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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"></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Washington,
D.C. 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>FORM
<span id="xdx_904_edei--DocumentType_c20220101__20221231_zng7NxWklYq2"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:DocumentType">20-F</ix:nonNumeric></span></b></span></p>

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

<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>

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REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</span></p>

<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>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_edei--DocumentTransitionReport_c20220101__20221231_ztPUXbAwrJq3"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleanfalse" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric></span>
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</span></p>

<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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--DocumentShellCompanyReport_c20220101__20221231_zX8S3pR2p0p5"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleanfalse" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric></span>
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of event requiring this shell company report</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the transition period from _____________ to ____________.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
file number: <span id="xdx_901_edei--EntityFileNumber_c20220101__20221231_z70jrFWAC9x1"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityFileNumber">001-41681</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_90F_edei--EntityRegistrantName_c20220101__20221231_zl7tEjb7lzn1"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityRegistrantName">WANG
&amp; LEE GROUP, Inc.</ix:nonNumeric></span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_901_edei--EntityIncorporationStateCountryCode_c20220101__20221231_zUWE77VNeo11"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode">British
Virgin Islands</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90C_edei--EntityAddressAddressLine1_c20220101__20221231_zVGeHked8VD6"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityAddressAddressLine1">5-6/F
Wing Tai Factory Building</ix:nonNumeric></span>, </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_902_edei--EntityAddressAddressLine2_c20220101__20221231_zkOOWWAYBYUl"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityAddressAddressLine2">3
Tai Yip Street</ix:nonNumeric></span>,</b></span><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90C_edei--EntityAddressCityOrTown_c20220101__20221231_ztOCHbAzCqAb"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityAddressCityOrTown">Kwun
Tong</ix:nonNumeric></span>, </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Kowloon,
<span id="xdx_90B_edei--EntityAddressCountry_c20220101__20221231_zNDjcsarFDQ9"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Hong Kong</ix:nonNumeric> </span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_909_edei--ContactPersonnelName_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zAkARIqKuFIg"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:ContactPersonnelName">Pui
Lung Ho</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--EntityAddressAddressLine1_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zB7gfkER2B5f"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine1">5-6/F
Wing Tai Factory Building</ix:nonNumeric></span>,</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_903_edei--EntityAddressAddressLine2_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zrz24lv5HXVk"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine2">3
Tai Yip Street</ix:nonNumeric></span>,</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_908_edei--EntityAddressCityOrTown_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z50zIsbg3kre"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressCityOrTown">Kwun
Tong</ix:nonNumeric></span>,</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Kowloon,
<span id="xdx_907_edei--EntityAddressCountry_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zE8wgwyxBSMa"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Hong Kong</ix:nonNumeric></span></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Tel: <span id="xdx_901_edei--CityAreaCode_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zWjKdU1ADW5k"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:CityAreaCode">+852</ix:nonNumeric></span> <span id="xdx_90E_edei--LocalPhoneNumber_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zty9bdb4IBJi"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:LocalPhoneNumber">2889 1313</ix:nonNumeric></span>, Email: <span id="xdx_90A_edei--ContactPersonnelEmailAddress_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z2PWXzqUUld3"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:ContactPersonnelEmailAddress">mgt@wangnlee.com.hk</ix:nonNumeric></span></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
Telephone, Email and/or Facsimile number and Address of Company Contact Person)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: center"><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: 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="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 34%"><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; padding-bottom: 1pt; text-align: center; 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; text-align: center; width: 18%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
    Symbol</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center; 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; text-align: center; width: 44%"><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"><b>Name
of Each Exchange On Which Registered</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--Security12bTitle_c20220101__20221231_zv7xB74r3j8"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:Security12bTitle">Ordinary
    Shares with no par value</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"><span id="xdx_905_edei--TradingSymbol_c20220101__20221231_zuz1PoZTcl59"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:TradingSymbol">WLGS</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">The
    <span id="xdx_901_edei--SecurityExchangeName_c20220101__20221231_z6CZCIjHm6u2"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric></span> Stock Market LLC</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

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

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

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

<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>

<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">As
of May 10, 2023, there were <span id="xdx_901_edei--EntityCommonStockSharesOutstanding_iI_c20230510_zDxisTF9tBfk"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-05-10" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,096,331</ix:nonFraction></span> ordinary shares outstanding, with no par value.</span></p>

<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>

<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">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Yes &#9746; <span id="xdx_909_edei--EntityWellKnownSeasonedIssuer_c20220101__20221231_zWGgyeyRF49k"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span></span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Yes &#9746; <span id="xdx_90F_edei--EntityVoluntaryFilers_c20220101__20221231_z5eb08RNIgfi"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span></span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Yes &#9746; <span id="xdx_908_edei--EntityCurrentReportingStatus_c20220101__20221231_zScqdZrzal8d"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityCurrentReportingStatus">No</ix:nonNumeric></span></span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;
<span id="xdx_909_edei--EntityInteractiveDataCurrent_c20220101__20221231_z0o8eGGqEYb8"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9744; No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span 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; 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,&#8221; &#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: 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">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: center"><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; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 28%; text-align: center"><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; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <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_907_edei--EntityFilerCategory_c20220101__20221231_zbi4fQ3kbV7a"><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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</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">Emerging
    growth company</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"><span id="xdx_90C_edei--EntityEmergingGrowthCompany_c20220101__20221231_zUQ2k7BIQnOa"><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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<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">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_908_edei--EntityExTransitionPeriod_c20220101__20221231_zoahfqVbRSD1"><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: 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">
    <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; white-space: nowrap; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;</span></td>
    <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
    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></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">&#160;</span></p>

<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">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. &#9744;</span></p>

<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>

<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">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. &#9744;</span></p>

<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>

<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">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></p>

<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>

<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">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: 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="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    GAAP &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 75%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
    Financial Reporting Standards as issued by the International Accounting Standards Board</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: justify"><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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<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">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Item 17 &#9744; Item 18</span></p>

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

<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">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).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Yes &#9746; <span id="xdx_90F_edei--EntityShellCompany_c20220101__20221231_zqRJhaK69tpk"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleanfalse" name="dei:EntityShellCompany">No</ix:nonNumeric></span></span></p>

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

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Yes &#9744; No</span></p>

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

<!-- Field: Rule-Page --><div style="width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt; border-bottom: Black 4pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

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


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    <div style="border-bottom: Black 1.5pt solid; 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="width: 100%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt">&#160;</div>
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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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="toc_001"></span>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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; background-color: rgb(204,238,255)">
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INTRODUCTION
    &#160;</span></td>
    <td style="vertical-align: bottom; text-align: center">&#160;</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: 0.6in"><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: 0.7in"><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="vertical-align: bottom; text-align: center; width: 0.5in">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif"><a href="#sa_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION</span></a></td>
    <td style="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"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#sa_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART I.</span></a></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">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: center">&#160;</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#sa_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">4</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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">ITEM
    2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#sa_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OFFER STATISTICS AND EXPECTED TIMETABLE</span></a></td>
    <td style="vertical-align: bottom; text-align: center">4</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#sa_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KEY INFORMATION</span></a></td>
    <td style="vertical-align: bottom; text-align: center">4</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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">ITEM
    4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#sa_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INFORMATION ON THE COMPANY</span></a></td>
    <td style="vertical-align: bottom; text-align: center">34</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    4.A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNRESOLVED STAFF COMMENTS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">64</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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">ITEM
    5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</span></a></td>
    <td style="vertical-align: bottom; 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"><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">ITEM
    6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</span></a></td>
    <td style="vertical-align: bottom; text-align: center">80</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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">ITEM
    7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">88</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL INFORMATION</span></a></td>
    <td style="vertical-align: bottom; text-align: center">89</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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">ITEM
    9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFER AND LISTING</span></a></td>
    <td style="vertical-align: bottom; text-align: center">90</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDITIONAL INFORMATION</span></a></td>
    <td style="vertical-align: bottom; text-align: center">90</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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">ITEM
    11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></a></td>
    <td style="vertical-align: bottom; text-align: center">109</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></a></td>
    <td style="vertical-align: bottom; text-align: center">110</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: center">&#160;</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"><a href="#ed_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART II.</span></a></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">&#160;</span></td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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">ITEM
    13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></a></td>
    <td style="vertical-align: bottom; text-align: center">110</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    14.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">110</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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">ITEM
    15.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTROLS AND PROCEDURES</span></a></td>
    <td style="vertical-align: bottom; text-align: center">110</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</span></a></td>
    <td style="vertical-align: bottom; text-align: center">111</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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">ITEM
    16.A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUDIT COMMITTEE FINANCIAL EXPERT</span></a></td>
    <td style="vertical-align: bottom; text-align: center">111</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CODE OF ETHICS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">111</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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">ITEM
    16.C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL ACCOUNTANT FEES AND SERVICES</span></a></td>
    <td style="vertical-align: bottom; text-align: center">111</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></a></td>
    <td style="vertical-align: bottom; text-align: center">112</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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">ITEM
    16.E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">112</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></a></td>
    <td style="vertical-align: bottom; text-align: center">112</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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">ITEM
    16.G.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CORPORATE GOVERNANCE</span></a></td>
    <td style="vertical-align: bottom; text-align: center">112</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    16.H.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MINE SAFETY DISCLOSURE</span></a></td>
    <td style="vertical-align: bottom; text-align: center">112</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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">ITEM
    16.I.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">112</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    17.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">112</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><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">ITEM
    18.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">112</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
    19.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ed_027"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBITS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">113</td></tr>
  </table>

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

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    <!-- Field: /Page -->

<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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>COMMONLY
USED DEFINED TERMS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated or the context requires otherwise, references in this report to:</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>

<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; text-align: justify; width: 0.5in"><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; width: 0.5in"><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;Amended
    Memorandum and Articles&#8221; are to our memorandum and articles of association to be in effect upon completion of our initial public
    offering in April 2023;</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;BVI&#8221;
    refers to the British Virgin Islands;</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;BVI
    Act&#8221; is to the BVI Business Companies Act (As Revised) as the same may be amended from time to time;</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, excluding Taiwan and includes the special administrative regions
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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; 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;HK
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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; 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;SEC&#8221;
    means the U.S. Securities and Exchange Commission;</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;shares&#8221;,
    &#8220;Shares&#8221; or &#8220;Ordinary Shares&#8221; are to the ordinary shares of WANG &amp; LEE GROUP, Inc., with no par value;</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;we,&#8221;
    &#8220;us,&#8221; &#8220;our company,&#8221; &#8220;our,&#8221; &#8220;the Company&#8221; and &#8220;W&amp;L&#8221; are to WANG &amp;
    LEE GROUP, Inc., a British Virgin Islands business company, and does not include its subsidiaries, WANG &amp; LEE HOLDINGS, Inc.
    and WANG &amp; LEE CONTRACTING LIMITED. Where appropriate, we shall refer to the subsidiaries by their legal names and collectively
    as &#8220;our subsidiaries&#8221; and clearly identify the entity (including the domicile) in which investors are purchasing an interest;</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">All
    references to &#8220;H.K. dollars,&#8221; or &#8220;HK$&#8221; are to the legal currency of HK SAR;</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">All
    references to &#8220;Renminbi&#8221;, &#8220;RMB&#8221; or &#8220;yuan&#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">All
    references to &#8220;U.S. dollars,&#8221; &#8220;dollars,&#8221; &#8220;USD&#8221;, &#8220;US$&#8221; or &#8220;$&#8221; are to the
    legal currency of the United States.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is conducted by our indirect wholly-owned entity in HK SAR, using HK$, the currency of HK SAR. Our unaudited condensed consolidated
financial statements are presented in United States dollars. In this report, we refer to assets, obligations, commitments and liabilities
in our unaudited condensed consolidated financial statements in United States dollars. These dollar references are based on the exchange
rate of HK$ to United States dollars, determined as of a specific date or for a specific period. Changes in the exchange rate will affect
the amount of our obligations and the value of our assets in terms of United States dollars which may result in an increase or decrease
in the amount of our obligations (expressed in dollars) and the value of our assets, including accounts receivable (expressed in dollars).</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>

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

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    <div style="break-before: page; margin-top: 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="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
report contains translations of certain HK$ amounts into U.S. dollar amounts at specified rates solely for the convenience of the reader.
We make no representation that any currency could have been, or could be, converted into another currency, at any particular rate, or
at all. The relevant exchange rates are listed below:</span></p>

<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 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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">For the year ended December
                                                                                31,</span></p></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2021</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2020</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Period Ended HK$: USD exchange
    rate</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7.7990</span></td><td style="width: 1%; text-align: left"></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7.7971</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">7.7525</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Period Average HK$: USD exchange rate</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7.8298</span></td><td style="text-align: left"></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7.7723</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7.7558</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Numerical
figures included in this report have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various
tables may not be arithmetic aggregations of the figures that precede them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the sake of clarity, this report follows the English naming convention of first name followed by last name, regardless of whether an
individual&#8217;s name is Chinese or English. For example, the name of our Chairman will be presented as &#8220;Pui Lung Ho,&#8221;
even though, in Chinese, Mr. Ho&#8217;s name is presented as &#8220;Ho Pui Lung.&#8221;</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have relied on statistics provided by a variety of publicly-available sources regarding China&#8217;s expectations of growth. We did
not, directly or indirectly, sponsor or participate in the publication of such materials, and these materials are not incorporated in
this report other than to the extent specifically cited in this report. We have sought to provide current information in this report
and believe that the statistics provided in this report remain up-to-date and reliable, and these materials are not incorporated in this
report other than to the extent specifically cited in this report. Except where otherwise stated, all ordinary share accounts provided
herein are on a pre-share-increase basis.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sa_001"></span>CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING INFORMATION</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
report contains forward-looking statements that involve risks and uncertainties, such as statements related to future events, business
strategy, future performance, future operations, backlog, financial position, estimated revenues and losses, projected costs, prospects,
plans and objectives of management. All statements other than statements of historical fact may be forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of words such as &#8220;seek,&#8221; &#8220;anticipate,&#8221; &#8220;plan,&#8221;
&#8220;continue,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;project,&#8221; &#8220;predict,&#8221;
&#8220;potential,&#8221; &#8220;targeting,&#8221; &#8220;intend,&#8221; &#8220;could,&#8221; &#8220;might,&#8221; &#8220;should,&#8221;
&#8220;believe&#8221; and similar expressions or their negative. Forward-looking statements should not be read as a guarantee of future
performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will
be achieved. Forward-looking statements are based on management&#8217;s belief, based on currently available information, as to the outcome
and timing of future events. These statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from those expressed in such forward-looking statements. When evaluating
forward-looking statements, you should consider the risk factors and other cautionary statements described in &#8220;Risk Factors.&#8221;
We believe the expectations reflected in the forward-looking statements contained in this report are reasonable, but no assurance can
be given that these expectations will prove to be correct. Forward-looking statements should not be unduly relied upon.</span></p>

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

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    <div style="break-before: page; margin-top: 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="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Important
factors that could cause actual results or events to differ materially from those expressed in forward-looking statements include, but
are not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; width: 0.5in"><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; width: 0.5in"><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">declines
    in public and private infrastructure construction, buildings and reductions in government funding or incentives;</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">risks
    related to our operating strategy;</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">competition
    for projects in our local markets;</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">risks
    associated with our capital-intensive business;</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">government
    requirements and initiatives, including those related to funding for public or infrastructure construction, land usage and environmental,
    health and safety 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; 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">unfavorable
    economic conditions and restrictive financing markets;</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">our
    ability to obtain sufficient bonding capacity to undertake certain projects;</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">our
    ability to accurately estimate the overall risks, requirements or costs when we bid on or negotiate contracts that are ultimately
    awarded to us;</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">the
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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; text-align: justify"><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">
    <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">our
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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; 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">our
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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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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">our
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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; 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;
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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">property
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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; 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;
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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">risks
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  </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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
factors are not necessarily all of the important factors that could cause actual results or events to differ materially from those expressed
in forward-looking statements. Other unknown or unpredictable factors could also cause actual results or events to differ materially
from those expressed in the forward-looking statements. Our future results will depend upon various other risks and uncertainties, including
those described in &#8220;Risk Factors.&#8221; All forward-looking statements attributable to us are qualified in their entirety by this
cautionary statement. Forward-looking statements speak only as of the date hereof. We undertake no obligation to update or revise any
forward-looking statements after the date on which any such statement is made, whether as a result of new information, future events
or otherwise.</span></p>

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

<!-- Field: Page; Sequence: 5 -->
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    <div style="break-before: page; margin-top: 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="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><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; text-align: center"><span id="sa_002"></span><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: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 1in"><span id="sa_003"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM</b></span> <b>1.</b></td>
  <td><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: 0pt"><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; text-indent: 0.5in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 1in"><span id="sa_004"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM</b></span><b> 2.</b></td>
  <td><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: 0pt"><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; text-indent: 0.5in"><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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="width: 1in"><span id="sa_005"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM</b></span> <b>3.</b></td>
  <td><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: 0pt"><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; background-color: white"><b>A. Select
Financial Data</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The following
table presents the selected consolidated financial information for our Company. Our historical results do not necessarily indicate results
expected for any future periods. The selected consolidated financial data should be read in conjunction with, and are qualified in their
entirety by reference to, our audited consolidated financial statements and related notes and &#8220;Item 5. Operating and Financial Review
and Prospects&#8221; below. Our audited consolidated financial statements are prepared and presented in accordance with U.S. GAAP.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The summary consolidated statements of operations and
cash flow</p>

<p style="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 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>
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    <td>&#160;</td>
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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">The
summary consolidated balance sheet as at</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 style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#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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<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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management believes that the assumptions underlying our financial statements and the above allocations are reasonable. Our financial
statements, however, may not necessarily reflect our results of operations, financial position and cash flows as if we had operated as
a separate, stand-alone company during the periods presented. You should not view our historical results as an indicator of our future
performance.</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">The
following table presents our summary consolidated statements of operations and comprehensive income for the fiscal years ended December
31, 2022 and 2021:</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 style="text-align: center">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#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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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">GROSS PROFIT</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">785,704</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">859,760</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>&#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">General and administrative expenses</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,427,156</td><td style="text-align: left">)</td><td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(1,220,619</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other income (expenses)</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">44,571</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">6,116</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">Provision for income taxes</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>&#160;</td>
    <td style="text-align: right">-</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>&#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">Net Loss</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(596,881</td><td style="text-align: left">)</td><td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">(354,743</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Foreign currency translation adjustment</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(130</p></td><td style="text-align: left">)</td><td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">4,053</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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>&#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="text-align: left">Total comprehensive loss</td>
    <td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(597,011</td><td style="text-align: left">)</td><td>&#160;</td>
    <td>$</td>
    <td style="text-align: right">(350,690</td><td style="text-align: left">)</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: 0pt; text-align: justify; text-indent: 0.5in"></p>

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    <div style="break-before: page; margin-top: 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="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><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; 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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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>Reasons
    for the Offer and Use of Proceeds</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><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; 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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</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>Risk
    Factors</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">&#160;</span></p>

<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"><b>Significant
Risk Factors</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in our Ordinary Shares involves a number of risks. You should carefully read and consider all of the information contained
in this report (including in &#8220;Risk Factors,&#8221; &#8220;Operating and Financial Review and Prospects,&#8221; and our consolidated
financial statements and the notes thereto) before making an investment decision. These risks could adversely affect our business, financial
condition and results of operations, and cause the trading price of our Ordinary Shares to decline. You could lose part or all of your
investment. In reviewing this report, you should bear in mind that past results are no guarantee of future performance. See &#8220;Cautionary
Statement Regarding Forward-Looking Information&#8221; for a discussion of forward-looking statements, and the significance of forward-looking
statements in the context of this report.</span></p>

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

<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"><b>Risks
Related to Our Business and Industry</b></span></p>

<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>

<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"><b><i>A
significant slowdown or decline in economic conditions, particularly in mainland China, could adversely impact our results of operations</i></b>.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently operate in HK SAR and the People&#8217;s Republic of China to a small extent. In fiscal year 2019, we generated 6% of our revenue
from mainland China for referring sub-contractors to a work site in mainland China. Since then, all our revenue has been generated in
HK SAR. A slowdown or decline in economic conditions or uncertainty regarding the economic outlook in mainland China generally, or in
HK SAR particularly, could result in reduced demand for construction projects, which could materially adversely affect our financial
condition, results of operations and liquidity. Demand for construction projects depends on the overall condition of the local economies,
the need for new or replacement infrastructure, the priorities placed on various projects funded by government spending levels. In particular,
low tax revenues, credit rating downgrades, budget deficits and financing constraints, including timing and amount of government funding
and competing governmental priorities, could negatively impact the ability of government agencies to fund existing or new public infrastructure
projects. For example, during the most recent recession, decreases in tax revenues reduced funding for infrastructure projects. In addition,
any instability in the financial and credit markets could negatively impact our customers&#8217; ability to pay us on a timely basis,
or at all, for work on projects already in progress. The inability to pay could cause our customers to delay or cancel construction projects
in our contract backlog and/or create difficulties for customers to obtain adequate financing to fund new construction projects, including
through the issuance of municipal bonds.</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>

<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"><b><i>If
we do not comply with certain laws, we could be suspended or debarred contracting, which could have a material adverse effect on our
business.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Various
statutes to which our operations are subject, such as Factories and Industrial Undertakings Ordinance (Cap. 59 of the Laws of Hong Kong),
Construction Site (Safety) Regulations (Cap. 59I of the Laws of Hong Kong), Factory and Industrial Undertakings (Safety Officers and
Safety Supervisors) Regulations (Cap. 59Z of the Laws of Hong Kong); Factories and Industrial Undertakings (Safety Management) Regulations;
and Occupational Safety and Health Ordinance (Cap. 509), which deal with the health and safety during the construction process and various
other statutes provide for discretionary suspension and/or debarment in certain circumstances. The scope and duration of any suspension
or debarment may vary depending upon the facts of a particular case and the statutory or regulatory grounds for debarment. Any suspension
or debarment from contracting will have a material adverse effect on our financial condition, results of operations or liquidity.</span></p>

