenue
Gross profit
Loss from operations
Depreciation and amortization
Assets
Healthcare
$
-
$
-
$
-
$
-
$
-
$
-
Motor controller
37,065
25,107
11,958
(
118,749
)
8,654
78,467
Segment Totals
$
37,065
$
25,107
$
11,958
(
118,749
)
$
8,654
78,467
Other Loss, net
(
506
)
Income tax benefits
-
Unallocated Assets
-
Net Loss
$
(
119,255
)
Total Assets
$
78,467
NOTE
14 –
CONCENTRATIONS OF RISK
The
Company is exposed to the following concentrations of risk:
a.
Credit risk and major customers
Financial
instruments that are potentially subject to credit risk consist principally of trade receivables. The Company believes the concentration
of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection
terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful
accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information.
As
of December 31, 2022 and 2021,
100
% of the Company's cash including cash on hand and deposits in accounts were maintained within
the PRC where there is currently no rule or regulation in place for obligatory insurance to cover bank deposits in the event of a bank's
failure. However, the Company has not experienced any such losses and believes it is not exposed to any significant risks on its cash
in bank accounts.
F-
17
The
Company's key customers are located in the PRC. The Company has not entered into long-term supply contracts with any of these major
customers. During the years ended December 31, 2022 and 2021, the Company's customers that accounted for 10% or more of the Company's
revenue are as follow:
Year Ended December 31,
Customers
2022
2021
A
21
%
-
B
17
%
-
C
15
%
-
D
10
%
-
E
10
%
-
F
-
35
%
G
-
51
%
H
-
10
%
The
suppliers accounted for 10% or more of the Company's purchases during the years ended December 31, 2022 and 2021.
Year Ended December 31,
Suppliers
2022
2021
AA
61
%
-
BB
39
%
-
CC
-
11
%
DD
-
71
%
EE
-
18
%
b.
Interest rate risk
As
the Company has no significant interest-bearing assets, the Company's income and operating cash flows are substantially independent
of changes in market interest rates.
c.
Exchange rate risk
The
reporting currency of the Company is USD, to date the majority of the revenues and costs are denominated in RMB and a significant portion
of the assets and liabilities are denominated in RMB. As a result, the Company is exposed to foreign exchange risk as its revenues and
results of operations may be affected by fluctuations in the exchange rate between US$ and RMB. If RMB depreciates against US$, the value
of RMB revenues and assets as expressed in USD financial statements will decline. The Company does not hold any derivative or other financial
instruments that expose to substantial market risk.
d.
Economic and political risks
The
Company's operations are conducted in the PRC. Accordingly, the Company's business, financial condition and results of operation
may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC economy. The outbreak
of COVID-19 pandemic has expanded all over the world since the beginning of 2020, which has greatly slowdown the growth of the global
economy, including the PRC, and this effect might be continued until the COVID 2019 was controlled by the human being. The slowdown of
the growth of the PRC's economy might has adversely effect on our current business and future developments if we would not catch
the opportunities of the increasing demand of medical from the popular residents.
The
Company's operations in the PRC are subject to special considerations. These include risks associated with, among others, the political,
economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the
political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary
measures, currency conversion, remittances abroad, and rates and methods of taxation.
NOTE
15 –
SUBSEQUENT EVENTS
On
May 8, 2023, the Company entered into a manufacturing contract with Xiwang New Material Technology Co., Ltd. ("Xiwang")
to produce 300 customized personal sauna rooms for the Company at a price of RMB
13,800
or $
2,000
USD per room. In accordance with
the contract, the Company prepaid a refundable deposit of RMB
1.1
million or approximately $
160,000
USD to Xiwang. The customized
personal sauna rooms will be built with the Company's owned brand name, "Qige Power."
On
May 24, 2023, the Company entered into a development agreement with Shenzhen Ascend Semiconductor Co., Ltd. to design and develop a
wireless control panel for the Company to install into its customized personal sauna room products. The total fee for this agreement
is RMB
360,000
or approximately $
52,000
USD.
F-
18