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

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    <div style="break-before: page; margin-top: 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="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to accurately estimate the overall risks, revenues or costs on our projects, we may incur contract losses or achieve lower
than anticipated profits.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pricing
on a fixed unit price contract is based on approved quantities irrespective of our actual costs, and contracts with a fixed total price
require that the work be performed for a single price. We only generate profits on fixed unit price and fixed total price contracts when
our revenues exceed our actual costs, which requires us to accurately estimate our costs, control actual costs, and avoid cost overruns.
If our cost estimates are too low or we do not perform the contract within our cost estimates, then cost overruns may cause us to incur
a loss or cause the contract not to be as profitable as we expected. The costs incurred and profit realized, if any, on our contracts
can vary, sometimes substantially, from our original projections due to a variety of factors, including, but not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; width: 0.5in"><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; width: 0.5in"><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
    failure to include materials or work in a bid, or the failure to estimate the quantities or costs properly needed to complete a fixed
    total price 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; 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">delays
    caused by weather conditions or otherwise failing to meet scheduled acceptance dates;</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">contract
    or project modifications or conditions creating unanticipated costs that are not covered by change orders;</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">the
    availability and skill level of workers;</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">the
    failure by our suppliers, subcontractors, designers, engineers or customers to perform their obligations;</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">fraud,
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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; 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">mechanical
    problems with our machinery or equipment;</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">difficulties
    in obtaining required government permits or approvals;</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">&#160;changes
    in applicable laws and regulations;</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">uninsured
    claims or demands from third parties for alleged damages arising from the design, construction or use and operation of a project
    of which our work is part; 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; 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">public
    infrastructure customers seeking to impose contractual risk-shifting provisions that result in our facing increased risks.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
factors and others may cause us to incur losses, which could have a material adverse effect on our financial condition, results of operations
or liquidity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are required to maintain various approvals, licences and permits to operate many of our businesses, and the loss of, or failure to obtain
or renew, any or all of these approvals, licences and permits could materially and adversely affect our businesses in Hong Kong SAR.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the laws and regulations of Hong Kong SAR, we are required to maintain various approvals, licences and permits in order
to operate our business. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
to comply with these laws and regulations, or the loss of or failure to renew our licences and permits or any change in the government
policies, could lead to temporary or permanent suspension of some of our business operations or the imposition of penalties on us, which
could adversely affect our results of operations and financial condition. As confirmed by our directors, we may engage approved subcontractors
to carry out part of our engineering works to mitigate such risks, thereby ensuring the timely completion of the E&amp;M engineering
projects. We have established long term relationships with our subcontractors for a period up to 30 years. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to tender for government contracts, a contractor is required to be on the appropriate list of approved contractors of the relevant
government departments. If the capability, performance, tendering record or financial standing of a particular contractor is found to
be unsatisfactory by the government, or if a contractor&#8217;s failure to implement sufficient safety measures and procedures at work
sites has resulted in any personal injuries or fatal accidents, the government may remove a contractor from such list or take other regulatory
actions against the contractor such as revocation, suspension, extending probationary period, downgrading to probationary status, or
demotion to a lower group in respect of all or any work category in which the contractor is listed. In the event of a withdrawal, revocation
or downgrading, there would be a detrimental impact on our operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, any changes or alterations in the licensing requirements and/or standards for admission into the list of approved contractors
may require us to make necessary corresponding adjustments to meet any new requirements and/or standards resulting from such changes,
thus requiring us to incur extra costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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"><b><i>The
cancellation of a significant number of contracts, our disqualification from bidding for new contracts, and the unpredictable timing
of new contracts could have a material adverse effect on our business.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
could be prohibited from bidding on certain contracts if we fail to maintain the qualifications required by those entities. In addition,
government contracts can typically be canceled at any time with our receiving payment only for the work completed. The cancellation of
an unfinished contract or our disqualification from the bidding process could result in lost revenues and cause our equipment to be idled
for a significant period until other comparable work becomes available. Additionally, the timing of project awards is unpredictable and
outside of our control. Project awards, including expansions of existing projects, often involve complex and lengthy negotiations and
competitive bidding processes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may lose business to competitors that underbid us, and we may be unable to compete favorably in our highly competitive industry.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
E&amp;M market in HK SAR is deemed to be highly competitive due to a large amount of E&amp;M service providers. In addition, some service
providers may possess longer operating history, better resources, stronger relationships with other industry stakeholders or a more reputed
brand name. Therefore, to capture potential business opportunities and develop relationships with customers, some market participants
may adopt more aggressive pricing approaches, leading to downward market pricing pressure. As a result, an increase in competition may
decrease new project awards to us at acceptable profit margins. In addition, in the event of a downturn in private residential and commercial
construction, the competition for available public government projects could intensify, which could materially and adversely impact our
financial condition, results of operations or liquidity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business is subject to adverse weather conditions, which can adversely impact our business.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
construction operations may occur outdoors. As a result, adverse weather conditions can adversely affect our business operations through
a decline in the demand for our construction/contracting services and alterations and delays in our construction/contracting schedules.
In addition, adverse weather conditions such as extended rainy, cold weather and typhoons could render our contracting operations less
efficient resulting in under-utilization of crews and equipment and lower contract profitability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Design-build
contracts subject us to the risk of design errors and omissions.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Design-build
contracts are used as a project delivery method that provides the owner with a single point of responsibility for both design and construction.
Therefore, we can have the ability to assume design and engineering responsibilities. However, in the event of a design error or omission
that causes damages, there is a risk we would not be able to absorb the full amount of the liability incurred despite having trial and
omission insurance. In this case, we may be responsible for the liability, resulting in a potentially material adverse effect on our
financial position, results of operations, cash flows and liquidity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
continued success requires us to hire, train and retain qualified personnel and subcontractors in a competitive industry.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
success of our business depends upon our ability to attract, train and retain qualified, reliable personnel, including, but not limited
to, our executive officers and key management personnel. Additionally, the successful operation of our business depends upon engineers,
project management personnel, other employees and qualified subcontractors who possess the necessary and required experience and expertise
and who will perform their respective services at a reasonable and competitive rate. Competition for these and other experienced personnel
is intense. As a result, it may be difficult to attract and retain qualified individuals with the requisite expertise and in the timeframe
demanded by our clients. For example, in certain geographic areas, we may not be able to satisfy the demand for our services because
of our inability to hire, train, and retain qualified personnel successfully. Also, it could be difficult to replace personnel who hold
government granted eligibility that may be required to obtain certain government projects and/or who have significant government contract
experience.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
some of our executives and other key personnel approach retirement age, we must provide for smooth transitions, which may require that
we devote time and resources to identify and integrate new personnel into vacant leadership roles and other key positions. If we are
unable to attract and retain a sufficient number of skilled personnel or effectively implement appropriate succession plans, our ability
to pursue projects and our strategic plan may be adversely affected, the costs of executing both our existing and future projects may
increase and our financial performance may decline.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the cost of providing our services, including the extent to which we utilize our workforce, affects our profitability. For
example, the uncertainty of contract award timing can present difficulties matching our workforce size with our contracts. If an expected
contract award is delayed or not received, we could incur costs resulting from excess staff or redundancy of facilities that could have
a material adverse impact on our business, financial conditions and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
depend on third parties for equipment and supplies essential to operate our business.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on third parties to sell or lease equipment to us and provide us with supplies, including materials for installation such as air-conditioners,
and other construction materials (such as cables, lighting fitting and generator set), necessary for our operations. We cannot assure
you that our favorable working relationships with our suppliers will continue in the future. In addition, there have historically been
periods of supply shortages in our industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
inability to purchase or lease necessary equipment for our operations could severely impact our business. For example, if we lose our
supply contracts and receive insufficient supplies from third parties to meet our customers&#8217; needs, or if our suppliers experience
price increases or disruptions to their business, such as labor disputes, supply shortages or distribution problems, our business, financial
condition, results of operations, liquidity and cash flows could be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
of our subcontractors to perform as expected could have a negative impact on our results.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
occasion, we rely on third-party subcontractors to perform some of the work on many of our contracts, but we are ultimately responsible
for the successful completion of their work. Although we seek to require bonding or other forms of guarantees from all of our subcontractors,
we are not always able to obtain such bonds or guarantees. In situations where we are unable to obtain a bond or guarantee, we may be
responsible for the failures on the part of our subcontractors to perform as anticipated, resulting in a potentially adverse impact on
our cash flows and liquidity. In addition, if the project&#8217;s total costs exceed our original estimates, we could experience reduced
profits or a loss for that project, which could have an adverse impact on our financial position, results of operations, cash flows,
and liquidity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
construction services industry is highly schedule driven, and our failure to meet the schedule requirements of our contracts could adversely
affect our reputation and/or expose us to financial liability.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
some instances, including in the case of many of our fixed unit price contracts, we guarantee that we will complete a project by a certain
date. Any failure to meet contractual schedule or completion requirements set forth in our contracts could subject us to responsibility
for costs resulting from the delay, generally in the form of contractually agreed-upon liquidated damages, liability for our customer&#8217;s
actual costs arising out of our delay, reduced profits or a loss on that project, damage to our reputation and a material adverse impact
to our financial position, results of operations, cash flows and liquidity.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Force
majeure events, such as natural disasters and terrorists&#8217; actions, and unexpected equipment failures could negatively impact our
business, which may affect our financial condition, results of operations or cash flows.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Force
majeure events, such as terrorist attacks or natural disasters, have impacted, and could continue to negatively impact, the economy and
the markets in which we operate. As an example, from time to time we face unexpected severe weather conditions, evacuation of personnel
and curtailment of services, increased labor and material costs or shortages, inability to deliver materials, equipment and personnel
to work sites in accordance with contract schedules and loss of productivity. We seek to include language in our private client contracts
that grants us certain relief from force majeure events. We regularly review and attempt to mitigate force majeure events in both public
and private client contracts. However, the extra costs incurred as a result of these events may not be reimbursed by our clients, and
we remain obligated to perform our services after most extraordinary events subject to relief that may be available pursuant to a force
majeure clause.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
force majeure events may affect our operations or those of our customers or suppliers and could impact our revenues, our production capability
and our ability to complete contracts in a timely manner.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inability
to obtain or maintain adequate insurance coverage could adversely affect our results of operations.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of our overall risk management strategy and pursuant to requirements to maintain specific coverage contained in our financing agreements
and a majority of our contracts, we have obtained and maintain insurance coverage. Although we have been able to obtain reasonably priced
insurance coverage to meet our requirements in the past, there is no assurance that we will be able to do so in the future. For example,
catastrophic events can result in decreased coverage limits, more limited coverage, and increased premium costs or deductibles. If we
are unable to obtain adequate insurance coverage, we may not be able to procure certain contracts, which could materially adversely affect
our financial position, results of operations, cash flows or liquidity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Environmental,
health and safety laws and regulations and any changes to, or liabilities arising under, such laws and regulations could have a material
adverse effect on our financial condition, results of operations and liquidity.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations are subject to stringent and complex laws and regulations governing the discharge of materials into the environment, health
and safety aspects of our operations or otherwise relating to environmental protection. These laws and regulations may impose numerous
obligations applicable to our operations, including: the acquisition of a permit or other approval before conducting regulated activities;
the restriction of the types, quantities and concentration of materials that can be released into the environment; the limitation or
prohibition of activities on certain lands lying within wilderness, wetlands, and other protected areas; the application of specific
health and safety criteria addressing worker protection; and the imposition of substantial liabilities for pollution resulting from our
operations. Numerous government authorities have the power to enforce compliance with these laws and regulations and the permits issued
under them. Such enforcement actions often involve difficult and costly compliance measures or corrective actions. Failure to comply
with these laws and regulations may result in the assessment of sanctions, including administrative, civil, or criminal penalties, natural
resource damages, the imposition of investigatory or remedial obligations, and the issuance of orders limiting or prohibiting some or
all of our operations. In addition, we may experience delays in obtaining, or be unable to obtain, required permits, which may delay
or interrupt our operations and limit our growth and revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
environmental laws impose strict liability (i.e., no showing of &#8220;fault&#8221; is required) or joint and several liability for costs
required to remediate and restore sites where hazardous substances, hydrocarbons or solid wastes have been stored or released. We may
be required to remediate contaminated properties currently or formerly owned or operated by us or third-party facilities that received
waste generated by our operations regardless of whether such contamination resulted from the conduct of others or from the consequences
of our own actions that were in compliance with all applicable laws at the time those actions were taken. Furthermore, the existence
of contamination at properties we own, lease or operate could result in increased operational costs or restrictions on our ability to
use those properties as intended.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
certain instances, citizen groups also have the ability to bring legal proceedings against us if we do not comply with environmental
laws or challenge our ability to receive environmental permits that we need to operate. In addition, claims for damages to persons or
property, including natural resources, may result from our operations&#8217; environmental, health, and safety impacts. Our insurance
may not cover all environmental risks and costs or may not provide sufficient coverage if an environmental claim is made against us.
Moreover, public interest in protecting the environment has increased dramatically in recent years. The trend of more expansive and stringent
environmental legislation and regulations applied to our industry could continue, resulting in increased costs of doing business and
consequently affecting profitability.</span></p>

<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>

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

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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
operations are subject to special hazards that may cause personal injury or property damage, subjecting us to liabilities and possible
losses which may not be covered by insurance.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
hazards inherent in our business, some of which may be outside our control, can cause personal injury and loss of life, damage to or
destruction of property, plant and equipment and environmental damage. We maintain insurance coverage in amounts and against the risks
we believe are consistent with industry practice, but this insurance may be inadequate or unavailable to cover all losses or liabilities
we may incur in our operations. Our insurance policies are subject to varying levels of deductibles. Losses up to our deductible amounts
are accrued based upon our estimates of the ultimate liability for claims incurred and an estimate of claims incurred but not reported.
However, liabilities subject to insurance are difficult to estimate due to unknown factors, including the severity of an injury, the
determination of our liability in proportion to other parties, the number of unreported incidents, and our safety programs&#8217; effectiveness.
If we were to experience insurance claims or costs above our estimates, we may be required to use working capital to satisfy these claims
rather than using working capital to maintain or expand our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may need to raise additional capital in the future for working capital, capital expenditures and/or acquisitions, and we may not be able
to do so on favorable terms or at all, which would impair our ability to operate our business or achieve our growth objectives.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ongoing ability to generate cash is important for funding our continuing operations, making acquisitions and servicing our indebtedness.
To the extent that existing cash balances and cash flow from operations, together with borrowing capacity are insufficient to make investments
or acquisitions or provide needed working capital, we may require additional financing from other sources. Our ability to obtain such
additional financing in the future will depend in part upon prevailing capital market conditions and conditions in our business and our
operating results. Those factors may affect our efforts to arrange additional financing on terms acceptable to us. Furthermore, if global
economic, political or other market conditions adversely affect the financial institutions that provide credit to us, it is possible
that our ability to draw upon credit facilities may be impacted. If adequate funds are not available, or are not available on acceptable
terms, we may not be able to make future investments, take advantage of acquisitions or other opportunities, or respond to competitive
challenges, resulting in loss of market share, each of which could have a material adverse impact on our financial position, results
of operations, cash flows and liquidity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
to maintain safe work sites could result in significant losses, which could materially affect our business and reputation.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
our employees and others are often in close proximity with mechanized equipment, moving vehicles, chemical substances and dangerous manufacturing
processes, our construction and maintenance sites are potentially dangerous workplaces. Therefore, safety is a primary focus of our business
and is critical to our reputation and performance. Many of our clients require that we meet certain safety criteria to be eligible to
bid on contracts, and some of our contract fees or profits are subject to satisfying safety criteria. Unsafe work conditions can also
increase employee turnover, which increases project costs and our overall operating costs. If we fail to implement safety procedures
or implement ineffective safety procedures, our employees could be injured, and we could be exposed to investigations and possible litigation.
Our failure to maintain adequate safety standards through our safety programs could also result in reduced profitability or the loss
of projects or clients, and could have a material adverse impact on our financial position, results of operations, cash flows or liquidity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
earnings are affected by the application of accounting standards and our critical accounting policies, which involve subjective judgments
and estimates by our management. Our actual results could differ from the estimates and assumptions used to prepare our financial statements.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accounting standards we use in preparing our financial statements are often complex and require that we make significant estimates and
assumptions in interpreting and applying those standards. These estimates and assumptions affect the reported values of assets, liabilities,
revenues and expenses, and the disclosure of contingent liabilities. We make critical estimates and assumptions involving accounting
matters, including our revenue recognition, accounts receivable including retainage, valuation of long-lived assets, and income taxes.
These estimates and assumptions involve matters that are inherently uncertain and require our subjective and complex judgments. If we
used different estimates and assumptions or used different ways to determine these estimates, our financial results could differ.</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>

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

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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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
actual business and financial results could differ from our estimates of such results, which could have a material negative impact on
our financial condition and reported results of operations. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
percentage-of-completion method of accounting for contract revenues involves significant estimates that may result in material adjustments,
which could result in a charge against our earnings.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recognize revenue using the percentage-of-completion method, based primarily on contract costs incurred to date compared to total estimated
contract costs. The percentage-of-completion method (an input method) is the most representative depiction of our performance because
it directly measures the value of the services or products transferred to the customer. Subcontractor materials, labor and equipment
included in revenue and cost of revenue when management believes that we are acting as a principal rather than as an agent (e.g., we
integrate the materials and labor into the deliverables promised to the customer or is otherwise primarily responsible for fulfillment
and acceptability of the materials and labor). In the contracts, other than the Original Contract Sum, there is a Variation Order Sum
(provisional amounts) included in the same contract in which we are allowed to perform extra work or billed extra materials to fulfill
the contracts. We generally accounted for the performance obligation of this Variation Order together with the performance obligation
of the original contract as a single deliverable (a single performance obligation). Pre-contract costs are expensed as incurred unless
they are expected to be recovered from the client. Project mobilization costs are generally charged to project costs as incurred when
they are an integrated part of the performance obligation being transferred to the customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting
for our contract-related revenues and costs and other expenses requires management to make a variety of significant estimates and assumptions.
Although we believe we have the experience and processes to formulate appropriate assumptions and produce reasonably dependable estimates,
these assumptions and estimates may change significantly in the future and could result in the reversal of previously recognized revenues
and profit. Accordingly, such changes could have a material adverse effect on our financial position and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are a holding company whose principal source of operating cash is the income received from our subsidiaries.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are dependent on the income generated by our subsidiaries in order to make distributions and dividends on the shares. The amount of distributions
and dividends, if any, which may be paid to us from our operating subsidiaries will depend on many factors, including such subsidiaries&#8217;
results of operations and financial condition, limits on dividends under applicable law, its constitutional documents, documents governing
any indebtedness, and other factors which may be outside our control. If our operating subsidiaries do not generate sufficient cash flow,
we may be unable to make distributions and dividends on the shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
significant shareholders have considerable influence over our corporate matters.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in">Pui Lung Ho beneficially owns
and controls 8,000,000 Ordinary Shares that correspond to 53.33% of our issued and outstanding Ordinary Shares. Mr. Ho holds a controlling
interest in us and consequently, holds considerable influence over corporate matters requiring shareholder approval, including without
limitation, electing directors and approving material mergers, acquisitions or other business combination transactions. This concentrated
control will limit your ability to influence corporate matters and could also discourage others from pursuing any potential merger, takeover
or other change of control transactions, which could have the effect of depriving the holders of our Ordinary Shares of the opportunity
to sell their shares at a premium over the prevailing market price</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
significant shareholders may have potential conflicts of interest with us, which may materially and adversely affect our business and
financial condition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
our significant shareholders have, either collectively or individually, considerable influence over our corporate matters, their interests
may differ from the interests of our company as a whole. These shareholders could, for example, appoint directors and management without
the requisite experience, relations or knowledge to steer our Company properly because of their affiliations or loyalty, and such actions
may materially and adversely affect our business and financial condition. Currently, we do not have any arrangements to address potential
conflicts of interest between these shareholders and our Company. If we cannot resolve any conflict of interest or dispute between us
and the shareholders, we would have to rely on legal proceedings, which could disrupt our business and subject us to substantial uncertainty
as to the outcome of any such legal proceedings.</span></p>

<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>

<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"><b><i>If
we fail to promote and maintain our brand effectively and cost-efficiently, our business and results of operations may be harmed.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that developing and maintaining awareness of our brand effectively is critical to attracting new and retaining existing customers.
Successful promotion of our brand and our ability to attract customers depend largely on the effectiveness of our marketing efforts and
the success of the channels we use to promote our services. Our future marketing efforts will likely require us to incur significant
additional expenses. These efforts may not result in increased revenues in the immediate future or at all and, even if they do, any increases
in revenues may not offset the expenses incurred. If we fail to successfully promote and maintain our brand while incurring substantial
expenses, our results of operations and financial condition would be adversely affected, which may impair our ability to grow our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to prevent others from unauthorized use of our intellectual property, which could harm our business and competitive position.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
regard our trademarks, copyrights, domain names, know-how, proprietary technologies and similar intellectual property as critical to
our success, and we rely on a combination of intellectual property laws and contractual arrangements, including confidentiality, invention
assignment and non-compete agreements with our employees and others to protect our proprietary rights. We own certain intellectual properties. Despite these measures, any of our intellectual property rights
could be challenged, invalidated, circumvented or misappropriated, or such intellectual property may not be sufficient to provide us
with competitive advantages. In addition, because of the rapid pace of technological change in our industry, parts of our business rely
on technologies developed or licensed by third parties, and we may not be able to obtain or continue to obtain licenses and technologies
from these third parties on reasonable terms, or at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is often difficult to register, maintain and enforce intellectual property rights in China. Statutory laws and regulations are subject
to judicial interpretation and enforcement and may not be applied consistently due to the lack of clear guidance on statutory interpretation.
Counterparties may breach confidentiality, invention assignment and non-compete agreements, and there may not be adequate remedies available
to us for any such breach. Accordingly, we may not be able to effectively protect our intellectual property rights or to enforce our
contractual rights in China. Preventing any unauthorized use of our intellectual property is difficult and costly and the steps we take
may be inadequate to prevent the misappropriation of our intellectual property. In the event that we resort to litigation to enforce
our intellectual property rights, such litigation could result in substantial costs and a diversion of our managerial and financial resources.
We cannot assure that we will prevail in such litigation. In addition, our trade secrets may be leaked or otherwise become available
to, or be independently discovered by, our competitors. To the extent that our employees or consultants use intellectual property owned
by others in their work for us, disputes may arise as to the rights in related know-how and inventions. Any failure in protecting or
enforcing our intellectual property rights could have a material adverse effect on our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be subject to intellectual property infringement claims, which may be expensive to defend and may disrupt our business and operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot be certain that our operations or any aspects of our business do not or will not infringe upon or otherwise violate
trademarks, patents, copyrights, know-how or other intellectual property rights held by third parties, especially since we do not
manage or control the intellectual property rights of any of our suppliers. We may be from time to time in the future subject to
legal proceedings and claims relating to the intellectual property rights of others. In addition, there may be third-party
trademarks, patents, copyrights, know-how or other intellectual property rights that are infringed by our products, services or
other aspects of our business without our awareness. Holders of such intellectual property rights may seek to enforce such
intellectual property rights against us in HK SAR, China, the United States or other jurisdictions. If any third-party infringement
claims are brought against us, we may be forced to divert management&#8217;s time and other resources from our business and
operations to defend against these claims, regardless of their merits.</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>

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

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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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the application and interpretation of China&#8217;s intellectual property right laws and the procedures and standards for granting trademarks,
patents, copyrights, know-how or other intellectual property rights in China are still evolving and are uncertain, and we cannot assure
you that PRC courts or regulatory authorities would agree with our analysis. If we were found to have violated the intellectual property
rights of others, we may be subject to liability for our infringement activities or may be prohibited from using such intellectual property,
and we may incur licensing fees or be forced to develop alternatives of our own. As a result, our business and results of operations
may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may incur losses or experience disruption of our operations as a result of unforeseen or catastrophic events, including the emergence
of an epidemic, pandemic, social unrest, terrorist attacks, or natural disasters.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business could be materially and adversely affected by catastrophic events or other business continuity problems, such as natural or
man-made disasters, pandemics, social unrest, war, riots, terrorist attacks, or other public safety concerns. If we were to experience
a natural or man-made disaster, disruption due to social or political unrest, or disruption involving electronic communications or other
services used by us or third parties with which we conduct business, the continuity of our operations will partially depend on the availability
of our people and office facilities and the proper functioning of our computer, software, telecommunications, transaction processing,
and other related systems. A disaster or a disruption in the infrastructure that supports our businesses, a disruption involving electronic
communications or other services used by us or third parties with whom we conduct business, or a disruption that directly affects our
business exposure and operations in HK SAR, could have a material adverse impact on our ability to continue to operate our business without
interruption. Our business could also be adversely affected if our employees are affected by epidemics, pandemics, natural or man-made
disasters, disruptions due to social or political unrest or disruption involving electronic communications. In addition, our results
of operations could be adversely affected to the extent that any epidemic or pandemic harms the Chinese or global economy in general.
The incidence and severity of disasters, epidemics or pandemics or other business continuity problems are unpredictable, and our inability
to timely and successfully recover could materially disrupt our businesses and cause material financial loss, regulatory actions, reputational
harm, or legal liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, although the recent outbreak of COVID-19 has caused, and may continue to cause, companies in China and the rest of the world,
including us and certain of our business partners, to implement temporary adjustment of work schedules and travel plans, mandating employees
to work from home and collaborate remotely. As a result, we may experience lower efficiency and productivity, internally and externally,
which may adversely affect our service quality. Moreover, our business operations depend on our professional staff and the continued
services of these individuals. If any of our employees is suspected of having contracted COVID-19, we may be required to apply quarantines
or suspend our operations. The extent to which this outbreak impacts our results of operations will depend on future developments, which
are highly uncertain and unpredictable, including new information which may emerge concerning the severity of this outbreak and future
actions we take, if any, to contain this outbreak or treat its impact, among others.</span></p>

<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>

<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"><b><i>Given
the ever-evolving nature of the COVID-19 pandemic, and because substantially all of our business operations and our workforce are concentrated
in China, we believe there is a risk that our business, results of operations, and financial condition will be adversely affected.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
impact of COVID-19 on our business, financial condition, and results of operations includes, but are not limited to, the following:</span></p>

<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="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><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: 0.5in; 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">The
    closure of our offices and suspension of construction / contracting operations;</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">The
    suspension of all in-person consultations, marketing, and advertising activities; 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; 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">Our
    results of operations were negatively affected by the COVID-19 pandemic in the first half year of 2020 and 2022. Under the disease
    prevention measures and arrangement announced by the HK SAR Government, on-site works were suspended for around 3 months from February
    through April 2020. During the first half year in 2022, a high amount of people got infected, which led to a shortage of labor in
    both office support and at the construction sites.</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>

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

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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the effects of COVID-19 have abated in 2023, and global regulators have generally relaxed various pandemic control rules, there remains
some uncertainty surrounding the spread of COVID-19, and any business disruption and related financial impact coronavirus continues to
remain uncertain.</span></p>

<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>

<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"><b><i>Fluctuations
in exchange rates could have a material adverse effect on our results of operations and the price of the Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenues and expenses will be denominated predominantly in Hong Kong dollars. The value of the Hong Kong dollar against the U.S. dollar
may fluctuate and may be affected by, among other things, changes in political and economic conditions. Although the exchange rate between
the Hong Kong dollar to the U.S. dollar has been pegged since 1983, we cannot assure you that the Hong Kong dollar will remain pegged
to the U.S. dollar.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
significant fluctuations in the exchange rates between Hong Kong dollars to U.S. dollars may have a material adverse effect on our revenues
and financial condition. For example, to the extent that we are required to convert U.S. dollars we receive from our initial public offering
into Hong Kong dollars for our operations, fluctuations in the exchange rates between Hong Kong dollars against the U.S. dollar would
have an adverse effect on the amounts we receive from the conversion. We have not used any forward contracts, futures, swaps or currency
borrowings to hedge our exposure to foreign currency risk.</span></p>

<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>

<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"><b><i>Increases
in labor costs and an ageing labor force may adversely affect our business and results of operations.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
recent years, the economy in HK SAR and globally has experienced general increases in inflation and labor costs. As a result, average
wages in HK SAR and certain other regions are expected to increase. In addition, we are required by HK SAR laws and regulations to pay
various statutory employee benefits, including mandatory provident fund to designated government agencies for the benefit of our employees.
The relevant government agencies may examine whether an employer has made adequate payments to the statutory employee benefits. Those
employers who fail to make adequate payments may be subject to fines and other penalties. As a result, we expect that our labor costs,
including wages and employee benefits, will continue to increase.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Census and Statistics Department of Hong Kong, most of the prices of raw materials and workers&#8217; wages have moderately increased
over the past six years. In particular, the ageing workforce in the local construction industry has been one of the significant issues
and the market demand for experienced workers has remained strong. However, the shortage in skillful workers for both general and special
trades in the construction may result in higher expenditure for fitting-out works service providers to retain high-caliber workers in
order to ensure timely delivery of fitting-out projects. As a result, recruiting a pool of sufficient labor force while maintaining the
business operations economically has become one of the market challenges for fitting-out works contractors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
we are able to hire able and skilled workers and control our labor costs or pass on these increasing labor costs, our financial condition,
and results of operations may be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business is susceptible to government policies and macroeconomic conditions.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market growth of construction industry in HK SAR highly correlates to government policies and macroeconomic environment. Particularly,
during economic downturns, due to limited financial budgets, property developers and tenants are more conservative to invest capital
resources to renovate their living spaces and select high-end products, such as furniture and marbles imported from overseas. On the
other hand, government policies, such as urban renewal and development program and land sales, may affect the availability of land for
property developers to construct and subsequently the demand for fitting-out works in HK SAR may deteriorate. In fact, according to Lands
Department, the area of land sales has dropped from approximately 342.6 thousand square meters in 2014 to approximately 149.6 thousand
square meters in 2019. As a result, the issue of overreliance on government policies and cyclical nature of construction works may adversely
impact the development of fitting-out works market in HK SAR.</span></p>

<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>

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

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<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>

<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"><b><i>We
may not be able to meet higher customers&#8217; expectation.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attributable
to an increasing domestic household income, more people in HK SAR are willing to invest extra to pursue a better living environment and
enhance their living standards. As a result, fitting-out service providers may confront with higher customers&#8217; requirements as
they may prefer the application of high-quality building materials to create a decent aesthetic decoration around their living spaces.
Moreover, as the cost of owning and renting a unit is relatively high in HK SAR, property owners and generally have higher demand for
the quality of fitting-out works. Thus, competent service providers are required to demonstrate a variety of capabilities, such as project
management and craftsmanship, in order to meet the enhanced requirements from customers and outperform their competitors among this highly
competitive market environment. If we are unable to meet such enhanced expectations, our business will be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
financial statements have been prepared on a going concern basis and we must raise additional capital beforehand to fund our operations
in order to continue as a going concern. If we are unable to do so or on terms commercially acceptable to us and we are unable to improve
our liquidity position, we may be required to realize our assets and discharge our liabilities other than in the normal course of business
which could cause investors to suffer the loss of all or a substantial portion of their investment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in">As <span style="font-size: 10pt">of December 31, 2022, 2021 and 2020, we
had an accumulated deficit of $2,221,822, $1,624,941 and $1,270,198, and working capital deficit of $1,281,671, $518,589 and $894,295 respectively.
As the Company has an accumulated deficit and has a working capital deficit, net cash outflows from operating activities, our auditor,
WWC, P.C. had raised substantial doubt about our ability to continue as going concern.</span><span style="font-size: 8pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
plans to focus its resources on smaller scale engineering projects that generate sustainable positive profit margins. Additionally, the
Company plans to raise capital via private placement or public offering in the event that the Company does not have adequate liquidity
to meet its current obligations. If we are unable to improve our liquidity position, we may not be able to continue as a going concern,
and therefore, be required to realize our assets and discharge our liabilities other than in the normal course of business which could
cause investors to suffer the loss of all or a substantial portion of their investment.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in political, social and economic policies in any of China, the U.S. or Europe may materially and adversely affect our business, financial
condition, results of operations and prospects.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business operations are primarily conducted in China. Accordingly, we are affected by the economic, political and legal environment in
China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
particular, China&#8217;s economy differs from the economies of most developed countries in many respects, including the fact that it:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><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; text-align: justify; width: 0.5in"><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; width: 0.5in"><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">has
    a high level of government involvement;</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">is
    in the early stages of development of a market-oriented economy;</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">has
    experienced rapid growth; 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; 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">has
    a tightly controlled foreign exchange policy.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China&#8217;s
economy has been transitioning from a planned economy towards a more market-oriented economy. However, a substantial portion of productive
assets in China remain state-owned and the PRC government exercises a high degree of control over these assets. In addition, the PRC
government continues to play a significant role in regulating industrial development by imposing industrial policies. For the past three
decades, the PRC government has implemented economic reform measures to emphasize the utilization of market forces in economic development.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China&#8217;s
economy has grown significantly in recent years; however, there can be no assurance that such growth will continue. The PRC government
exercises control over China&#8217;s economic growth through the allocation of resources, controlling payment of foreign currency-denominated
obligations, setting monetary policy and providing preferential treatment to particular industries or companies. Some of these measures
benefit the overall economy of China, but may also have a negative effect on our business. For example, our financial condition and results
of operations may be adversely affected by government control over capital investments or changes in tax regulations that are applicable
to us. As such, our future success is, to some extent, dependent on the economic conditions in China, and any significant downturn in
market conditions may materially and adversely affect our business prospects, financial condition, results of operations and prospects.</span></p>

<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>

<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"><b><i>HK
SAR and China&#8217;s legal systems are evolving and have inherent uncertainties that could limit the legal protection available to you.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have virtually all of our operations in HK SAR. In fiscal year 2019, we generated 6% of our revenue from mainland China for referring
sub-contractors to a work site in mainland China. Since then, all our revenue has been generated in HK SAR. The HK SAR legal system embodies
uncertainties which could limit the legal protections available to you and us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
one of the conditions for the handover of the sovereignty of HK SAR to China, China had to accept some conditions such as HK SAR&#8217;s
Basic Law before its return. The Basic Law ensured HK SAR will retain its own currency (the Hong Kong Dollar), legal system, parliamentary
system and people&#8217;s rights and freedom for fifty years from 1997. This agreement had given HK SAR the freedom to function in a
high degree of autonomy. The Special Administrative Region of Hong Kong is responsible for its own domestic affairs including, but not
limited to, the judiciary and courts of last resort, immigration and customs, public finance, currencies and extradition. Hong Kong continues
using the English common law system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
international observers and human rights organizations have expressed doubts about the future of the relative political freedoms enjoyed
in HK SAR and the PRC&#8217;s pledge to allow a high degree of autonomy in HK SAR. They considered, for example, that the proposals in
Article 23 of the Basic Law in 2003 (which was withdrawn due to mass opposition) might have undermined autonomy. On June 10, 2014, Beijing
released a new report asserting its authority over the territory. This ignited criticism from many people in HK SAR, who said that the
Communist leadership was reneging on its pledges to abide by the &#8220;one country, two systems&#8221; policy that allows for a democratic,
autonomous HK SAR under Beijing&#8217;s rule.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the PRC were to, in fact, renege on its agreement to allow HK SAR to function autonomously, this could potentially impact HK SAR&#8217;s
common law legal system and may in turn bring about uncertainty in, for example, the enforcement of our contractual rights. This could,
in turn, materially and adversely affect our business and operation. Additionally, intellectual property rights and confidentiality protections
in HK SAR may not be as effective as in the United States or other countries. Accordingly, we cannot predict the effect of future developments
in the HK SAR legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof,
or the preemption of local regulations by national laws. These uncertainties could limit the legal protections available to us, including
our ability to enforce our agreements with our customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
contrast, China&#8217;s legal system is a civil law system based on written statutes. Unlike common law systems, it is a system in which
prior court decisions have limited value as precedents. Since 1979, the PRC government has promulgated laws and regulations governing
economic matters in general, such as foreign investment, corporate organization and governance, commerce, taxation and trade. However,
China has not developed a fully integrated legal system. As a result, recently-enacted laws and regulations may not sufficiently cover
all aspects of economic activities in China. In particular, because these laws and regulations are relatively new and the limited volume
of published cases and their non-binding nature, interpretation and enforcement of these newer laws and regulations involve greater uncertainties
than those in jurisdictions available to you. In addition, China&#8217;s legal system is based in part on government policies and administrative
rules and many have retroactive effects. As a result, we cannot predict the effect of future developments in China&#8217;s legal system,
including the promulgation of new laws, changes to existing laws, or the interpretation or enforcement thereof, or the pre-emption of
local regulations by national laws.</span></p>

<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>

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

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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Uncertainties
in the interpretation and enforcement of Chinese laws and regulations, which could change at any time with little advance notice, could
limit the legal protections available to us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC legal system is based on written statutes and prior court decisions have limited value as precedents. Since these laws and regulations
are relatively new and the PRC legal system continues to rapidly evolve, the interpretations of many laws, regulations and rules, which
could change at any time with little advance notice, are not always uniform and enforcement of these laws, regulations and rules involves
uncertainties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may have to resort to administrative and court proceedings to enforce our legal rights from time to time. However, since PRC administrative
and court authorities have significant discretion in interpreting and implementing statutory and contractual terms, it may be more difficult
to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy than in more developed legal
systems. Furthermore, the PRC legal system is based partly on government policies and internal rules (some of which are not published
in a timely manner or at all) that may have a retroactive effect. As a result, we may not be aware of our violation of these policies
and rules until sometime after the violation. Such uncertainties, including uncertainty over the scope and effect of our contractual,
property (including intellectual property) and procedural rights, could materially and adversely affect our business and impede our ability
to continue our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be subject to a variety of laws and other obligations regarding cybersecurity and data protection, and any failure to comply with
applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may become subject to a variety of laws and regulations in the PRC regarding privacy, data security, cybersecurity, and data protection.
These laws and regulations are continuously evolving and developing. The scope and interpretation of the laws that are or may be applicable
to us are often uncertain and may be conflicting, particularly with respect to foreign laws. In particular, there are numerous laws and
regulations regarding privacy and the collection, sharing, use, processing, disclosure, and protection of personal information and other
user data. Such laws and regulations often vary in scope, may be subject to differing interpretations, and may be inconsistent among
different jurisdictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect to obtain information about various aspects of our operations as well as regarding our employees and third parties. We also maintain
information about various aspects of our operations as well as regarding our employees. The integrity and protection of our customer,
employee and company data is critical to our business. Our customers and employees expect that we will adequately protect their personal
information. We are required by applicable laws to keep strictly confidential the personal information that we collect, and to take adequate
security measures to safeguard such information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC Criminal Law, as amended by Amendment 7 (effective on February 28, 2009) and Amendment 9 (effective on November 1, 2015), prohibits
institutions, companies and their employees from selling or otherwise illegally disclosing a citizen&#8217;s personal information obtained
during the course of performing duties or providing services or obtaining such information through theft or other illegal ways. On November
7, 2016, the Standing Committee of the PRC National People&#8217;s Congress issued the Cyber Security Law of the PRC, or Cyber Security
Law, which became effective on June 1, 2017.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Cyber Security Law, network operators must not, without users&#8217; consent, collect their personal information, and may only
collect users&#8217; personal information necessary to provide their services. Providers are also obliged to provide security maintenance
for their products and services and shall comply with provisions regarding the protection of personal information as stipulated under
the relevant laws and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Civil Code of the PRC (issued by the PRC National People&#8217;s Congress on May 28, 2020 and effective from January 1, 2021) provides
main legal basis for privacy and personal information infringement claims under the Chinese civil laws. PRC regulators, including the
Cyberspace Administration of China, MIIT, and the Ministry of Public Security have been increasingly focused on regulation in the areas
of data security and data protection.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC regulatory requirements regarding cybersecurity are constantly evolving. For instance, various regulatory bodies in China, including
the Cyberspace Administration of China, the Ministry of Public Security and the SAMR, have enforced data privacy and protection laws
and regulations with varying and evolving standards and interpretations. In April 2020, the Chinese government promulgated Cybersecurity
Review Measures, which came into effect on June 1, 2020. According to the Cybersecurity Review Measures, operators of critical information
infrastructure must pass a cybersecurity review when purchasing network products and services which do or may affect national security.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2016, the Standing Committee of China&#8217;s National People&#8217;s Congress passed China&#8217;s first Cybersecurity Law
(&#8220;CSL&#8221;), which became effective in June 2017. The CSL is the first PRC law that systematically lays out the regulatory requirements
on cybersecurity and data protection, subjecting many previously under-regulated or unregulated activities in cyberspace to government
scrutiny. The legal consequences of violation of the CSL include penalties of warning, confiscation of illegal income, suspension of
related business, winding up for rectification, shutting down the websites, and revocation of business license or relevant permits. In
April 2020, the Cyberspace Administration of China and certain other PRC regulatory authorities promulgated the Cybersecurity Review
Measures, which became effective in June 2020. Pursuant to the Cybersecurity Review Measures, operators of critical information infrastructure
must pass a cybersecurity review when purchasing network products and services which do or may affect national security. On November
14, 2021, the Cyberspace Administration of China (&#8220;CAC&#8221;) issued a revised draft of the Measures for Cybersecurity Review
for public comments (&#8220;Draft Measures&#8221;), which required that, in addition to &#8220;operator of critical information infrastructure,&#8221;
any &#8220;data processor&#8221; carrying out data processing activities that affect or may affect national security should also be subject
to cybersecurity review, and further elaborated the factors to be considered when assessing the national security risks of the relevant
activities, including, among others, (i) the risk of core data, important data or a large amount of personal information being stolen,
leaked, destroyed, and illegally used or exited the country; and (ii) the risk of critical information infrastructure, core data, important
data or a large amount of personal information being affected, controlled, or maliciously used by foreign governments after listing abroad.
The Cyberspace Administration of China has said that under the proposed rules companies holding data on more than 1,000,000 users must
now apply for cybersecurity approval when seeking listings in other nations because of the risk that such data and personal information
could be &#8220;affected, controlled, and maliciously exploited by foreign governments,&#8221; The cybersecurity review will also investigate
the potential national security risks from overseas IPOs. We do not know what regulations will be adopted or how such regulations will
affect us and our listing on Nasdaq. In the event that the Cyberspace Administration of China determines that we are subject to these
regulations, we may be subject to fines and penalties. On June 10, 2021, the Standing Committee of the NPC promulgated the PRC Data Security
Law, which will take effect on September 1, 2021. The Data Security Law also sets forth the data security protection obligations for
entities and individuals handling personal data, including that no entity or individual may acquire such data by stealing or other illegal
means, and the collection and use of such data should not exceed the necessary limits The costs of compliance with, and other burdens
imposed by, CSL and any other cybersecurity and related laws may limit the use and adoption of our products and services and could have
an adverse impact on our business. Further, if the enacted version of the Measures for Cybersecurity Review mandates clearance of cybersecurity
review and other specific actions to be completed by companies like us, we face uncertainties as to whether such clearance can be timely
obtained, or at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 4, 2022, thirteen PRC regulatory agencies, namely, the CAC, the NDRC, the Ministry of Industry and Information Technology, the
Ministry of Public Security, the Ministry of State Security, the Ministry of Finance, MOFCOM, SAMR, CSRC, the People&#8217;s Bank of
China, the National Radio and Television Administration, National Administration of State Secrets Protection and the National Cryptography
Administration, jointly adopted and published the Measures for Cybersecurity Review (2021), which became effective on February 15, 2022.
The Measures for Cybersecurity Review (2021) required that, among others, in addition to &#8220;operator of critical information infrastructure&#8221;
any &#8220;operator of network platform&#8221; holding personal information of more than one million users which seeks to list in a foreign
stock exchange should also be subject to cybersecurity review.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not expect to be subject to the cybersecurity review by the CAC, given that: (i) using our products
and services do not require providing users&#8217; personal information; (ii) we possess minimum amount, if not none of personal information
in our business operations; (iii) data processed in our business does not have a bearing on national security and thus may not be classified
as core or important data by the authorities and (iv) our operations are in HK SAR, a Special Autonomous Region apart from mainland PRC.
However, there remains uncertainty as to how the Draft Measures will be interpreted or implemented and whether the PRC regulatory agencies,
including the CAC, may adopt new laws, regulations, rules, or detailed implementation and interpretation related to the Draft Measures.
If any such new laws, regulations, rules, or implementation and interpretation comes into effect, we will take all reasonable measures
and actions to comply and to minimize the adverse effect of such laws on us.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that PRC regulatory agencies, including the CAC, would take the same view as we do, and there is no assurance that
we can fully or timely comply with such laws. In the event that we are subject to any mandatory cybersecurity review and other specific
actions required by the CAC, we face uncertainty as to whether any clearance or other required actions can be timely completed, or at
all. Given such uncertainty, we may be further required to suspend our relevant business, shut down our website, or face other penalties,
which could materially and adversely affect our business, financial condition, and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that we have been in compliance with the data privacy and personal information requirements of the CAC. Neither the CAC nor any
other PRC regulatory agency or administration has contacted the Company in connection with the Company&#8217;s or its subsidiaries&#8217;
operations. The Company is currently not required to obtain regulatory approval from the CAC nor any other PRC authorities for its and
its subsidiaries&#8217; operations in HK SAR. Further, the PRC laws or regulations related to data security are not enforceable in HK
SAR.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be subject to a variety of laws and other obligations regarding data protection in HK SAR. The Personal Data (Privacy) Ordinance
(Chapter 486 of the Laws of Hong Kong) (the &#8220;PDPO&#8221;) came into force on 20 December 1996. The PDPO states that any person
who controls the collection, holding, processing or use of personal data (the &#8220;data user&#8221;) shall not do any act, or engage
in a practice, that contravenes any of the data protection principles set out in Schedule 1 to the PDPO (the &#8220;Data Protection Principles&#8221;)
unless the act or practice, as the case may be, is required or permitted under the PDPO. Personal data means any data (a) relating directly
or indirectly to a living individual; (b) from which it is practicable for the identity of the individual to be directly or indirectly
ascertained; and (c) in a form in which access to or processing of the data is practicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Data Protection Principles set out that (1) personal data must be collected in a lawful and fair way, for a purpose directly related
to a function or activity of the data user. Data subjects must be notified of the purpose for which the data is to be used and the classes
of persons to whom the data may be transferred. Data collected should be adequate but not excessive; (2) personal data must be accurate
and should not be kept for a period longer than necessary for the fulfillment of the purpose for which the data is or is to be used;
(3) personal data must be used for the purpose for which the data is collected or for a directly related purpose unless voluntary and
explicit consent with a new purpose is obtained from the data subject; (4) a data user shall take practicable steps to safeguard any
personal data held against unauthorized or accidental access, processing, erasure, loss or use; (5) a data user shall take practicable
steps to ensure that its policies and practices in relation to personal data, the kind of personal data it holds and the main purposes
for which the personal data is or is to be used for are made known to the public; and (6) a data shall be entitled to request access
to personal data and must be allowed to correct the personal data if it is inaccurate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
the Personal Data (Privacy) (Amendment) Ordinance 2021 (the &#8220;PDPAO&#8221;) came into effect on 8 October 2021. It amends the PDPO,
particularly to: (i) criminalize doxing, i.e. unconsented disclosure of personal information of targeted individuals and groups; (ii)
introduce a cessation notice regime to tackle doxing with extra-territorial reach; and (iii) substantially expand the investigation and
enforcement powers of the Privacy Commissioner for Personal Data, in contexts beyond doxing.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors are of the view that we are not likely to be in breach of the PDPO and the PDPAO, for the following reasons: (i) using our
products and services do not require providing users&#8217; personal information and (ii) we possess minimum amount, if not none of the
personal information in our business operations. Nonetheless, we are subject to laws and regulations relating to the collection, storage,
use, processing, transmission, retention, security and transfer of personal information and other data. The interpretation and application
of laws, regulations and standards on data protection and privacy are still uncertain and evolving. We cannot assure you that the governmental
authorities will not interpret or implement the laws or regulations in ways that negatively affect us. We may be subject to investigations
and inspections by government authorities regarding our compliance with laws and regulations on data privacy, and we cannot assure you
that our practices will always fully comply with all applicable rules and regulatory requirements. In addition, laws, regulations and
standards on data protection and privacy continue to develop and may vary from jurisdiction to jurisdiction. Complying with emerging
and changing international requirements may cause us to incur substantial costs or require us to change our business practices.</span></p>

<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>

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

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<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>

<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"><b><i>The
Opinions recently issued by the General Office of the Central Committee of the Communist Party of China and the General Office of the
State Council and the New Overseas Listing Rules promulgated by the CSRC may subject us to additional compliance requirements in the
future.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 17, 2023, with the approval of the State Council, the CSRC released the Trial Measures and five supporting guidelines, which
will come into effect on March 31, 2023. According to the Trial Measures, (1) domestic companies that seek to offer or list securities
overseas, both directly and indirectly, should fulfill the filing procedures and report relevant information to the CSRC; if a domestic
company fails to complete the filing procedures or conceals any material fact or falsifies any major content in its filing documents,
such domestic company may be subject to administrative penalties, such as order to rectify, warnings, fines, and its controlling shareholders,
actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties,
such as warnings and fines; (2) if the issuer meets both of the following conditions, the overseas offering and listing shall be determined
as an indirect overseas offering and listing by a domestic company: (i) any of the total assets, net assets, revenues or profits of the
domestic operating entities of the issuer in the most recent accounting year accounts for more than 50% of the corresponding figure in
the issuer&#8217;s audited consolidated financial statements for the same period; (ii) its major operational activities are carried out
in China or its main places of business are located in China, or the senior managers in charge of operation and management of the issuer
are mostly Chinese citizens or are domiciled in China; and (3) where a domestic company seeks to indirectly offer and list securities
in an overseas market, the issuer shall designate a major domestic operating entity responsible for all filing procedures with the CSRC,
and where an issuer makes an application for an initial public offering in an overseas market, the issuer shall submit filings with the
CSRC within three business days after such application is submitted. On the same day, the CSRC also held a press conference for the release
of the Trial Measures and issued the Notice on Administration for the Filing of Overseas Offering and Listing by Domestic Companies,
which, among others, clarifies that (1) on or prior to the effective date of the Trial Measures, domestic companies that have already
submitted valid applications for overseas offering and listing but have not obtained approval from overseas regulatory authorities or
stock exchanges may reasonably arrange the timing for submitting their filing applications with the CSRC, and must complete the filing
before the completion of their overseas offering and listing; (2) a six-month transition period will be granted to domestic companies
which, prior to the effective date of the Trial Measures, have already obtained the approval from overseas regulatory authorities or
stock exchanges, but have not completed the indirect overseas listing; if domestic companies fail to complete the overseas listing within
such six-month transition period, they shall file with the CSRC according to the requirements; and (3) the CSRC will solicit opinions
from relevant regulatory authorities and complete the filing of the overseas listing of companies with contractual arrangements which
duly meet the compliance requirements, and support the development and growth of these companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 24, 2023, the CSRC revised the Archives Rules issued in 2009. The revised Archives Rules came into effect on March 31,
2023. In the overseas listing activities of domestic companies, domestic companies, as well as securities companies and securities service
institutions providing relevant securities services thereof, should establish a sound system of confidentiality and archival work, shall
not disclose state secrets, or harm the state and public interests. Where a domestic company provides or publicly discloses to the relevant
securities companies, securities service institutions, overseas regulatory authorities and other entities and individuals, or provides
or publicly discloses through its overseas listing entity, any document or material involving any state secret or any work secret of
any governmental agency, it shall report to the competent authority for approval in accordance with the law, and submit to the secrecy
administration department for filing. Securities companies and securities service organizations shall comply with the confidentiality
and archive management requirements, and keep the documents and materials properly. Securities companies and securities service institutions
that provide domestic enterprises with relevant securities services for overseas issuance and listing of securities shall keep the working
papers they compile (such as the records of working plan and procedure, evidence and supporting materials related to the services which
are obtained and prepared by the aforementioned service providers) within the territory of the PRC. If such working papers need to be
taken abroad, approval shall be obtained in accordance with relevant provisions.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trial Measures, and the revised Archives Rules, do not presently subject us to additional compliance requirements as we
are not a &#8220;domestic company&#8221; and they have no general application in HK SAR because of the Basic Law. However, we cannot
assure you that they will not apply to us in the future. If they do eventually apply to us, we cannot assure you that we will be able
to get the clearance of filing procedures under the Trial Measures on a timely basis, or at all. Any failure by us to fully comply with
new regulatory requirements, including but limited to the failure to complete the filing procedures with the CSRC if required, may significantly
limit or completely hinder our ability to offer or continue to offer our Ordinary Shares, cause significant disruption to our business
operations, and severely damage our reputation, which would materially and adversely affect our financial condition and results of operations
and cause our Ordinary Shares to significantly decline in value or become worthless.</span></p>

<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>

<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"><b><i>We
operate in a competitive industry and a highly competitive market. We may be subject to a variety of laws and other obligations regarding
competition law in the HK SAR, and any failure to comply with applicable laws and obligations could have a material and adverse effect
on our business, financial condition and results of operations.</i></b></span></p>

<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>

<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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">We face significant competition
in the E&amp;M market due to a large amount of E&amp;M service providers. We may be subject to the Competition Ordinance (Chapter 619
of the Laws of Hong Kong) (&#8220;Competition Ordinance&#8221;), which came into force on 14 December 2015. It lays down three forms of
behavior and imposes three rules which are intended to prevent and discourage anti-competitive conduct: (i) the first conduct rule prohibits
agreements between undertakings that have the object or effect of preventing, restricting and distorting competition in HK SAR; (ii) the
second conduct rule prohibits undertakings with a substantial degree of market power in a market from abusing that power by engaging in
conduct that has the object or effect of preventing, restricting and distorting competition in HK SAR; and (iii) the merger rule prohibits
mergers that have or are likely to have the effect of substantially lessening competition in HK SAR. Currently, the merger rule only applies
to the telecommunications section and is not applicable to our business.</p>
<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors confirm that we have not adopted any anti-competitive conduct described in the Competition Ordinance and will continue to act
in compliance with the Competition Ordinance. However, there may be uncertainties on the full effect of the rules in respect of compliance,
infringement, and its effect on our business, in particular when tendering is one of our major means of securing contracts. We may face
difficulties and may need to incur legal costs in ensuring our compliance with the rules. We may also inadvertently infringe the Competition
Ordinance and under such circumstances, we may be subject to fines and/or other penalties, incur substantial legal costs and may result
in business disruption and/or negative media coverage, which could adversely affect our business, results of operations and reputation.</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>

<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"><b><i>The
recent spate of government interference by the PRC government into business activities of U.S. listed Chinese companies may negatively
impact our operations, value of our securities and/or significantly limit or completely hinder our ability to offer future 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: 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: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recently,
the Chinese government announced that it would step up supervision of Chinese firms listed offshore. Under the new measures, China will
improve regulation of cross-border data flows and security, crack down on illegal activity in the securities market and punish fraudulent
securities issuance, market manipulation and insider trading. China will also check sources of funding for securities investment and
control leverage ratios. The Cyberspace Administration of China (&#8220;CAC&#8221;) has also opened a cybersecurity probe into several
U.S.-listed tech giants focusing on anti-monopoly, financial technology regulation and more recently, with the passage of the Data Security
Law, how companies collect, store, process and transfer data. If we are subject to such a probe or if we are required to comply with
stepped-up supervisory requirements, valuable time from our management and money may be expended in complying and/or responding to the
probe and requirements, thus diverting valuable resources and attention away from our operations. This may, in turn, negatively impact
our operations.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
given the Chinese government&#8217;s significant oversight and discretion over the conduct of our business operations in HK SAR and China,
the Chinese government may intervene or influence our operations at any time, which could result in a material change in our operations
and consequently, the value of our Ordinary Shares. The Chinese government could also significantly limit or completely hinder our ability
to offer future 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: 0pt; 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; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>It
may be difficult for overseas shareholders and/or regulators to conduct investigation or collect evidence within China.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder
claims or regulatory investigation common in the United States are generally difficult to pursue as a matter of law or practicality in
China. For example, there are significant legal and other obstacles to providing information needed for regulatory investigations or
litigation initiated outside China in China. Although the authorities in China may establish a regulatory cooperation mechanism with
the securities regulatory authorities of another country or region to implement cross-border supervision and administration, such cooperation
with the securities regulatory authorities in the Unities States may not be efficient in the absence of mutual and practical cooperation
mechanism. Furthermore, according to Article 177 of the PRC Securities Law, or Article 177, which became effective in March 2020, no
overseas securities regulator is allowed to directly conduct investigation or evidence collection activities within the territory of
the PRC. While detailed interpretation of or implementation rules under Article 177 have yet to be promulgated, the inability for an
overseas securities regulator, such as the Department of Justice, the SEC, the PCAOB and other authorities, to directly conduct investigation
or evidence collection activities within China may further increase difficulties faced by you in protecting your interests.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal business operation is conducted in HK SAR. In the event that the U.S. regulators carry out investigation on us and there is
a need to conduct investigation or collect evidence within the territory of the PRC, the U.S. regulators may not be able to carry out
such investigation or evidence collection directly in the PRC under the PRC laws. However, U.S. regulators may consider cross-border
cooperation with securities regulatory authority of the PRC by way of judicial assistance, diplomatic channels or regulatory cooperation
mechanism established with the securities regulatory authority of the PRC.</span></p>

<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>

<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"><b><i>Failure
to comply with laws and regulations applicable to our business in China could subject us to fines and penalties and could also cause
us to lose customers or otherwise harm our business.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business may be subject to regulation by various governmental agencies in China, including agencies responsible for monitoring and enforcing
compliance with various legal obligations, such as value-added telecommunication laws and regulations, privacy and data protection-related
laws and regulations, intellectual property laws, employment and labor laws, workplace safety, environmental laws, consumer protection
laws, governmental trade laws, import and export controls, anti-corruption and anti-bribery laws, and tax laws and regulations. These
regulatory requirements may be more stringent in certain jurisdictions than in China. These laws and regulations may impose added costs
on our business. Noncompliance with applicable regulations or requirements could subject us to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in"><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: 0.5in"><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">investigations,
    enforcement actions, and sanctions;</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">mandatory
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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">disgorgement
    of profits, fines, and damages;</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">civil
    and criminal penalties or injunctions;</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">claims
    for damages by our customers or channel partners;</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">termination
    of contracts;</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">loss
    of intellectual property rights;</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">failure
    to obtain, maintain or renew certain licenses, approvals, permits, registrations or filings</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">necessary
    to conduct our operations; 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">temporary
    or permanent debarment from sales to public service organizations.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any governmental sanctions are imposed, or if we do not prevail in any possible civil or criminal litigation, our business, results of
operations, and financial condition could be adversely affected. In addition, responding to any action will likely result in a significant
diversion of our management&#8217;s attention and resources and an increase in professional fees. Enforcement actions and sanctions could
materially harm our business, results of operations, and financial condition.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
companies in the technology industry have recently experienced increased regulatory scrutiny. Any reviews by regulatory agencies or legislatures
may result in similar substantial regulatory fines, changes to our business practices, and other penalties, which could negatively affect
our business and results of operations.</span></p>

<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>

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

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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in social, political, and regulatory conditions or in laws and policies governing a wide range of topics may cause us to change our business
practices. Further, our expansion into a variety of new fields also could raise a number of new regulatory issues. These factors could
negatively affect our business and results of operations in material ways.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
we are exposed to the risk of misconduct, errors and failure to functions by our management, employees and parties that we collaborate
with, who may from time to time be subject to litigation and regulatory investigations and proceedings or otherwise face potential liability
and penalties in relation to noncompliance with applicable laws and regulations, which could harm our reputation and business.</span></p>

<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>

<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"><b><i>Our
Ordinary Shares may be delisted under the Holding Foreign Companies Accountable Act (&#8220;HFCA Act&#8221;) if the PCAOB is unable
to inspect our auditors for two consecutive years beginning in 2021. The delisting of our shares, or the threat of their being
delisted, may materially and adversely affect the value of your investment.</i></b></span></p>

<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>

<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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On April
21, 2020, SEC Chairman Jay Clayton and PCAOB Chairman William D. Duhnke III, along with other senior SEC staff, released a joint statement
highlighting the risks associated with investing in companies based in or have substantial operations in emerging markets including China.
The joint statement emphasized the risks associated with lack of access for the PCAOB to inspect auditors and audit work papers in China
and higher risks of fraud in emerging markets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On May 18,
2020, Nasdaq filed three proposals with the SEC to (i) apply minimum offering size requirement for companies primarily operating in &#8220;Restrictive
Market&#8221;, (ii) adopt a new requirement relating to the qualification of management or board of director for Restrictive Market companies,
and (iii) apply additional and more stringent criteria to an applicant or listed company based on the qualifications of the company&#8217;s
auditors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On May 20,
2020, the U.S. Senate passed the HFCA Act requiring a foreign company to certify it is not owned or controlled by a foreign government
if the PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. If the PCAOB
is unable to inspect the company&#8217;s auditors for three consecutive years, the issuer&#8217;s securities are prohibited to trade on
a national securities exchange or in the over the counter trading market in the U.S. On December 2, 2020, the U.S. House of Representatives
approved the HFCA Act. On December 18, 2020, the HFCA Act was signed into law.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On March
24, 2021, the SEC announced that it had adopted interim final amendments to implement congressionally mandated submission and disclosure
requirements of the Act. The interim final amendments will apply to registrants that the SEC identifies as having filed an annual report
on Forms 10-K, 20-F, 40-F or N-CSR with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction
and that the PCAOB has determined it is unable to inspect or investigate completely because of a position taken by an authority in that
jurisdiction. The SEC will implement a process for identifying such a registrant and any such identified registrant will be required to
submit documentation to the SEC establishing that it is not owned or controlled by a governmental entity in that foreign jurisdiction,
and will also require disclosure in the registrant&#8217;s annual report regarding the audit arrangements of, and governmental influence
on, such a registrant.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On June
22, 2021, the U.S. Senate passed Accelerating Holding Foreign Companies Accountable Act, and on December 29, 2022, legislation entitled
&#8220;Consolidated Appropriations Act, 2023&#8221; (the &#8220;Consolidated Appropriations Act&#8221;) was signed into law by President
Biden, which contained, among other things, an identical provision to the Accelerating Holding Foreign Companies Accountable Act and amended
the HFCA Act by requiring 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, thus reducing the time period for triggering the prohibition
on trading.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On December
2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCA Act. The rules
apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting
firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken
by an authority in foreign jurisdictions. The final amendments are effective on January 10, 2022. The SEC will begin to identify and list
Commission-Identified Issuers on its website shortly after registrants begin filing their annual reports for 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On December
16, 2021, PCAOB announced the PCAOB HFCA Act determinations (the &#8220;PCAOB determinations&#8221;) relating to the PCAOB&#8217;s inability
to inspect or investigate completely registered public accounting firms headquartered in mainland China of the PRC or Hong Kong, a Special
Administrative Region and dependency of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On August
26, 2022, the PCAOB announced that it had signed a Statement of Protocol (the &#8220;SOP&#8221;) with the China Securities Regulatory
Commission and the Ministry of Finance of China. The SOP, together with two protocol agreements governing inspections and investigations
(together, the &#8220;SOP Agreement&#8221;), establishes a specific, accountable framework to make possible complete inspections and investigations
by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law. The SOP Agreement remains unpublished and
is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the SOP Agreement disclosed by the SEC,
the PCAOB shall have sole discretion to select any audit firms for inspection or investigation and the PCAOB inspectors and investigators
shall have a right to see all audit documentation without redaction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On December
15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting
firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC
authorities obstruct or otherwise fail to facilitate the PCAOB&#8217;s access in the future, the PCAOB Board will consider the need to
issue a new determination.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The lack
of access to the PCAOB inspection in China prevents the PCAOB from fully evaluating audits and quality control procedures of the auditors
based in China. As a result, the investors may be deprived of the benefits of such PCAOB inspections. The inability of the PCAOB to conduct
inspections of auditors in China makes it more difficult to evaluate the effectiveness of these accounting firms&#8217; audit procedures
or quality control procedures as compared to auditors outside of China that are subject to the PCAOB inspections, which could cause existing
and potential investors in our stock to lose confidence in our audit procedures and reported financial information and the quality of
our financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Our auditor,
WWC P.C., the independent registered public accounting firm that issues the audit report included elsewhere in this annual report, as
an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the
United States pursuant to which the PCAOB conducts regular inspections to assess our auditor&#8217;s compliance with the applicable professional
standards. Our auditor is headquartered in San Mateo, CA, and is subject to inspection by the PCAOB on a regular basis with the last inspection
in November 2021. Therefore, we believe that, as of the date of this annual report, our auditor is not subject to the PCAOB determinations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">However,
the recent developments would add uncertainties and we cannot assure you whether the SEC, the PCAOB, Nasdaq, or other regulatory authorities
would apply additional and more stringent criteria to us after considering the effectiveness of our auditor&#8217;s audit procedures and
quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates
to the audit of our financial statements. It remains unclear what further actions the SEC, the PCAOB or Nasdaq will take to address these
issues and what impact those actions will have on U.S. companies that have significant operations in the PRC and have securities listed
on a U.S. stock exchange (including a national securities exchange or over-the-counter stock market). In addition, any additional actions,
proceedings, or new rules resulting from these efforts to increase U.S. regulatory access to audit information could create some uncertainty
for investors, the market price of our ordinary shares could be adversely affected, and we could be delisted if we and our auditor are
unable to meet the PCAOB inspection requirement or being required to engage a new audit firm, which would require significant expense
and management time.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Furthermore,
according to Article 177 of the PRC Securities Law, the securities regulatory authority of the State Council may establish a regulatory
cooperation mechanism with securities regulatory authorities of another country or region for the implementation of cross-border supervision
and administration. Article 177 further provides that overseas securities regulatory authorities shall not engage in activities pertaining
to investigations or evidence collection directly conducted within the territories of the PRC, and that no Chinese entities or individuals
shall provide documents and information in connection with securities business activities to any organizations and/or persons aboard without
the prior consent of the securities regulatory authority of the State Council and the competent departments of the State Council. As of
the date hereof, we are not aware of any implementing rules or regulations which have been published regarding application of Article
177. Our Ordinary Shares could be delisted and prohibited from being traded on the Nasdaq Capital Market or any other U.S. stock market
under the HFCA Act if it is determined in the future that our auditor is unable to be fully inspected or investigated by the PCAOB. Article
177 is a recently promulgated provision and, as the date hereof, there have not been implementing rules or regulations regarding the application
of Article 177, it remains unclear as to how it will be interpreted, implemented or applied by the CSRC or other relevant government authorities.
As such, there are uncertainties as to the procedures and requisite timing for the U.S. securities regulatory agencies to conduct investigations
and collect evidence within the territory of the PRC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">If trading in our Ordinary Shares
is prohibited under the HFCA ACT in the future because the PCAOB determines that it cannot inspect or fully investigate our auditor at
such future time, Nasdaq may determine to delist our Ordinary Shares. If our Ordinary Shares are unable to be listed on another securities
exchange by then, such a delisting would substantially impair your ability to sell or purchase our Ordinary Shares when you wish to do
so, and the risk and uncertainty associated with a potential delisting would have a negative impact on the price of our Ordinary Shares.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"></p>

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

<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>

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

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<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>

<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"><b><i>Nasdaq
may apply additional and more stringent criteria for our continued listing.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq
Listing Rule 5101 provides Nasdaq with broad discretionary authority over the initial and continued listing of securities in Nasdaq and
Nasdaq may use such discretion to deny initial listing, apply additional or more stringent criteria for the initial or continued listing
of particular securities, or suspend or delist particular securities based on any event, condition, or circumstance that exists or occurs
that makes initial or continued listing of the securities on Nasdaq inadvisable or unwarranted in the opinion of Nasdaq, even though
the securities meet all enumerated criteria for initial or continued listing on Nasdaq. In addition, Nasdaq has used its discretion to
deny initial or continued listing or to apply additional and more stringent criteria in the instances, including but not limited to where
the company engaged an auditor that has not been subject to an inspection by PCAOB, an auditor that PCAOB cannot inspect, or an auditor
that has not demonstrated sufficient resources, geographic reach, or experience to adequately perform the company&#8217;s audit; (ii)
where a company planned a small public offering, which would result in insiders holding a large portion of the company&#8217;s listed
securities. Nasdaq was concerned that an offering size was insufficient to establish the company&#8217;s initial valuation, and there
would not be sufficient liquidity to support a public market for the company; and (iii) where the company did not demonstrate sufficient
nexus to the U.S. capital market, including having no U.S. shareholders, operations, or members of the board of directors or management.
For the any aforementioned concerns, we may be subject to the additional and more stringent criteria of Nasdaq for our continued listing.</span></p>

<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>

<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"><b>Risks
Related to Ownership of Our Ordinary Shares</b></span></p>

<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>

<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"><b><i>We
will incur additional costs as a result of becoming a public company, which could negatively impact our net income and liquidity.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a public company, we will incur significant legal, accounting and other expenses that we did not incur as a private company. In addition,
Sarbanes-Oxley and rules and regulations implemented by the Securities and Exchange Commission and the Nasdaq require significantly heightened
corporate governance practices for public companies. As a result, we expect these rules and regulations to increase our legal, accounting
and financial compliance costs and make many corporate activities more time-consuming and costly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not expect to incur materially greater costs as a result of becoming a public company than those incurred by similarly sized U.S.
public companies. If we fail to comply with these rules and regulations, we could become the subject of a governmental enforcement action,
investors may lose confidence in us and the market price of our Ordinary Shares could decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a public company, we incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley
Act of 2002 and rules subsequently implemented by the Securities and Exchange Commission and the Nasdaq impose various requirements on
the corporate governance practices of public companies. As a company with less than US$1.07 billion in net revenues for our last fiscal
year, we qualify as an &#8220;emerging growth company&#8221; pursuant to the JOBS Act. An emerging growth company may take advantage
of specified reduced reporting and other generally applicable requirements that are otherwise applicable generally to public companies.
These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the
assessment of the emerging growth company&#8217;s internal control over financial reporting and permission to delay adopting new or revised
accounting standards until such time as those standards apply to private companies.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming
and costly. After we are no longer an &#8220;emerging growth company,&#8221; we expect to incur significant expenses and devote substantial
management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other rules
and regulations of the Securities and Exchange Commission. We also expect that operating as a public company will make it more difficult
and expensive for us to obtain director and officer liability insurance. We may be required to accept reduced policy limits and coverage
or incur substantially higher costs to obtain the same or similar coverage. In addition, we will incur additional costs associated with
our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors
or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we
cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the past, shareholders of a public company often brought securities class action suits against the company following periods of instability
in the market price of that company&#8217;s securities. If we were involved in a class action suit, it could divert a significant amount
of our management&#8217;s attention and other resources from our business and operations, which could harm our results of operations
and require us to incur significant expenses to defend the suit. Any such class action suit, whether or not successful, could harm our
reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be
required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.25in"></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
obligation to disclose information publicly may put us at a disadvantage to competitors that are private companies.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a publicly listed company, we will be required to file periodic reports with the Securities and Exchange Commission upon the occurrence
of matters that are material to our company and shareholders. In some cases, we will need to disclose material agreements or results
of financial operations that we would not be required to disclose if we were a private company. Our competitors may have access to this
information, which would otherwise be confidential. This may give them advantages in competing with our company. Similarly, as a U.S.-listed
public company, we will be governed by U.S. laws that our competitors, mostly private Chinese companies, are not required to follow.
To the extent compliance with U.S. laws increases our expenses or decreases our competitiveness against such companies, our public listing
could affect our results of operations.</span></p>

<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>

<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"><b><i>We
are a &#8220;foreign private issuer&#8221; and a British Virgin Islands company and our disclosure obligations differ from those of U.S.
domestic reporting companies. As a result, we may not provide you the same information as U.S. domestic reporting companies or we may
provide information at different times, which may make it more difficult for you to evaluate our performance and prospects.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a foreign private issuer and, as a result, we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange
Act, we will be subject to reporting obligations that, to some extent, are more lenient and less frequent than those of U.S. domestic
reporting companies. For example, we will not be required to issue quarterly reports or proxy statements. In addition, we will not be
required to disclose detailed individual executive compensation information. Furthermore, our directors and executive officers will not
be required to report equity holdings under Section 16 of the Exchange Act and will not be subject to the insider short swing profit
disclosure and recovery regime.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer, we will also be exempt from the requirements of Regulation FD (Fair Disclosure) which, generally, are meant
to ensure that select groups of investors are not privy to specific information about an issuer before other investors. However, we will
still be subject to the anti-fraud and anti-manipulation rules of the SEC, such as Rule 10b-5 under the Exchange Act. Since many of the
disclosure obligations imposed on us as a foreign private issuer differ from those imposed on U.S. domestic reporting companies, you
should not expect to receive the same information about us and at the same time as the information provided by U.S. domestic reporting
companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information we are required to file with or furnish to the SEC will be less extensive and less timely as compared to that required to
be filed with the SEC by U.S. domestic issuers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a British Virgin Islands company listed on the Nasdaq Capital Market, we are subject to the Nasdaq Capital Market corporate governance
listing standards. However, Nasdaq Capital Market rules permit a foreign private issuer like us to follow the corporate governance practices
of its home country. Certain corporate governance practices in the British Virgin Islands, which is deemed our home country, may differ
significantly from the Nasdaq Capital Market corporate governance listing standards. For example:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in; 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: 0.5in; 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">our
    independent directors do not need to hold regularly scheduled meetings in executive session (rather, all board members may attend
    all meetings of the board of 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">the
    compensation of our executive officers is recommended but not determined by an independent committee of the board or by the independent
    members of the board of directors; and our Chief Executive Officer is not prevented from being present in the deliberations concerning
    his 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; 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">related
    party transactions are not required to be reviewed and we are not required
to solicit member approval of stock plans, including: those in which our officers or directors may participate; share issuances that will
result in a change in control; the issuance of our shares in related party acquisitions or other acquisitions in which we may issue 20%
or more of our outstanding shares; or, below market issuances of 20% or more of our outstanding shares to any person; 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; 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">we
    are not required to hold an in-person annual meeting to elect directors and transact other business customarily conducted at an annual
    meeting (rather, we complete these actions by written consent of holders of a majority of our voting securities).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we do not currently plan to utilize the home country exemption for corporate governance matters, to the extent that we choose to do so
in the future, our shareholders may be afforded less protection than they otherwise would under the Nasdaq Capital Market corporate governance
listing standards applicable to 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: 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are an &#8220;emerging growth company,&#8221; and we cannot be certain if the reduced reporting requirements applicable to emerging growth
companies will make our Ordinary Shares less attractive to investors.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &#8220;emerging growth company,&#8221; as defined in the Jumpstart Our Business Startups Act, or the JOBS Act. For as long as
we continue to be an emerging growth company, we may take advantage of exemptions from various reporting requirements that are applicable
to other public companies that are not emerging growth companies, including not being required to comply with the auditor attestation
requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic
reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and
shareholder approval of any golden parachute payments not previously approved. We could be an emerging growth company for up to five
years, although we could lose that status sooner if our revenues exceed $1 billion, if we issue more than $1 billion in non-convertible
debt in a three-year period, or if the market value of our shares held by non-affiliates exceeds $700 million as of any December 31 before
that time, in which case we would no longer be an emerging growth company as of the following December 31. We cannot predict if investors
will find our Ordinary Shares less attractive because we may rely on these exemptions. If some investors find our shares less attractive
as a result, there may be a less active trading market for our shares and our stock price may be more volatile.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards
apply to private companies. We have irrevocably elected not to avail our company of this exemption from new or revised accounting standards.
Therefore, we will be subject to the same new or revised accounting standards as other public companies that are not emerging growth
companies.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are a &#8220;controlled company&#8221; defined under the Nasdaq Stock Market Rules. Although we do not intend to rely on the &#8220;controlled
company&#8221; exemption under the Nasdaq listing rules, we could elect to rely on this exemption in the future and you will not have
the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in">Our Chairman and Chief Executive
Officer, Mr. Pui Lung Ho owns a majority of our Ordinary Shares and we are a controlled company pursuant to &#8220;controlled company&#8221;
defined under the Nasdaq Stock Market Rules. Accordingly, we will be a controlled company under the applicable Nasdaq listing standards.
For so long as we are a controlled company under that definition, we are permitted to elect to rely, and may rely, on certain exemptions
from corporate governance rules, including:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in"><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: 0.5in"><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
    exemption from the rule that a majority of our board of directors must be 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"><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
    exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent
    directors; 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">an
    exemption from the rule that our director nominees must be selected or recommended solely by independent directors.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance
requirements.</span></p>

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

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we do not intend to rely on the &#8220;controlled company&#8221; exemption under the Nasdaq listing rules, we could elect to rely on
this exemption in the future. If we elected to rely on the &#8220;controlled company&#8221; exemption, a majority of the members of our
board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not
consist entirely of independent directors upon closing of our initial public offering. Our status as a controlled company could cause
our Ordinary Shares to look less attractive to certain investors or otherwise harm our trading price. As a result, the investors will
not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Please
see &#8220;Risk Factors &#8211; Our significant shareholders have considerable influence over our corporate matters.&#8221;</span></p>

<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>

<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"><b><i>The
requirements of being a public company may strain our resources and divert management&#8217;s attention.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a public company, we will be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange
Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, the listing requirements of the securities exchange on which we list, and other applicable
securities rules and regulations. Despite recent reforms made possible by the JOBS Act, compliance with these rules and regulations will
nonetheless increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase
demand on our systems and resources, particularly after we are no longer an &#8220;emerging growth company.&#8221; The Exchange Act requires,
among other things, that we file annual, and current reports with respect to our business and operating results.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of disclosure of information in this report and in filings required of a public company, our business and financial condition
will become more visible, which we believe may result in threatened or actual litigation, including by competitors and other third parties.
If such claims are successful, our business and operating results could be harmed, and even if the claims do not result in litigation
or are resolved in our favor, these claims, and the time and resources necessary to resolve them, could divert the resources of our management
and adversely affect our business, brand and reputation and results of operations.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also expect that being a public company and these new rules and regulations will make it more expensive for us to obtain director and
officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage.
These factors could also make it more difficult for us to attract and retain qualified members of our board of directors, particularly
to serve on our audit committee and compensation committee, and qualified executive officers.</span></p>

<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>

<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"><b><i>The
market price of our Ordinary Shares may be volatile or may decline regardless of our operating performance, and you may not be able to
resell your shares at or above the initial public offering price.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The initial public
offering price for our Ordinary Shares were determined through negotiations between the underwriter and us and may vary from the
market price of our Ordinary Shares following our initial public offering. If you purchased our Ordinary Shares in our initial
public offering, you may not be able to resell those Ordinary Shares at or above the initial public offering price. We cannot assure
you that our Ordinary Shares&#8217; initial public offering price, or the market price following our initial public offering, will
equal or exceed prices in privately negotiated transactions of our Ordinary Shares that have occurred from time to time prior to our
initial public offering. The market price of our Ordinary Shares may fluctuate significantly in response to numerous factors, many
of which are beyond our control, including:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><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; text-align: justify; width: 0.5in"><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; width: 0.5in"><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">actual
    or anticipated fluctuations in our revenue and other operating results;</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">the
    financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;</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">actions
    of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow
    our company, or our failure to meet these estimates or the expectations of investors;</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">announcements
    by us or our competitors of significant products or features, technical innovations, acquisitions, strategic partnerships, joint
    ventures, or capital commitments;</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
    and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;</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">lawsuits
    threatened or filed against us; 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">other
    events or factors, including those resulting from war or incidents of terrorism, or responses to these events.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.25in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the trading price of our Ordinary Shares is likely to be volatile and could fluctuate widely due to factors beyond our control.
This may happen because of broad market and industry factors, akin to the performance and fluctuation of the market prices of other companies
with business operations located mainly in HK SAR or the People&#8217;s Republic of China that have listed their securities in the United
States. A number of Chinese companies have listed or are in the process of listing their securities on U.S. stock markets. The securities
of some of these companies have experienced significant volatility, including price declines in connection with their initial public
offerings. The trading performances of these Chinese companies&#8217; securities after their offerings may affect the perception and
attitudes of investors toward Chinese companies listed in the United States in general and consequently may impact the trading performance
of our shares, regardless of our actual operating performance.</span></p>

<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>

<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"><b><i>Future
issuances or sales, or perceived issuances or sales, of substantial amounts of Ordinary Shares in the public market could materially
and adversely affect the prevailing market price of the Ordinary Shares and our ability to raise capital in the future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market price of our Ordinary Shares could decline as a result of future sales of substantial amounts of shares or other securities relating
to the shares in the public market, including by the Company&#8217;s substantial shareholders, or the issuance of new shares by the Company,
or the perception that such sales or issuances may occur. Future sales, or perceived sales, of substantial amounts of the shares could
also materially and adversely affect our ability to raise capital in the future at a time and at a price favorable to us, and our shareholders
will experience dilution in their holdings upon our issuance or sale of additional securities in the future. In addition, these factors
could make it more difficult for us to raise funds through future offerings of our Ordinary Shares. A few shareholders hold a significant
portion of our Ordinary Shares and these are &#8220;restricted securities&#8221; as defined in Rule 144. These Ordinary Shares may be
sold in the future without registration under the Securities Act to the extent permitted by Rule 144 or other exemptions under the Securities
Act.</span></p>

<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>

<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"><b><i>We
have broad discretion in the use of the net proceeds from our initial public offering and may not use them effectively.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent we determine that the proposed uses of the net proceeds from our recent initial public offering  are no longer in the best interests of our Company, we cannot specify with any certainty the particular uses of such net
proceeds that we will receive from our initial public offering. Our management will have broad discretion in the application of such
net proceeds, including working capital, possible acquisitions, and other general corporate purposes, and we may spend or invest
these proceeds in a way with which our shareholders disagree. The failure by our management to apply these funds effectively could
harm our business and financial condition. Pending their use, we may invest the net proceeds from our initial public offering in a
manner that does not produce income or that loses value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Future
financing may cause a dilution in your shareholding or place restrictions on our operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may need to raise additional funds in the future to finance further expansion of our capacity and business relating to our existing operations,
acquisitions or strategic partnerships. If additional funds are raised through the issuance of new equity or equity-linked securities
of the Company other than on a pro rata basis to existing shareholders, the percentage ownership of such shareholders in the Company
may be reduced, and such new securities may confer rights and privileges that take priority over those conferred by the shares. Alternatively,
if we meet such funding requirements by way of additional debt financing, we may have restrictions placed on us through such debt financing
arrangements which may:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><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; text-align: justify; width: 0.5in"><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: 0.5in; 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">further
    limit our ability to pay dividends or require us to seek consents for the payment of dividends;</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">increase
    our vulnerability to general adverse economic and industry conditions;</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">require
    us to dedicate a substantial portion of our cash flows from operations to service our debt, thereby reducing the availability of
    our cash flow to fund capital expenditure, working capital requirements and other general corporate needs; 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; 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">limit
    our flexibility in planning for, or reacting to, changes in our business and our industry.</span></td></tr>
  </table>
<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"></p>

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    <div style="break-before: page; margin-top: 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="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
may not be an active, liquid trading market for our Ordinary Shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to our recently completed initial public offering, there was no active trading market for our Ordinary Shares. An active trading
market for our Ordinary Shares may not develop or be sustained. You may not be able to sell your Ordinary Shares at the market
price, if at all, if trading in our Ordinary Shares is not active.</span></p>

<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>

<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"><b><i>Our
internal controls over financial reporting may not be effective and our independent registered public accounting firm may not be able
to certify as to their effectiveness, which could have a significant and adverse effect on our business and reputation.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to our initial public offering, we were a private company with limited accounting personnel and other resources to address our internal
controls and procedures. Accordingly, we will be in a continuing process of developing, establishing, and maintaining internal controls
and procedures that will allow our management to report on, and our independent registered public accounting firm to attest to, our internal
controls over financial reporting if and when required to do so under Section 404 of the Sarbanes-Oxley Act of 2002. Although our independent
registered public accounting firm is not required to attest to the effectiveness of our internal control over financial reporting pursuant
to Section 404(b) of the Sarbanes-Oxley Act until the date we are no longer an emerging growth company, our management will be required
to report on our internal controls over financial reporting under Section 404.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to address and resolve the foregoing material weakness, we will implement measures designed to improve our internal control over
financial reporting to remediate this material weakness, including hiring outside financial personnel with requisite training and experience
in the preparation of financial statements in compliance with applicable Securities and Exchange Commission requirements within six months
from the completion of our initial public offering. We have budgeted $500,000 from the offering proceeds to improve our internal controls.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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 original actions in British
Virgin Islands or HK SAR based on U.S. or other foreign laws against us, our management or the experts named in the prospectus</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we are a BVI incorporated company, we conduct substantially all of our operations in HK SAR and substantially all of our assets are located
in HK SAR. In addition, a majority of our directors and executive officers reside within HK SAR, and most of the assets of these persons
are located within HK SAR. As a result, it may be difficult for you to effect service of process within the United States upon us or
these individuals, or to bring an action against us or against these individuals in the United States in the event that you believe your
rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this
kind, the laws of the British Virgin Islands and of the HK SAR may render you unable to enforce a judgment against our assets or the
assets of our directors and officers.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK
SAR is a Special Administrative Region of the People&#8217;s Republic of China. A foreign judgment can be registered and enforced in
HK SAR either under the Foreign Judgments (Reciprocal Enforcement) Ordinance (Cap. 319) (the &#8220;Ordinance&#8221;) or at common law.
Registration of a foreign judgment under the Ordinance can be made by an ex parte application with the local court but this avenue is
limited to judgments entered in designated jurisdictions, which currently include: Australia, Austria, Belgium, Bermuda, Brunei, France,
Germany, India, Israel, Italy, Malaysia, The Netherlands, New Zealand, and Singapore and Sri Lanka. An action to enforce a foreign judgment
at common law is a comparatively cumbersome process. It is, in essence, an independent suit in HK SAR and the judgment creditor must
follow normally applicable service procedures. Judgments entered in the United States and the United Kingdom can be enforced in HK SAR
only at common law. To be eligible for common-law recognition, the judgment must (1) be for a definite sum of money; (2) be final and
conclusive; and (3) have been entered by a court with competent jurisdiction over the defendant. With respect to finality, a HK SAR court
will generally refrain from enforcing a judgment during the pendency of an appeal. This raises the possibility of undue delay and asset
dissipation. With respect to the requirement of competent jurisdiction of the foreign judgment seeking to be enforced in HK SAR, it is
governed by private international law as interpreted in HK SAR, not the law of the foreign forum. Jurisdiction can generally be asserted
on the basis of the defendant&#8217;s physical presence in the foreign forum, appearance in the underlying legal proceeding or prior
contractual consent to jurisdiction. Under the common law and the Ordinance, only limited defenses on the grounds such as fraud, due
process and HK SAR public policy can be raised against a duly registered foreign judgment. There is no mechanism for reconsideration
of the merits of the underlying foreign litigation.</span></p>

<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"><b><i>&#160;</i></b></span></p>

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

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    <!-- Field: /Page -->

<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"><b><i>&#160;</i></b></span></p>

<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"><b><i>You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
we are incorporated under British Virgin Islands law.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are incorporated in the British Virgin Islands and conduct substantially all of our operations in HK SAR through our wholly-owned HK
SAR subsidiary. Most of our directors and substantially all of our executive officers reside outside the United States and a substantial
portion of their assets are located outside of the United States. As a result, it may be difficult for our shareholders to effect service
on these persons or bring an action against us or against these individuals in the British Virgin Islands or in HK SAR in the event that
they believe that their rights have been infringed under the securities laws of the United States or otherwise. Even if shareholders
are successful in bringing an action of this kind, the laws of the British Virgin Islands and HK SAR may render them unable to enforce
a judgment against our assets or the assets of our directors and officers. There is no statutory recognition in the British Virgin Islands
of judgments obtained in the United States or HK SAR, although the courts of the British Virgin Islands will in certain circumstances
recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate affairs will be governed by our Amended Memorandum and Articles, the BVI Act and the common law of the British Virgin Islands.
The rights of shareholders to take legal action against our directors, actions by minority shareholders and the fiduciary responsibilities
of our directors under British Virgin Islands law are to a large extent governed by the common law of the British Virgin Islands and
by the BVI Act. The common law of the British Virgin Islands is derived in part from comparatively limited judicial precedent in the
British Virgin Islands as well as from English common law, which has persuasive, but not binding, authority on a court in the British
Virgin Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under British Virgin Islands law are
not as clearly established as they would be under statutes or judicial precedents in some jurisdictions in the United States. In particular,
the British Virgin Islands has a less developed body of securities laws as compared to the United States, and some states (such as Delaware)
have more fully developed and judicially interpreted bodies of corporate law. As a result of the foregoing, holders of our Ordinary Shares
may have more difficulty in protecting their interests through actions against our management, directors or major shareholders than they
would as shareholders of a U.S. company and whose management, directors and/or major shareholders were also incorporated, resident, or
otherwise established in a United States jurisdiction.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
member of the Company is entitled, on giving written notice to the Company, to inspect (a) the memorandum and articles of association
of the Company; (b) the register of members; (c) the register of directors; and (d) the minutes of meetings and resolutions of members
and of those classes of members of which he is a member; and to make copies of or take extracts from the documents and records. Subject
to the memorandum and articles of association, the directors may, if they are satisfied that it would be contrary to the Company&#8217;s
interests to allow a member to inspect any document, or part of a document, specified in (b), (c) and (d) above, refuse to permit the
member to inspect the document or limit the inspection of the document, including limiting the making of copies or the taking of extracts
from the records. Where a company fails or refuses to permit a member to inspect a document or permits a member to inspect a document
subject to limitations, that member may apply to the BVI High Court for an order that he should be permitted to inspect the document
or to inspect the document without limitation. This may make it more difficult for you to obtain the information needed to establish
any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
corporate governance practices in the British Virgin Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions such as the United States. To the extent we choose to follow home country practice with respect to
corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations
applicable to U.S. domestic issuers.</span></p>

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

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken
by management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated
in the United States. </span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the foregoing, our public shareholders may have more difficulty in protecting their interests through actions against us,
our management, our directors or our major shareholders than would shareholders of a corporation incorporated in a jurisdiction in the
United States.</span></p>

<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>

<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"><b><i>We
are a foreign private issuer within the meaning of the rules under the Securities Exchange Act of 1934 (the Exchange Act&#8221;), and
as such we are exempt from certain provisions applicable to U.S. domestic public companies.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 24pt"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
we qualify as 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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; width: 0.5in"><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; width: 0.5in"><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
    rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q or current reports on Form 8-K;</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">the
    sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered
    under 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">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;</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">the
    selective disclosure rules by issuers of material nonpublic information under Regulation FD; 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; 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">certain
    audit committee independence requirements in Rule 10A-3 of the Exchange Act.</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>

<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"><b><i>It
may be difficult to enforce a judgment of U.S. courts for civil liabilities under U.S. federal securities laws against us, our directors
or officers in the British Virgin Islands.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no statutory enforcement in the British Virgin Islands of judgments obtained in the U.S., however, the courts of the British Virgin
Islands 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, provided that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; width: 0.5in"><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; width: 0.5in"><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
    U.S. court issuing the judgment had jurisdiction in the matter and the company either submitted to such jurisdiction or was resident
    or carrying on business within such jurisdiction and was duly served with 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; 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">the
    judgment is final and for a liquidated sum;</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">the
    judgment given by the U.S. court was not in respect of penalties, taxes, fines or similar fiscal or revenue obligations of the company;</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">in
    obtaining judgment there was no fraud on the part of the person in whose favor judgment was given or on the part of the court;</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">recognition
    or enforcement of the judgment in the British Virgin Islands would not be contrary to public policy; 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; 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">the
    proceedings pursuant to which judgment was obtained were not contrary to natural justice.</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 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">The
    British Virgin Islands courts are unlikely:</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">to
    recognize or enforce against the Company, judgments of courts of the U.S. predicated upon the civil liability provisions of the securities
    laws of the U.S.; 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; 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">to
    impose liabilities against the Company, predicated upon the certain civil liability provisions of the securities laws of the U.S.
    so far as the liabilities imposed by those provisions are penal in nature.</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>

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

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    <!-- Field: /Page -->

<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>

<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"><b><i>We
employ a mail forwarding service, which may delay or disrupt our ability to receive mail in a timely manner.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mail
addressed to the Company and received at its registered office will be forwarded unopened to the forwarding address supplied by Company
to be dealt with. None of the Company, its directors, officers, advisors or service providers (including the organization which provides
registered office services in the BVI) will bear any responsibility for any delay howsoever caused in mail reaching the forwarding address.</span></p>

<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>

<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"><b><i>We
could become a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year, which
could subject United States investors in our shares to significant adverse United States income tax consequences.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will be a &#8220;passive foreign investment company,&#8221; or &#8220;PFIC,&#8221; if, in any particular taxable year, either (a) 75%
or more of our gross income for such year consists of certain types of &#8220;passive&#8221; income or (b) 50% or more of the average
quarterly value of our assets (as determined on the basis of fair market value) during such year produce or are held for the production
of passive income (the &#8220;asset test&#8221;). In determining whether we are a PFIC, we are permitted to take into account the assets
and income of Wang &amp; Lee Contracting Limited because we own 100% of its stock. However, even if we take into account the assets and
income of Wang &amp; Lee Contracting Limited, we may still be considered a PFIC in 2023 and possibly later years, depending on a number
of factors, including the composition of our income and assets, how quickly we use our liquid assets, including the cash raised pursuant
to our initial public offering (if we determine not to, or are unable to, deploy significant amounts of cash for active purposes our
risk of being a PFIC will substantially increase), the market price of our Ordinary Shares, and fluctuations in that price. Because there
are uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close of
each taxable year, there can be no assurance that we will not be a PFIC for 2023 or any future taxable year. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC in any taxable year, a U.S. holder may incur significantly increased United States income tax on gain recognized on the
sale or other disposition of the Ordinary Shares and on the receipt of distributions on the Ordinary Shares to the extent such gain or
distribution is treated as an &#8220;excess distribution&#8221; under the United States federal income tax rules. A U.S. holder may also
be subject to burdensome reporting requirements. Further, if we are a PFIC for any year during which a U.S. holder holds our Ordinary
Shares, we generally will continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which such
U.S. holder holds our Ordinary Shares. </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>

<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"><b><i>Because
we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of the Ordinary Shares for return on
your investment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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 the Ordinary Shares as a source for any future dividend income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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. In addition, our shareholders may by ordinary resolution
declare a dividend, but no dividend may exceed the amount recommended by our board of directors. In either case, all dividends are subject
to certain restrictions under British Virgin Islands law and provided that in no circumstances may a dividend be paid if this would result
in our Company being unable to pay its debts as they fall due or having the value of the Company&#8217;s liabilities exceed the value
of the Company&#8217;s assets. Even if we decide to declare and pay dividends, the timing, amount and form of future dividends, if any,
will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount
of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed
relevant by our board of directors. Accordingly, the return on your investment in the Ordinary Shares will likely depend entirely upon
any future price appreciation of the Ordinary Shares. There is no guarantee that the 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 the Ordinary Shares
and you may even lose your entire investment in the Ordinary Shares.</span></p>

<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>

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

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    <!-- Field: /Page -->

<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>

<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"><b><i>We
are subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that have increased
both our costs and the risk of non-compliance.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to rules and regulations by various governing bodies, including, for example, the Securities and Exchange Commission, which
are charged with the protection of investors and the oversight of companies whose securities are publicly traded, and to new and evolving
regulatory measures under applicable law, including the laws of the British Virgin Islands. Our efforts to comply with new and changing
laws and regulations have resulted in and are likely to continue to result in, increased general and administrative expenses and a diversion
of management time and attention from revenue-generating activities to compliance activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
because these laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time
as new guidance becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs
necessitated by ongoing revisions to our disclosure and governance practices. If we fail to address and comply with these regulations
and any subsequent changes, we may be subject to penalty and our business may be harmed.</span></p>

<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>

<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"><b><i>We
may experience extreme stock price volatility, including any stock-run up, unrelated to our actual or expected operating performance,
financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Ordinary
Shares.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the risks addressed above, our Ordinary Shares may be subject to extreme volatility that is seemingly unrelated to the underlying
performance of our business. In particular, our Ordinary Shares may be subject to rapid and substantial price volatility, low volumes
of trades and large spreads in bid and ask prices, given that we will have relatively small public floats after our initial public offering.
Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance, financial condition or
prospects.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><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; text-align: justify; text-indent: 0.5in">Holders of our Ordinary
Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume
trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our
Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Ordinary Shares.
Furthermore, the potential extreme volatility may confuse the public investors of the value of our shares, distort the market
perception of our share price and our Company&#8217;s financial performance and public image, negatively affect the long-term
liquidity of our Ordinary Shares, regardless of our actual or expected operating performance. If we encounter such volatility,
including any rapid stock price increases and declines seemingly unrelated to our actual or expected operating performance and
financial condition or prospects, it will likely make it difficult and confusing for prospective investors to assess the rapidly
changing value of our Ordinary Shares and understand the value thereof.</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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span id="sa_006"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
4.</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>INFORMATION
                                            ON THE COMPANY</b></span></td></tr></table>

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

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


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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a British Virgin Islands company incorporated on May 20, 2021, as a holding company of our business, which is primarily operated
through our indirectly wholly-owned HK SAR subsidiary, WANG &amp; LEE CONTRACTING LIMITED. We do not use variable interest entities in
our corporate structure.</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wang
&amp; Lee Engineering Limited was founded in 1981 and we mainly conducted electrical work until December 3, 1992. By 1990, we had provided
services for many shops, factories and residential buildings and began providing other installation work. WANG &amp; LEE CONTRACTING
LIMITED, formerly known as WANG &amp; LEE ENGINEERING (M/E) LIMITED was incorporated in HK SAR on December 3, 1992. It changed its name
to WANG &amp; LEE CONTRACTING LIMITED on May 2, 1995, to reflect the expanded scope of work it now provides. Wang &amp; Lee Engineering
Limited was wound up in 2003.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to our initial public offering, <span style="text-transform: uppercase">WANG &amp; LEE GROUP</span>, Inc. is 100% owned by another British
Virgin Islands company, <span style="text-transform: uppercase">WANG &amp; LEE BROTHERS</span>, Inc. which holds all 8,000,000 of its
issued and outstanding Ordinary Shares. <span style="text-transform: uppercase">WANG &amp; LEE BROTHERS, INC</span>, is in turn 100%
owned by Mr. Pui Lung Ho, our Chief Executive Officer and Chairman.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the corporate reorganization which took place for the purposes of the initial public offering, WANG &amp; LEE CONTRACTING LIMITED
was owned by two individuals, Sau Lee Shirley Kam and Pui Lung Ho who held 3,899,999 shares and one share, respectively. On July 2, 2021,
they transferred all their shares in WANG &amp; LEE CONTRACTING LIMITED to WANG &amp; LEE HOLDINGS, Inc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On April 20, 2023, we announced
the pricing of our initial public offering of 1,600,000 Ordinary Shares at $5.00 per share and commencement of trading of our Ordinary
Shares on the Nasdaq Capital Market under the symbol, &#8220;WLGS&#8221;. On April 24, 2023, we announced the closing our initial public
offering with gross proceeds of $8,000,000.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The corporate structure chart below sets out our structure of our group
of companies:&#160;</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><span style="font-family: Times New Roman, Times, Serif"><img src="form20-f_002.jpg" alt="" /></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*WANG
&amp; LEE GROUP, Inc. is the holding company and registrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
WANG &amp; LEE CONTRACTING Limited is our operating company.</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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</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>Business
    Overview</b></span></td></tr>
  </table>
<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; 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: 0pt; 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; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are, WANG &amp; LEE CONTRACTING LIMITED, a construction prime and subcontractor engaging in the installation of Electrical &amp; Mechanical
Systems (&#8220;E&amp;M&#8221;), which include low voltage (220v/phase 1 or 380v/phase 3) electrical systems, mechanical ventilation
and air-conditioning systems, fire service systems, water supply and sewage disposal system installation and fitting out for the public
and private sectors. WANG &amp; LEE CONTRACTING LIMITED has mainly undertaken projects that are related to the supply, installation and
maintenance of the following systems:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><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; text-align: justify; width: 0.5in"><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; width: 0.5in"><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">Low
    voltage (220v/phase 1 or 380v/phase 3) electrical systems to power building equipment and services, such as lighting, air-conditioning
    and elevator etc.;</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">mechanical
    ventilation and air-conditioning systems (&#8220;MVAC&#8221;); 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; 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">fitting
    out for commercial buildings and offices; 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; 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">other
    E&amp;M systems such as fire services, which includes fire prevention, detection, suppression and extinguishing systems and plumbing
    and drainage systems.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WANG
&amp; LEE CONTRACTING LIMITED is also able to provide design and contracting services to all trades in the construction industry. Its
clients range from small startups to large companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nowadays,
buildings are going certifiably green. As we have become more conscious of the effect our installation and works have on the environment
and on us directly, organizations have developed voluntary methods of rating the environmental impact and efficiency of buildings, and
other similar structures. Assessments take place both during design and after completion. Existing structures or commercial interior
spaces can also be rated. Our team provides every effort to be environmentally conscious with a focus on designs that promote energy
and water efficiency, indoor environment quality, and the responsible discharge of wastes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WANG
&amp; LEE CONTRACTING LIMITED has been providing construction contracting services in HK SAR for almost 40 years and have been awarded:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><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; text-align: justify; width: 0.5in"><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; width: 0.5in"><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">ISO9001:2015
    Quality Management System Standard for Design, Supply and Installation of Low Voltage Electrical, Mechanical Ventilation and Air-conditioning
    Systems (as defined in Electricity Ordinance Chapter 406&#8221;;</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">ISO
    14001:2015 Environmental Management System Standard for Design, Supply and Installation of Low Voltage Electrical, Mechanical Ventilation
    and Air-conditioning Systems (as defined in Electricity Ordinance Chapter 406&#8221;;</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">ISO
    45001:2018 Occupational Health and Safety Management System Standard for Design, Supply and Installation of Low Voltage Electrical,
    Mechanical Ventilation and Air-conditioning Systems (as defined in Electricity Ordinance Chapter 406&#8221;;</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">H.K.E.M.S.D.
    Registered Electrical Contractor;</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">H.K.F.S.D.
    Registered Fire Service Installation Contractor;</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">H.K.
    Building Authority Registered Class II, III Type A, B, D, E, F, G Minor Works Contractors;</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">H.K.
    Water Authority Grade 1 Plumber&#8217;s license.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
WANG &amp; LEE CONTRACTING LIMITED a registered Class 1 Fire Service Installation Contractor with the Fire Services Department, Specialist
Contractor in Ventilation Works under the Building Ordinance (Cap 123) Section 8A, registered Minor Works Contractor (Company) for Classes
II and III (covering under alteration and addition works, repair works, drainage works, works relating to structures for amenities, finishes
works and demolition works) under the Building Ordinance (Cap 123) Section 8A and registered Electrical Contractor under the Electricity
(Registration) Regulations (Cap 406 Sub Leg.).</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of WANG &amp; LEE CONTRACTING LIMITED&#8217;s projects were predominantly in the private sector for fiscal years 2022, 2021 and 2020.
WANG &amp; LEE CONTRACTING LIMITED provides a wide range of large sitework construction services to private construction customers, including
commercial and residential developers and local businesses. WANG &amp; LEE CONTRACTING LIMITED&#8217;s recent projects include two well-known
theme parks in HK SAR &#8211; Ocean Park and Hong Kong Disneyland where it carried out various low voltage electrical work for the theme
parks, such as installation of emergency power supply system, lighting, etc. WANG &amp; LEE CONTRACTING LIMITED competes for private
construction projects primarily on the basis of the breadth of its service capabilities and its reputation for quality. We believe we
are well-positioned to capitalize on the strong momentum after the COVID-19 pandemic restrictions were lifted in commercial and residential
private construction sectors driven by population and economic expansion in HK SAR and mainland China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WANG
&amp; LEE CONTRACTING LIMITED&#8217;s primary market is in the E&amp;M market in HKSAR (the &#8220;market&#8221; or &#8220;local market&#8221;)
which, in turn is broken down into low voltage electrical system, MVAC, fire services, plumbing and fitting out works. Supported by its
local market presence and knowledge, as well as scale advantages attributable to its vertical integration, geographic reach and strong
financial profile, we believe WANG &amp; LEE CONTRACTING LIMITED is a significant player in each of E&amp;M the markets in HK SAR that
it serves. For all but the very largest projects, it competes primarily against HK SAR local firms that have similar qualifications and
experience. By virtue of this locally driven competitive dynamic, competition in our industry is characterized by relative market share,
which we define as the percentage of jobs we win in a local market compared to the jobs we bid in a local market. WANG &amp; LEE CONTRACTING
LIMITED&#8217;s average a bid/win rate of 26-40% compared to the highest average bid/win rate of one of its competitors of 48% (Source:
https://www.emsd.gov.hk/minisites/voice/en/special_issue2015/p2.html).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">As a construction contractor, WANG &amp; LEE CONTRACTING LIMITED&#8217;s
principal business has been in the provision of E&amp;M engineering services. For each of the years ended December 31, 2022, 2021 and
2020, the total revenue derived from E&amp;M engineering services was HK$32,649,726 (US$4,169,931), HK$32,138,725 (US$4,135,059) and HK$31,598,957
(US$4,074,258) respectively. Depending on our customers&#8217; needs and requests, it may provide integrated E&amp;M engineering services
covering design, supply, installation and maintenance for MVAC system, low voltage electrical system, fire services system, and plumbing
and drainage system on a project-to-project basis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WANG
&amp; LEE CONTRACTING LIMITED mainly undertakes projects that are related to the supply, installation and maintenance of the following
systems depending on our customers&#8217; needs and engagement:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in"><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: 0.5in"><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">Low
    voltage (220v phase 1 or 380v phase 3) electrical systems to power building equipment and services, such as lighting, air-conditioning
    and elevator etc.;</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MVAC
    systems, which refer to mechanical ventilation and air-conditioning systems;</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">(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">fitting
    out for commercial buildings and offices; 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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
    E&amp;M systems such as:</span></td></tr>
  </table>
<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>

<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: 1in"><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; width: 0.5in"><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">fire
    services, which includes fire prevention, detection, suppression, and extinguishing systems; 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; 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">plumbing
    and drainage systems.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
low voltage (220v/phase 1 or 380v/phase 3) electrical system monitors and controls, power supply to buildings to ensure other systems
can function properly (including but not limited to lighting, MVAC systems and other systems). It normally comprises the main power supply,
submain distribution system and final circuit system, lighting system, earthing and bonding system, lightning protection system, emergency
generator power supply system with system pipework, electrical cable, and wiring works.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
MVAC system mainly covers the following functions:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in"><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: 0.5in"><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">Mechanical
    ventilation: regulating the inflow and outflow of air within buildings/spaces by channeling treated air into the building while extracting
    exhaust air out; 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">Air-conditioning:
    controlling and maintaining the temperature and humidity of air within buildings/spaces.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
normally comprises mechanical ventilation fan and air-conditioning equipment including chiller, air handling unit, fan coil unit, water
pumps, cooling tower, air-conditioner with system pipework, ductworks, electrical and control works.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fitting
out services for commercial buildings or offices, which are usually associated with E&amp;M design, includes installing fixtures and
furniture.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apart
from the low voltage electrical system, the MVAC system and fitting out services as mentioned above, we also engage in the provision
of other E&amp;M engineering services, including the supply, installation and maintenance of the following systems:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in"><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: 0.5in"><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">Fire
    services system, which refers to fire prevention, detection, suppression and extinguishing systems. Fire services system normally
    comprises a fire services control panel, fire detector and alarm system, sprinkler, fire hydrant and hose reel, smoke control, portable
    hand operated appliances and gas extinguishing systems, emergency lighting, audio and visual advisory system.</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">Plumbing
    and drainage system &#8211; the plumbing system of a building provides clean and stable water supply for occupants, including fresh
    water for drinking, cooking and washing purposes and seawater/fresh water for flushing system, and the functioning of the fire service
    system. The drainage system of the building provides the removal of waste water and rainwater through the drainage system into the
    city&#8217;s sewage system. A typical plumbing and drainage system of a building comprises pipework, valves, pumps and tanks.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth a breakdown of our revenue by different E&amp;M engineering services for the years ended December 31, 2022,
2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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="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: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="22" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the years ended December 31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><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: bottom">
    <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: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><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: bottom">
    <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: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
    of Total Revenue</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
    of Total Revenue</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
    of Total Revenue</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><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: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Low
    Voltage Electrical System</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="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,028,162</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,628,625</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><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: 2%"><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: 1%; text-align: left"><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: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><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: 2%"><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: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,293,206</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><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: 2%"><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: 1%; text-align: left"><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: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MVAC
    System</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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif">502,556</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"></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>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">299,985</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fitting
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,998,726</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"></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>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
projects in our fiscal years 2022, 2021 and 2020, are privately funded projects. WANG &amp; LEE CONTRACTING LIMITED provides a wide range
of large sitework construction services to private construction customers, including commercial and residential developers and local
businesses. WANG &amp; LEE CONTRACTING LIMITED competes for private construction projects primarily on the basis of the breadth of its
service capabilities and its reputation for quality. As a result, we believe we are well-positioned to capitalize on the strong momentum
in commercial and residential private construction sectors driven by population and economic expansion in HK SAR.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of WANG &amp; LEE CONTRACTING LIMITED&#8217;s projects are for offices, factories, hotels, hospitals, schools and educational institutes,
theme parks and shopping malls and residential flats for construction companies, property developers, operators of a private hospitals
and the government.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables set forth the breakdown of our revenue by types of projects and by sectors for each of the years ended December 31,
2022, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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: 0pt; text-align: justify; text-indent: 0.5in"><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="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="22" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Revenue</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">% of Total Revenue</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">% of Total Revenue</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">% of Total Revenue</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%">Residential</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">1,062,855</td><td style="width: 1%; text-align: left"></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">25</td><td style="width: 1%; text-align: left"></td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">40</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">267,704</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: 6%; text-align: right">7</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3,107,082</td><td style="text-align: left"></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">75</td><td style="text-align: left"></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,494,207</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">60</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,806,554</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">93</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#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 style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="22" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%">Private</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">4,049,348</td><td style="width: 1%; text-align: left"></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">97</td><td style="width: 1%; text-align: left"></td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">100</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">99</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">120,589</td><td style="text-align: left"></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3</td><td style="text-align: left"></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">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,383</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1</td><td style="text-align: left">&#160;</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>

<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"><b>Operational
workflow</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
illustration purposes, a simplified workflow of our typical E&amp;M engineering operations is outlined as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_003.jpg" alt="" /></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
customers usually send us tender invitation letters or ask us to submit direct quotations for new projects. In deciding whether to proceed
with specific tenders or not, we have to evaluate the manageability and profitability of such projects with reference to our resources,
capacity and capability. Therefore, to maintain stability and profitability of our business operations, we tender a mixture of projects
covering different project sizes and project types.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WANG
&amp; LEE CONTRACTING LIMITED is mainly a subcontractor. WANG &amp; LEE CONTRACTING LIMITED served as the prime contractor on approximately
72%, 8% and 11% of its projects and as a subcontractor on the remaining 28%, 92% and 89% for the fiscal years 2022, 2021 and 2020, respectively.
WANG &amp; LEE CONTRACTING LIMITED will be directly engaged by its customers and responsible for liaising with the main contractor and
other subcontractors subsequently engaged. WANG &amp; LEE CONTRACTING LIMITED may also act as domestic subcontractor as engaged by other
main contractors. In other cases, WANG &amp; LEE CONTRACTING LIMITED enters into direct contract as main contractor with its customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
we confirm our interest in submitting a tender, the potential customer will send us a tender invitation letter, which will request us
to provide further information including, among others, project information, estimated project size, required contract commencement and
completion date. Before we formally submit our tender, we may have a chance to conduct site visit if needed. We will then prepare for
our tender submission. Our tender team will be responsible for the tender submission and the bidding process. Our tender team will prepare
our tender submission. In terms of our pricing policy, our tender team will consider each project on a case-by-case basis taking into
account of various factors such as (i) the specifications of the project; (ii) the estimated project cost which mostly includes (a) the
subcontracting fees (if any), (b) equipment and material costs, (c) direct labor costs; (d) tender records of similar projects; and
our current capacity and resources. Related market information, such as price fluctuations for equipment and materials and resources
at the relevant time, are also considered. Our tender team will obtain preliminary quotation for equipment and materials from potential
subcontractors and suppliers in respect of the engineering design at this stage in order to ascertain the costs expected to be incurred
in purchasing such equipment and materials when we prepare the tender documents. All of our subcontractors go through stringent selection
procedures to ensure that the products/services they provide meet the specification requirements of our customers. We also take into
account of the manageability and profitability of such projects with reference to our resources, capacity and capability. We strive to
maintain a balance between making a competitive bidding price against our competitors and maintaining a reasonable profit margin for
each project. We may sometimes be invited to provide a quotation for a potential project from a customer directly. If we are interested
to proceed with the project, our tender team will prepare the quotation documents. The steps for preparing the quotation documents are
same as the ones as mentioned in the paragraph above regarding tender submission.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, it takes approximately two to five weeks for us to prepare and submit the tender.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
we have submitted our tender documents, we will attend an interview conducted by the customers. If the customer decides to award a contract
to us, they will arrange for a letter of award or letter of acceptance to be signed by us. The customers will sign a formal contract
with us subsequently.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
project team will be formed once we are awarded a contract, which usually comprises a project manager, a project in-charge, and a certain
number of technical staff depending on the specific requirements imposed by the customers. The project manager is responsible for the
overall management and supervision of the project and will be the chief liaison with our customers. The rest of the project team is responsible
for project execution which include arranging subcontractors and suppliers, sourcing of equipment and materials, and performing relevant
tasks as required in the contracts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the beginning of the project implementation stage, our project team will prepare a budget, also known as a cost sheet, stating the estimated
costs to be incurred. We will record the actual costs incurred in our accounting system. The project manager will carry out cost analysis
and make comparisons to actual costs incurred with the budget. According to the contract requirement if necessary, we will take out all
the relevant insurance and bond for the project.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will commence our work in accordance with the master program provided by our customer and will utilize the time period between the award
of project and commencement of site works, usually five to six months&#8217; time, for our preparation. The project team will prepare
a budget/cost sheet with particulars of the estimated costs to be incurred. A detailed project plan will also be prepared by the project
team and be submitted to the consultant designated by the customer for his approval. The project plan normally contains a project organization
chart with resumes of key staff, preliminary installation program, equipment and material submission schedule, sample submission schedule
and drawing submission schedule, which indicate all the work to be completed in accordance with the work plan and the program as contained
in the tender documents.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
purchase major equipment and materials from our suppliers for the provision of our services. Before we place purchase orders, we will
arrange to obtain the quotations previously provided from our suppliers and we may obtain price reduction for the products to be purchased
from them. The suppliers usually deliver equipment and materials to the work sites directly or may arrange to ship equipment and materials,
such as air-conditioners and chillers to container terminals in HK SAR and we will deliver such equipment and materials to the work sites.
We store these equipment and materials at the work site, subject to the storage area available to avoid disruption. Our subcontractors,
should we choose to use them typically provide certain minor materials and components, such as tiny metal and spare parts, with the costs
included in their subcontracting charges. To ensure the quality of the equipment and materials sourced by both the subcontractors and
us, our engineers are responsible for conducting quality control on materials used in projects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not commence site works immediately after we are awarded with a project. The customer will issue a master program setting out the
implementation period and order of the stages of the project. We will commence site work in accordance with such master program usually
five to six months after we have been awarded with the project. We will utilize the time period between the awarding of the project and
the commencement of site works for preparations such as preparing the budget and project plan, conducting a site inspection, making arrangements
with and supervising our subcontractors and suppliers and sourcing of equipment and materials.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the implementation stage, the project manager will conduct a site inspection from time to time to inspect the work progress and work
quality. We will assign a designated project team member to supervise our subcontractors in order to ensure that all work performed are
up to standard as required in the relevant contract. The subcontractors are required to report to us on a regular basis.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
project team and the customers will regularly have site progress meetings to report and follow up on relevant issues. Based on the amount
of work completed, we make interim payment applications to our customers which set out the amount and value of work done on a monthly
basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
some cases, customers may have modifications on the respective contractual terms including the scope of works, completion date and pricing.
We may agree with our customers to carry out those works in title of variation orders with time and cost implication. We may prepare
a quotation according to each variation order but the quoted sum is tentative only until it is further evaluated and confirmed by the
customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
the contract installation works are completed, we will perform the relevant system testing and prepare a report for customers&#8217;
acceptance together with corresponding operating and maintenance manual and as-fitted drawings. If the customer is satisfied with our
work, the customer will issue a practical completion certificate and release our performance guarantee, if any, together with part of
the retention money. If we expect any delay in completion, the main contractor will issue a notification of delay to the customer. After
the completion of the project, all the notifications of delay will be sent to the architect of the customer for assessment to determine
the number of days extended and thereafter determine whether any liquidated damages will be payable to the customer. During the years
ended December 31, 2022, 2021, and 2020, we had no record of payment of any liquidated damages to our customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, it takes approximately one month to 24 months to complete a project.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
the practical completion, there is generally a year defect liability period. During this period, we are required to make good on any
defect in the systems we provided and installed and other defective works at our own costs. The remaining amount of the retention money
will be released usually within 14 days after the issue of the certificate of completion of making good defects.</span></p>

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<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"><b>Teams</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate via a highly efficient, robust and cross-functional structure that allows for a healthy and progressive growth in size, skill
and quality.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following organizational chart shows the relationship between WANG &amp; LEE CONTRACTING LIMITED&#8217;s various divisions and departments.
All chart components contribute as required to the overall effort of engineering and construction of any specific project. We assign
a dedicated team to each project. This team is composed of a group of skilled individuals assigned from various divisions on a full-time
basis as required. Team members perform their respective duties in accordance with a set planned schedule and budget.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.4pt"><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: 0pt; text-align: justify; text-indent: 35.4pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_004.jpg" alt="" /></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.4pt"><span 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pricing
strategies</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
adopt a cost-plus pricing model in setting our tender prices for all projects. On a case-by-case basis, we take into account of various
factors, including but not limited to: (i) the project&#8217;s specifications; (ii) the estimated project cost which mainly comprises
(a) subcontracting fees, (b) equipment and material costs, and (c) direct labor costs, with reference to preliminary quotations from
our subcontractors and suppliers; (iii) tender records and experience for projects of similar nature, scope and complexity; and (iv)
our capacity and resources at the relevant time. We would also make reference to market information such as expected fluctuations in
equipment and material costs, mainly MVAC system, in arriving at our final tender price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
projects are in general labor intensive. Despite the fact that we could engage subcontractors to carry out certain site works and complete
certain tasks as required in the contracts with our customers, substantial involvement by our project teams in the project implementation
phase is required. For instance, our project teams need to prepare budget and project plan, conduct site inspections, make arrangements
with and supervise our subcontractors and suppliers, source equipment and materials, and take up relevant tasks as required in the contracts.
Any material deviation in the actual time and resources spent from initial estimation may result in significant cost overruns, which may
in turn adversely affect our financial results. As such, in order to avoid exceeding our capacity and having an adverse impact on our
financial performance resulting from excessive tendering, we may decline tender invitations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equipment
and material costs deployed in projects are also crucial factor which, may impact our financial performance. In the preparation of tenders
to our customers, we obtain preliminary quotations from our suppliers to ensure the equipment and material costs to be deployed in projects
are accurately assessed. After projects are awarded to us, our engineers will make sure that the equipment and materials to be ordered
from suppliers can match the projects&#8217; specifications. With a view to further improving our profit margin from projects, we also
strive to pursue better offers and terms than those set out in the preliminary quotations from the relevant suppliers. Particularly,
for projects which allow us to have flexibility in the selection of suppliers, we source specifications-matching equipment and materials
deployed at the most competitive pricing terms. In addition, suppliers may offer price reductions, taking into account factors including
purchase quantity, exchange rates, cost of materials, market competition and whether the supplier is desirous of providing the equipment
and materials in specific projects. Consequently, these projects usually give rise to higher gross profit margins.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apart
from the above, we have also implemented the following measures to manage our risk of cost overruns:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in; 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: 0.5in; 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
    detailed estimation of time and costs expected to be incurred in a project is prepared by our engineers and will be reviewed by the
    management before submission to our customers;</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">(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">a
    fixed scope of work will be agreed upon with customers, based on which our tender is prepared. We accept customers&#8217;
    requests for variation in the scope of work on the basis that a variation order has to be agreed upon. Our engineers will prepare
    budgets with expected time and costs on such requests for material variation orders and would not proceed prior to obtaining the
    approvals from our relevant project managers; 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; 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">(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
    project team will obtain preliminary quotations from potential subcontractors and suppliers in respect of various engineering designs
    in order to ascertain the costs expected to be incurred, thereby forming the cost assessment basis for our tenders. We have not experienced
    material irrecoverable cost overruns for the projects carried out in fiscal years 2022, 2021 and 2020.</span></td></tr>
  </table>
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<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"><b>Safety
and Quality</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WANG
&amp; LEE CONTRACTING LIMITED implements a safety monitoring system to ensure that all employees and related parties maintain a high
standard of safety. In addition to that, safety trainings are provided and a safety committee will always be formed for each project.
The safety committee will perform scheduled inspections, risk assessment, hold safety meetings, and other safety-related tasks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.4pt"><span 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; text-align: justify; text-indent: 35.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
emphasize our commitment to safety, safety is taken into consideration from the design stage. We scrutinize every aspect of the project
so that it can be completed in a safe manner at every stage. While the project is in process, strict management and installation controls
are implemented to ensure that a high standard of safety is held. After the completion of the project, maintenance services are offered
for the safety of the users.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.4pt"><span 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; text-align: justify; text-indent: 35.4pt"><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; text-align: justify; text-indent: 35.4pt">We are committed to a quality
assurance policy complying with ISO-9001 and ensuring that this policy is understood, implemented, and maintained throughout the group
of companies. Our scope of certification includes design, supply and installation of low voltage electrical mechanical ventilation and
air-conditioning systems. In addition to that, every section of projects is required to go through quality and control inspections by
our professional team. We believe that the high quality and safety assurance we provide to our clients will give them the peace of mind
that they deserve.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.4pt"><span 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Environment</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have become more conscious of the effect our installation and works have on the environment and on us directly. Organizations such as
Hansecontrol Dongguan Technology Consulting Services Limited, JNE Consulting Limited, and Hok International (Asia/Pacific) Limited have
developed voluntary methods of rating the environmental impact and efficiency of buildings, and other similar structures. Assessments
take place both during design and after completion. Existing structures or commercial interior spaces can also be rated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.4pt"><span 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; text-align: justify; text-indent: 35.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
requested, our team will advise on energy efficiency, water efficiency, land use, pollution, waste and indoor environmental quality and
impact.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.4pt"><span 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competitive
Strengths</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that the following strengths have contributed to our success and are differentiating factors that set us apart from our peers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in; 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: 0.5in; 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"><b><i>Customer
    and Revenue Diversification</i></b>. WANG &amp; LEE CONTRACTING LIMITED performs new construction services over
a wide geographic footprint for both public and private clients. Its private projects accounted for 97%, 100%, 99% of our fiscal year
2022, 2021 and 2020 revenues respectively. While its undertakes large projects, it can perform many smaller to medium projects with varied
complexity and there durations at the same time. In fiscal year 2022, 2021 and 2020, 11%, 12% and 15% respectively of its projects were
small to medium projects under HK$1 million (US$127,717) with an average duration of approximately 3 months. We believe this strategy,
coupled with our disciplined bidding process, yields revenue diversification and enables us to better manage our business through market
cycles.</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; text-align: justify; width: 0.5in"><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; width: 0.5in"><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>Consistent
    History of Managing Construction Projects and Contract Risk</i>.</b> WANG &amp; LEE CONTRACTING LIMITED&#8217;s long and successful
    track record of over 40 years in each of the markets that it serves demonstrates an understanding of the various risks associated
    with construction contractor projects. On top of the years of experience, licenses and registrations are also a key factor of recognition
    in the market. WANG &amp; LEE CONTRACTING LIMITED serves as the prime contractor on approximately 72%, 8% and 11% of its projects
    and as a subcontractor on the remaining 28%, 92% and 89% for the fiscal years 2022, 2021 and 2020, respectively. When serving as
     the prime contractor, it utilizes subcontractors to perform approximately 3% of the total project. The vast majority of its projects
    are fixed unit price contracts, pursuant to which a portion of its revenues is tied to the volume of various project components.
    It combines its experience, local market knowledge and fully integrated management information systems to effectively bid, execute
    and manage projects. It captures project costs such as labor and equipment expenses on a daily basis. its managers review daily project
    reports to determine whether actual project costs are tracking to budget.</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"><b><i>Experienced
    Management Team</i></b>. Our executive officers are seasoned leaders with complementary skill sets and a track record of financial
    success spanning over 40 years and multiple business cycles.</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"><b><i>Commitment
    to deliver quality works and services with stringent quality, safety and environmental assurance</i></b>. WANG &amp; LEE CONTRACTING
    LIMITED is committed to provide high quality works and services. It has adopted stringent quality assurance measures that comprise
    monitoring, verifying, and validating the works and materials. Its quality management system has been accredited with ISO 9001 certificate
    by Accredited Certification International Limited (&#8220;ACI Limited&#8221;). Furthermore, it has also set up an environmental management
    system to promote awareness of environmental protection and prevent pollution of the environment resulting inform its works. Its
    environmental management system was accredited by ISO 14001 certification with ACI Limited. Furthermore, it has set up a comprehensive
    occupational health and safety management system to promote safe working practices among all employees and to prevent the occurrence
    of accidents through promoting safety awareness at the front line level. Its occupational health and safety management system has
    been certified to be in compliance with ISO 45001 by ACI Limited.</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"><b><i>Long-term
    relationship with customers, suppliers and subcontractors. </i></b>WANG &amp; LEE CONTRACTING LIMITED has established long term relationships
    with its customers for a period up to 25 years, suppliers for a period up to 30 years and subcontractors for a period up to 30 years.
    Maintaining good customer relationships provides more opportunities to tender and also demonstrates its ability to provide high-quality
    work on time and budget. In addition, it has also maintained a good relationship with equipment and material suppliers as well as
    subcontractors. WANG &amp; LEE CONTRACTING LIMITED is the authorized dealer of an American air-conditioning equipment manufacturer
    (the &#8220;air-conditioning equipment manufacturer&#8221;). Establishing a good relationship with suppliers enables it to have more
    flexibility in negotiating prices, resources allocation and project execution compared with competitors. Maintaining a good relationship
    with subcontractors will help reduce the risk of shortage or delay in the delivery of contract works, and ensure timely installation
    works. We consider partnering with these suppliers and subcontractors to be one of the key success factors for us to deliver high
    quality work to our customers.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Customers</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
usually receive invitations from customers to submit tenders for potential projects. Our customers range from private individuals to
office, factories, shopping mall and hotel owners, operators for hospitals, schools and educational institutes, theme parks, shopping
malls and construction companies, property developers and even the HK SAR government.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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; text-indent: 0.5in">For the years ended December 31,
2022, 2021 and 2020, we made 145, 178 and 156 submissions to our potential customers respectively, and our success rate was approximately
40%, 26% and 20% in each of the respective years, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
revenue generated by our five largest customers in aggregate accounted for approximately 88%, 88% and 81% of the total revenue for the
years ended December 31, 2022, 2021 and 2020 respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
fiscal year 2022, three customers accounted for more than 10% of our annual
revenue - one for 49%, one for 15% and the last one for 12%. In fiscal year 2021, three customers accounted for more than 10% of our annual
revenue, one for 33%, one for 32% and the last one for 12%. In fiscal year 2020, two customers accounted for more than 10% of our annual
revenue &#8211; one for 39% and the other for 18%. Because of we work on a project basis, we do not have any long-term contracts with
any one client.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
on our customers&#8217; needs and requests, we may provide integrated E&amp;M engineering services covering sourcing for supplies. WANG
&amp; LEE CONTRACTING LIMITED is the authorized dealer of an American air-conditioning equipment manufacturer (the &#8220;air-conditioning
equipment manufacturer&#8221;) and enjoy the most preferable pricings. Establishing a good relationship with suppliers enables us to
have more flexibility in negotiating prices, resources allocation and project execution compared with competitors. We typically enter
into one-year non-exclusive dealership agreements with our suppliers and may renew dealership agreements upon the expiration of these
dealership agreements. We are only allowed to sell the products within the designated territories as specified in the dealership agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
work with our suppliers and manufacturers to plan ahead for its purchase and delivery of products to enable that they have sufficient
stock to fulfil the current orders. We have generally not encountered any substantial delay or shortage in the supply of products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
five largest suppliers accounted for approximately 48%, 43% and 30% of the total actual costs for the years ended December 31, 2022,
2021 and 2020 respectively.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not experience any seasonality in our business.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
occasion, WANG &amp; LEE CONTRACTING LIMITED may engage subcontractors to carry out part of its work. WANG &amp; LEE CONTRACTING LIMITED
has not entered into any long-term agreement with its subcontractors and has historically not experienced any material difficulties or
delays in completing its project due to failure to identify and engage suitable subcontractors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WANG
&amp; LEE CONTRACTING LIMITED has a stringent process in selecting its subcontractors for its work. It has an internal approved list
of subcontractors for quotation for each type of work. It takes into account of factors including, among others, assessment of their
abilities and its previous work experience with them. For each project, it invites several subcontractors in this list for quotation.
Its project team is responsible for selecting the most suitable candidate(s).</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
construction market in Hong Kong is dominated by a small number of large local contractors, a large number of overseas contractors, and
a high level of sub-contracting, with substantial companies being both developers and contractors. According to the Hong Kong Census
and Statistics Department, the gross value of construction works performed by main contractors in 2019 was recorded at US$17 billion,
down from US$18.6 billion in 2018. Residential construction was the largest market in the industry during the period of 2015-2019, accounting
for 43% of its total value in 2019 at US$7.3 billion (Source: <span style="text-decoration: underline">https://www.trade.gov/market-intelligence/hong-kong-construction</span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the anti-government protests, the outbreak of COVID-19 and the U.S.-China trade tensions, the construction industry has been severely
affected. The city&#8217;s gross value of construction works decreased 9.4% in the first quarter of 2020 to US$3.7 billion. The unemployment
rate in the construction industry sharply increased to 11.2% in the second quarter of 2020, compared to 5% in the same quarter last year,
rising to its highest level since mid-2009. According to GlobalData, the construction industry is expected to contract by 9.2% in 2020.
However, a recovery phase may start in 2021 as the government will stimulate public and private sector investment in construction projects
by investing US$127.6 billion in infrastructure by 2028-2029. Moreover, in July 2021, the Legislative Council approved US$92 billion
Capital Work Reserve Fund for future public projects, showing signs of recovery and more job opportunity to the industry. (Source: <span style="text-decoration: underline">https://www.trade.gov/market-intelligence/hong-kong-construction</span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Key
Drivers and Opportunities</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"><i>Increasing
demand from new construction projects</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
stated in the 2021&#8211;22 HK SAR Government Budget Speech, approximately 101,400 public housing units are expected to be provided in
the coming five years, while the private housing supply is targeted to remain an average annual level of 18,000 units from 2021 to 2025.
Moreover, the Government introduced the &#8220;Green Schools 2.0&#8221; to subsidize primary and secondary schools in HK SAR (excluding
government schools and profit-making schools) to replace existing air conditioners with new variable speed air conditioners, convert
existing lights to LED lights, and install real-time energy monitoring systems in schools for the financial years from 2020&#8211;21
to 2024&#8211;25. Furthermore, according to the Government&#8217;s 2021&#8211;22 Budget Speech, HK$1 billion (US$129 million) is earmarked
to install small-scale renewable energy systems at government buildings and infrastructure. The aforementioned programs and schemes initiated
by the Government are expected to provide continued growth opportunities to the E&amp;M engineering industry in HK SAR.</span></p>

<p style="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>The
increasing environmental awareness</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
increasing level of environmental awareness, new buildings are usually designed with more environmentally friendly elements such as energy
saving features. In general, latest technologies are employed in new buildings with green design. Therefore, such buildings cost higher
than traditionally designed buildings with the value-added functions. For old buildings, refurbishment works to upgrade or improve the
original building design so as to adapt to a green building design may be required. In conclusion, the increasing level of environmental
awareness will provide more business opportunities to the E&amp;M engineering industry in HK SAR.</span></p>

<p style="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>Increasing
demand for E&amp;M engineering refurbishment</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
improve the safety of residential buildings, the Government has increased its support for building rehabilitation projects through tightened
regulations and enhanced subsidies. In 2012, the Government implemented the Mandatory Building Inspection Scheme (MBIS) to locate private
buildings (except domestic buildings not exceeding 3 stories) over 30-years old that require revitalization. Furthermore, the Operation
Building Bright 2.0 and Fire Safety Improvement Works Subsidy Scheme were launched in 2018. In 2019, the Government launched a HK$10.5
billion (US$1.35 billion) package to repair 5,000 buildings and 8,000 lifts across the city. In 2020, the Building Maintenance Grant
Scheme for Elderly Owners was administered by the Hong Kong Housing Society for elderly owner-occupiers to repair and maintain their
buildings and improve building safety. In 2021, HK$1 billion (US$129 million) will be funded by the Government to launch a subsidy scheme
to assist old buildings to carry out drainage repair or enhancement works. With the increasing number of old buildings and Government
subsidies, continued demand for repair and maintenance works for buildings is expected, which is expected to provide more growth opportunities
to the E&amp;M engineering industry in HK SAR.</span></p>

<p style="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>Threats
and 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"><i>Relative
Dependence on the Real Estate Market</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total receipts of the real estate sector in HK SAR decreased from HK$187.3 billion in 2012 to HK$179.6 billion in 2021, representing
an average annual decrease of 0.5%. (https://www.censtatd.gov.hk/en/data/stat_report/product/B1010002/att/B10100022023MM04B0100.pdf)
Amid uncertainties caused by unfavorable global economic environment, the E&amp;M engineering industry, which is relatively dependent
on the real estate market performance, especially the number of newly- built properties, would be adversely 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"></span></p>

<p style="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>Labor
Shortage and Increasing Labor Costs</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Labor
shortage and increasing labor costs may dampen the profitability of E&amp;M engineering contractors. Also, difficulties in attracting
and retaining experienced and qualified staff may delay the completion of the works and thereafter reducing the profitability of the
E&amp;M engineering industry. As a result, E&amp;M engineering contractors, in particular those who fail to shift the increasing labor
costs to customers, may face the problem of lowered 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"><i>Going
Concern</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in"><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; text-indent: 0.5in">As of December 31, 2022, 2021
and 2020, we had an accumulated deficit of US$2,221,822, US$1,624,941 and US$1,270,198, and working capital deficit of US$1,281,671, US$518,589
and US$894,295 respectively. As the Company has an accumulated deficit and has a working capital deficit, net cash outflows from operating
activities, our auditor, WWC, P.C. had raised substantial doubt about our ability to continue as going concern.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
plans to focus its resources on smaller scale engineering projects that generate sustainable positive profit margins. Additionally, the
Company plans to raise capital via private placement or public offering in the event that the Company does not have adequate liquidity
to meet its current obligations. If we are unable to improve our liquidity position, we may not be able to continue as a going concern,
and therefore, be required to realize our assets and discharge our liabilities other than in the normal course of business which could
cause investors to suffer the loss of all or a substantial portion of their investment.</span></p>

<p style="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>Entry
Barriers</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"></span></p>

<p style="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>Lack
of Proven Track Records</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: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E&amp;M
engineering contractors can demonstrate their capabilities to deliver quality of works and meet tight project deadlines through proven
track records. In general, customers may have less confidence in E&amp;M engineering contractors who do not have proven track records.
Therefore, potential E&amp;M engineering contractors may have difficulties in entering the E&amp;M engineering industry in HK SAR.</span></p>

<p style="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>High
Initial Capital Requirements</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantial
initial capital is required to enter the E&amp;M engineering industry in HK SAR. First, it is compulsory for E&amp;M engineering contractors
to register with relevant government departments to perform public works. There is minimum financial capitalization requirement. For
example, the minimum capital requirements set by the Housing Authority is HK$3.4 million (US$0.43 million). Also, E&amp;M engineering
contractors need to have sufficient funds to sustain daily operations and ensure smooth project execution. Prepayments such as surety
bond which amounts to approximately 10% of the contract value and upfront payment which amounts to approximately 5% to 30% of the contract
value depending on project complexity and scale are usually required. Hence, the high initial capital requirements set an entry barrier
for potential E&amp;M engineering contractors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IMPACT
OF COVID-19 ON THE CONSTRUCTION INDUSTRY IN HK SAR INCLUDING THE E&amp;M ENGINEERING INDUSTRY</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
COVID-19 pandemic has posed negative impacts on the HK SAR construction industry to a certain extent since early 2020. For example, a
few construction projects were suspended for fourteen (14) days with identified COVID-19 cases. For the private sector, there were delays
in the tendering process amid uncertainties caused by the COVID-19 pandemic whereas for public sector, the funding approvals for some
public works were delayed as well. The full impact of the COVID-19 pandemic depends on the extent, duration, and resurgence of new COVID-19
cases. With the introduction of COVID-19 vaccines in early 2021, the outbreak of COVID-19 is expected to be put gradually under control.
However, since it takes time for the citizens of HK SAR including construction workers to be vaccinated, investors and developers are
yet to have restored their confidence in the HK SAR economy in 2021. According to the forecast of the Rating and Valuation Department,
it is expected that the completion of private office and commercial projects to reach 275 thousand square meters and 173 thousand square
meters respectively in 2022, which is the highest since 2015. Hence, we believe that these private offices and private commercial projects
will drive up demand for the E&amp;M engineering services and the construction industry starting from 2022.</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>

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<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>

<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"><b>Insurance</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, WANG &amp; LEE CONTRACTING LIMITED maintains insurance for employees&#8217; compensation insurance policy with AIG Insurance
Hong Kong Limited covering the liability to make payment in respect of death, injury or disability of our employees under the Employees&#8217;
Compensation Ordinance and at common law for injuries at work in respect of all their employees (including full-time and part-time employees).
We also maintain Contractors&#8217; All Risks policy with AIG Insurance Hong Kong Limited which liabilities arising from potential damage
to the buildings or structures under our subcontracted works as well as potential bodily injury to third parties or damage to third parties&#8217;
properties as a result of the performance of our subcontracted works. We believe that our current insurance policies are sufficient for
our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intellectual
Property</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>Trademarks</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have applied for the following trademarks to be registered:</span></p>

<p style="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: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Country</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><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: 34%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trademark</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><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: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Application
    Number</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><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: 12%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Application
    Date</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><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: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration
    Number</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><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: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Classes</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><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: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Status</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">United
    States</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_010.jpg" alt="" style="height: 34.5pt; width: 51pt" /></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">&#160;90748036</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">May
    31, 2021</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">&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</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">Pending</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: center">&#160;</td>
    <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">&#160;</td>
    <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">&#160;</td>
    <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">&#160;</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">HK
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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">&#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"><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"><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">United
    States</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">June
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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">37</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">Pending</span></td></tr>
  <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">&#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"><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"><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"><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"><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">&#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>
    <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"><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"><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"><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"><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">United
    States</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_012.jpg" alt="" style="height: 18.75pt; width: 85.5pt" />&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97128648</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">November
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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</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">Pending</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">Class
37- Building construction; repair; installation services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also have registered our domain name and website: wangnlee.com.hk.</span></p>

<p style="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: 0pt; 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: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section sets forth a summary of the material laws and regulations applicable to our business operations in HK SAR.</span></p>

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

<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>

<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"><b>Contractors
Registration System for Building Works</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
section 2 of the Buildings Ordinance (Chapter 123 of the Laws of Hong Kong) (the &#8220;Buildings Ordinance&#8221;), building works include
any kind of building construction, site formation works, ground investigation in scheduled areas, foundation works, repairs, demolition,
alteration, addition and every kind of building operation, as well as drainage works. A contractor carrying out building works in Hong
Kong must register with the Building Authority as a general building contractor, a specialist contractor, or a minor works contractor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
there are five different categories of building works specified by the Building Authority as specialist works, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in; 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: 0.5in; 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">demolition
    works;</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">foundation
    works;</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">ground
    investigation field works;</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">site
    formation works; 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; 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">ventilation
    works.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
section 8B(2) of the Buildings Ordinance, an applicant for registration as a specialist contractor must satisfy the Building Authority
on:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#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: 0.5in; 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: 0.5in; 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">if
    it is a corporation, the adequacy of its management 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; 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">(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">the
    appropriate experience and qualifications of his personnel;</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">(iii)</span></td>
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    ability to have access to plant and resources;</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">(iv)</span></td>
    <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
    ability of the person appointed by the applicant to act for the applicant for the purposes of the Buildings Ordinance to understand
    building works and street works through relevant experience and a general knowledge of the basic statutory requirements.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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    <div style="break-before: page; margin-top: 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="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
applicant for registration as a specialist contractor must satisfy the Building Authority that he has the necessary experience and, where
appropriate, professional and academic qualifications, to undertake works in the specialist category. In considering each application,
the Building Authority is to have regard to the qualifications, competence and experience of the following personnel of the applicant:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in; 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: 0.5in; 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
    minimum of one person appointed by the applicant to act for the applicant for the purposes of the Buildings Ordinance (the &#8220;Authorized
    Signatory&#8221;);</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">(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">if
    the applicant is a corporation, a minimum of one director from the board of directors of the applicant who is authorized by the board
    (the &#8220;Technical Director&#8221;) to:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><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: 1in; 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: 0.5in; 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">have
    access to plant and resources;</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">(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">provide
    technical and financial support for the execution of building works and street works;</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">(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">make
    decisions for our Company and supervise the Authorized Signatory and other personnel for the purpose of ensuring that the works are
    carried out in accordance with the Buildings Ordinance; 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; 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">for
    a corporation which appoints a director who does not possess the required qualification or experience as the Technical Director to
    manage the carrying out of building works and street works authorized by the board of directors to assist the Technical Director.</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"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the above key personnel, the applicant is also required to demonstrate that it has employed appropriate qualified staff to
assist the applicant and the above key personnel to execute, manage and supervise the building works and street works. For registration
as a registered specialist contractor, the applicant should also demonstrate that it has the access to engaging qualified persons to
carry out the relevant specialized duties.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Building Authority maintains a register of specialist contractors who are qualified to carry out specialized works specified in the category
in the sub-register in which they are entered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Scope
of work that can be undertaken</i></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered
specialist contractors may only carry out specialized works in their corresponding categories as specified in the sub-registers in which
they have been entered. We are required to apply for renewal of specialist contractor registration every year. We have been registered
as a specialist contractor in the ventilation works category. For details of our specialist registration, please refer to &#8220;Business
&#8211; Overview&#8221;. Failure to register as a specialist contractor could affect our businesses in Hong Kong SAR. As confirmed by
our directors, we may engage approved subcontractors to carry out part of our engineering works to mitigate such risks, thereby ensuring
the timely completion of the engineering projects. We have established long term relationships with our subcontractors for a period up
to 30 years. Please refer to &#8220;Business &#8212; Competitive Strengths&#8221; and &#8220;Business &#8212; Subcontractors&#8221; for
more details.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Building (Minor Works) Regulation (Chapter 123N of the Laws of Hong Kong) (&#8220;Minor Works Regulation&#8221;), a subsidiary legislation
under the Buildings Ordinance, certain building works are specified as &#8220;minor works&#8221;, which could be carried out without
the Building Authority&#8217;s prior approval of building plans and consent to commence works. Minor works are categorized into three
classes (Classes I, II and III) according to their nature, scale, complexity and risk to safety they pose:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in; 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: 0.5in; 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">Class
    I (a total of 44 items) comprises more complicated minor works and requires higher technical expertise and more stringent supervision,
    including the appointment of a prescribed building professional (the &#8220;Building Professional&#8221;), such as an authorized
    person and where necessary, a registered structural engineer and/or a registered geotechnical engineer;</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">Class
    II (a total of 40 items) comprise works that are less complex which can be carried out by registered contractors without the involvement
    of a Building Professional; 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; 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">Class
    III (a total of 42 items) comprise works of small scale and are common in household which can be carried out by registered contractors
    without the involvement of a Building Professional.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

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

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    <!-- Field: /Page -->

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
works under each class of minor works are further classified into seven types:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#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: 0.5in; 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: 0.5in; 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">Type
    A (Alternation and Addition works);</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">(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">Type
    B (Repair Works);</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">(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">Type
    C (Works relating to Signboards);</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">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Type
    D (Drainage Works);</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">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Type
    E (Works relating to Structures for Amenities);</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">(vi)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Type
    F (Finishes Works); 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; 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">(vii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Type
    G (Demolition Works).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
section 12(5) of the Minor Works Regulation, the Building Authority must not allow an application for registration as a registered minor
works contractor unless the Authority is satisfied that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in; 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: 0.5in; 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">in
respect of each type of minor works under each class to which the application relates, at least one individual nominated as an authorized
signatory for the type of minor works (a) has the qualifications and experience specified by the Building Authority; and (b) has the
ability to understand that type of minor works through relevant experience and a general knowledge of the basic statutory requirements;</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">(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">the
    applicant has access to plants and resources;</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">(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">if
    the applicant is a corporation, (a) its management structure is adequate; and (b) at least one of its directors has the qualifications
    and experience specified by the Building Authority; 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; 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">(iv)</span></td>
    <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
    applicant is suitable for registration in the register.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
section 12(6) of the Minor Works Regulation, in deciding whether the applicant is suitable for registration in the register, the Building
Authority must take into account (i) whether the applicant and the individual nominated as authorized signatory have any criminal record
in respect of any offence under the laws of Hong Kong relating to the carrying out of any building works; and (ii) whether any disciplinary
order has been made against the applicant or the individual. In considering each application for registration, the Building Authority
is to have regard to the qualification, experience and suitability of the following key personnel of the applicant:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in; 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: 0.5in; 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
    minimum of one person appointed by the applicant to act for the applicant for the purpose of the Buildings Ordinance as the authorized
    signatory (the &#8220;AS&#8221;); 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; 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">(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">for
    a corporation, a minimum of one director from the board of directors of the applicant as the technical director (the &#8220;TD&#8221;),
    who is authorized by the board to:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><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: 1in; 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: 0.5in; 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">have
    access to plants and resources;</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">(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">provide
    technical and financial support for the execution of minor works; 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; 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">make
    decisions for our Company and supervise the AS and other personnel.</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>

<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"><i>Registers</i></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Building Authority maintains a register of minor works contractors who are qualified to carry out minor works belonging to the class,
type and item specified in the register in which they are registered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Scope
of work that can be undertaken</i></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minor
works contractors shall only carry out such minor works belonging to the class, type and item specified in the register in which they
are registered. We are a registered Class II and Class III minor works contractor. In particular, we are permitted to carry out Types
A, B, D, E, F and G minor works. For details of our minor works registration, please refer to &#8220;Business &#8211; Overview&#8221;.
Failure to register as a minor works contractor could affect our businesses in Hong Kong SAR. As confirmed by our directors, we may engage
approved subcontractors to carry out part of our engineering works to mitigate such risks, thereby ensuring the timely completion of
the engineering projects. We have established long term relationships with our subcontractors for a period up to 30 years. Please refer
to &#8220;Business &#8212; Competitive Strengths&#8221; and &#8220;Business &#8212; Subcontractors&#8221; for more details.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Validity
period and renewal of registration as registered specialist contractors and registered minor works contractors</i></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
registration is removed by a disciplinary order, registration is valid for a period of three years from the date on which a person&#8217;s
name is included in the register. Registration can be renewed upon its expiry by making prior application to the Building Authority in
accordance with section 8C of the Buildings Ordinance and section 14 of the Minor Works Regulation for registered specialist contractors
and registered minor works contractors respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application
for renewal of registration should be made by the registered contractor to the Building Authority not earlier than four months and not
later than 28 days prior to the date of expiry of the registration. Provided the application is made within the time limit and the renewal
fee is paid, the existing registration will remain in force until the application for renewal is finalized by the Building Authority.
Once renewed, a registration is valid for a period of three years from the expiry date of the previous registration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are required to apply for renewal of minor works contractor registration every three years pursuant to section 14 of the Minor Works
Regulation. Our directors confirm that (i) we have been registered as a minor works contractor; (ii) we have effected the registrations
for our operations in Hong Kong in all material aspects; and (iii) we have complied with the relevant requirements for maintaining these
registrations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WANG
&amp; LEE CONTRACTING Limited is a registered minor works contractor. It aims to facilitate building owners and occupants in carrying
out small-scale building works safely and lawfully. Minor works are classified into three classes according to their nature, scale and
complexity and the risk to safety they posed. WANG &amp; LEE CONTRACTING Limited is able to carry out works in the low to medium risks
categories.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
section 13 of the Buildings Ordinance, a registered contractor (including a registered specialist contractor or a registered minor works
contractor), or the director, officer or person appointed by the registered contractor to act on its behalf for the purposes of the Buildings
Ordinance (collectively, the &#8220;persons subject to inquiry&#8221;) may be subject to inquiry by the disciplinary board appointed
by the Building Authority under section 6 of the Buildings Ordinance where appropriate. The disciplinary board may, among others, order
that: (i) the name of the person subject to inquiry be removed from the relevant register, either permanently or for such period as the
disciplinary board thinks fit; (ii) the person subject to inquiry be fined, in the case of building works (other than minor works), a
sum not exceeding HK$250,000 or in the case of minor works, a sum not exceeding HK$150,000; (iii) the person subject to inquiry be reprimanded;
and (iv) the person subject to inquiry be prohibited from certifying or carrying out certain works, either permanently or for such period
as the disciplinary board thinks fit.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
tender for and carry out capital works and maintenance works contracts in the public sector of Hong Kong as subcontractors, subcontractors
shall be registered in one or more of the 52 trades in the Primary Register of the SRS (formerly known as the Voluntary Subcontractor
Registration Scheme) managed by the CIC. In broad, the 52 trades cover common structural, civil, finishing, E&amp;M works as well as
supporting services. Some trades are further classified into several specialties with reference to specialization in the relevant industry.
An approved contractor in relation to capital works and maintenance works in the public sector of Hong Kong is required to employ subcontractors
registered from the respective trades available under the SRS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <!-- Field: /Page -->

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
apply for registration in a trade on the Primary Register of the SRS, a corporate subcontractor shall comply with the following major
entry requirements:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Criteria</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 colspan="2" 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"><b>Major
    Items</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: left; width: 2in"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Project
undertaken or comparable experience:</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><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">completion
    of at least one job within the last five years as a main contractor or subcontractor in the trades and specialties for which registration
    is applied, or comparable experience acquired by the applicant or its directors within the last five years; 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: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qualifications
on HK SAR Government registration scheme:</span></p></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">&#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">listings
    on one or more government registration schemes relevant to the trades and specialties for which registration is sought; 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: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qualifications/working
experiences on board of </span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">directors:</span></p></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">&#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
    applicant or its director having been employed by a registered subcontractor under the SRS for at least five years with experience
    in the trades and (where applicable) the specialties for which registration is sought, and having completed the prescribed training
    modules for subcontractors (or equivalent) conducted by the CIC; 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: left"><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">&#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
    applicant or its director having registered as registered skilled worker under the Construction Workers Registration Ordinance (Chapter
    583 of the Laws of Hong Kong) for the relevant trade and (where applicable) the specialty with at least five years of relevant experience
    and having completed the prescribed training modules conducted by the CIC.</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>

<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"><i>Validity
period and renewal of registration</i></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
approved registration is valid for three years or five years from the approval date. A registered subcontractor under the SRS shall apply
for renewal within three months before expiry of the current registration by submitting an application in specified form and providing
information and supporting documents to show continued compliance with the entry requirements. An approved renewal is valid for two years
from the expiry of the current registration.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CIC may take regulatory actions against a registered subcontractor on the Primary Register of the SRS where applicable. These regulatory
actions include: (i) issue of warning notice to the registered subcontractor; (ii) directing the registered subcontractor to submit an
improvement plan within a specified period; and (iii) suspension of registration for a specified period or revocation of registration
and in both cases, the name of the registered subcontractor will be removed from the Primary Register of the SRS. A registered subcontractor
whose registration has been revoked shall not be eligible for reregistration for a period of two years from the date of revocation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
under the SRS is not mandatory. WANG &amp; LEE CONTRACTING LIMITED is a registered subcontractor under the SRS managed by the CIC. We
are permitted to tender and carry out sub-contracts under trade specialties encompassing electrical works, fire services installation
works and plumbing. Under the SRS, we are required to apply for renewal of registration every five years from the approval date. Our
directors confirm that we have complied with the registration and renewal requirements. However, failure to comply with the SRS registration
will not cause material and adverse effect on our businesses. We are permitted to carry out engineering works without registering under
the SRS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LICENCES
AND REGISTRATIONS REQUIRED FOR OUR GROUP&#8217;S E&amp;M ENGINEERING BUSINESSES</b></span></p>

<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>

<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"><b>Electrical
Works</b></span></p>

<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>

<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"><b>Registration
under the Electricity Ordinance</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
section 2 of the Electricity Ordinance (Chapter 406 of the Laws of Hong Kong), &#8220;electrical work&#8221; means work in relation to
the installation, commissioning, inspection, testing, maintenance, modification or repair of a low voltage or high voltage fixed electrical
installation and includes the supervision and certification of that work and the certification of design of that installation. Examples
of fixed electrical installations are distribution boards, wiring installations and lighting fittings that are fixed in premises. However,
persons who are engaged in work on electrical installations other than fixed electrical installations need not be registered. Examples
of electrical installations other than fixed electrical installations are portable electrical home appliances such as table lamps, television
sets, refrigerators, etc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electrical
works are further classified into five grades based on the voltage and capacity of electricity involved in an electrical installation
and industry specialization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Registered
electrical workers</i></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Only
a registered electrical worker (&#8220;REW&#8221;) registered with the Electrical and Mechanical Services Department of the HK SAR government
(&#8220;EMSD&#8221;) under the Electricity Ordinance shall do the electrical works specified in his certificate of registration. However,
where a non-REW works under the oral or written instruction of a REW who is aware of and responsible for that non-REW&#8217;s work, the
non-REW may do electrical works of the kind specified in the supervising REW&#8217;s certificate of registration, except the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in; 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: 0.5in; 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">certifying
    that a fixed electrical installation complies with the Electricity Ordinance; 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">&#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">works
    on energized parts of a fixed electrical installation when the non-REW is not immediately adjacent to the supervising REW.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
register as a REW to do electrical works in at least one grade, an individual shall satisfy the Director of the EMSD that he has the
qualification to do electrical work in the relevant grades as set out in Part III of the Electricity (Registration) Regulations (Chapter
406D of the Laws of Hong Kong), such as completion of the prescribed apprenticeship or training, possessing craftsmanship, academic qualification
or practical experience in electrical engineering and electrical works, or passing the prescribed examination or trade test.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
qualify as a Registered Electrical Contractor registered with the EMSD under the Electricity Ordinance, a corporate applicant must employ
at least one REW. No contractor shall do business as an electrical contractor or carry out electrical works unless it is a REC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Validity
period and renewal of registration</i></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
registration for REW or REC is valid for the 3 year period shown on the certificate of registration. Under Regulation 13 of the Electricity
(Registration) Regulations, a REW or REC shall apply to the Director of the EMSD for renewal of its/his registration within one to four
months prior to the date of expiry of the registration.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
the Director of the EMSD considers that there is evidence that a REW or a REC has failed to comply with the Electricity Ordinance, he
may: (i) reprimand the worker or contractor, and/or fine a worker up to HK$1,000 and a contractor up to HK$10,000; or (ii) refer the
matter to the Secretary for Environment for hearing by a disciplinary tribunal, who may do one or more of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
reprimand the registrant;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
fine a worker up to HK$10,000 and a contractor up to HK$100,000;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
suspend or cancel the registration of the registrant; or</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
suspend the registrant&#8217;s right to apply for registration or renewal of registration for a prescribed period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Director of the EMSD may cancel a registration if he considers that: (i) the registrant obtained registration by fraud or on the basis
of misleading or inaccurate information; (ii) the registration was made in error; or (iii) the registrant is no longer qualified under
the Electricity Ordinance to be registered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WANG
&amp; LEE CONTRACTING Limited a registered electrical worker registered with the Electrical and Mechanical Services Department of the
HK SAR government (&#8220;EMSD&#8221;). Electrical installations engineering works are monitored by the EMSD, guided by the Code of Practice
for the Electricity (Wiring) Regulations (&#8220;CoP&#8221;). The CoP applies to all low or high voltage (&#8220;HV&#8221;) electrical
installations in buildings and premises including those of domestic and commercial buildings, factories and industrial undertakings.
We are required to follow the mentioned CoP in all electrical installation works. We are also required to apply for renewal for REW every
three years from the last approval date. Our directors confirm that we have complied with the registration and renewal requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
we also have to follow the Code of Practice for Energy Efficiency of Building Services Installation (&#8220;BEC)&#8221; and the Code
of Practice for Building Energy Audit (&#8220;EAC&#8221;), pursuant to section 40 of the Buildings Energy Efficiency Ordinance (&#8220;BEEO&#8221;),
and the to enhance the energy efficiency of buildings services installations and promote decarbonization of buildings.</span></p>

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

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

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<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>

<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"><b>LICENCES
AND REGISTRATIONS FOR FIRE SERVICE AND PLUMBING INSTALLATION</b></span></p>

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<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"><b>Fire
Service</b></span></p>

<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>

<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"><b>Fire
Service Installation Contractors (&#8220;RFC&#8221;)</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
undertake works in respect of the installation, maintenance, repairs or inspection of any fire service installation or equipment in HK
SAR, a contractor shall be a registered fire service installation contractor with the Fire Services Department in at least one of the
three classes under the Fire Service (Installation Contractors Regulations) (Chapter 95A of the Laws of Hong Kong) (&#8220;FSICR&#8221;):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
    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">Registered
    contractors who are fit to install, maintain, repair and inspect any fire service installation or equipment (other than portable
    equipment) which contains an electrical circuit or other apparatus for the detection and warning, by alarm or otherwise, of smoke
    or fire.</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="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: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
    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">Registered
    contractors who are fit to install, maintain, repair and inspect any fire service installation or equipment (other than portable
    equipment) which contains-</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="font: 10pt Times New Roman, Times, Serif; width: 1in; 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">pipes
    and fittings designed or adapted to carry water or some other fire extinguishing medium; 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">(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">any
    type of electrical apparatus other than those specified in class 1.</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="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: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
    3:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered
    contractors who are fit to maintain, repair and inspect portable equipment.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
major minimum qualifications for registration are set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
    I</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    least one director or employee of a corporate applicant shall:</span></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 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: 0.5in; 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: 0.5in; 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">hold
    a degree in electrical engineering satisfying the prescribed examination requirements for corporate membership of the Institution
    of Electrical Engineers; 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; 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">be
    the manufacturer (or its authorized agent) or designer of an electrical circuit or other apparatus, recognized by the Director of
    Fire Services, for the detection by alarm or otherwise of smoke or fire.</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="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
    II</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    least one director or employee of a corporate applicant shall:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -22.5pt"><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; 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: 0.5in; 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">hold
    a Grade I plumber&#8217;s license issued under the Waterworks Ordinance (Chapter 102 of the Laws of Hong Kong); 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; 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">hold
    a diploma from an approved institution in electrical engineering or a qualification recognized as equivalent to such a diploma by
    the Director of Fire Services.</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="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
    III</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual
    applicant shall be a Hong Kong resident of 21 years of age or more and demonstrate adequate knowledge of:</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="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">&#160;</span></td>
    <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">&#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
    function and maintenance of portable equipment; 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; 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">the
    related regulations made under the Fire Services Ordinance (Chapter 95 of the Laws of Hong Kong).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WANG
&amp; LEE CONTRACTING Limited is a registered Classes 1 &amp; 2 fire service installation contractor. Fire service installation engineering
works are monitored by the Fire Services Department, guided by the Code of Practice for Minimum Fire Service Installations and Equipment
and Inspection, Testing and Maintenance of Installations and Equipment (&#8220;FSI Code&#8221;) and the Code of Practice for Fire Safety
in Building, which we have to comply. Registration renewal as a fire service installation contractor is not required under the FSICR.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
approval must be obtained from the Fire Services Department by filing the application form FSI314 or FSD314A (depending on the type of
work), prior to commencement of building works. WANG &amp; LEE CONTRACTING LIMITED is required to obtain an approval certificate (Certificate
of Fire Service Installations and Equipment (F.S. 251)) from the Director of Fire Services before commencement of fire service installation
works, certifying that either (i) that, having regard to the purpose to which the building is intended to be put (which purpose shall
be stated in the certificate), no fire service installation or equipment is necessary in connection with the building that will result
from the carrying out of the building works shown on the plans; or (ii) that the plans have been examined and are approved by the Director
of Fire Services as showing all such fire service installations and equipment as in his opinion, having regard to the purpose to which
the building is intended to be put (which purpose shall be stated in the certificate), comprise the minimum fire service installations
and equipment necessary for the building in accordance with the FSI Code published from time to time by the Director of Fire Services.
When the fire service installation works have been completed, WANG &amp; LEE CONTRACTING LIMITED shall report to the Fire Services Department
as soon as possible.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
we are required to follow the BEC, pursuant to section 40 of the BEEO, and the to enhance the energy efficiency of buildings services
installations and promote decarbonization of buildings.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plumbing
installation engineering works are monitored by the Water Supply Department and guided under the Waterworks Ordinance. Pursuant to Section
14 of Waterworks Ordinance (Cap. 102) (WWO), a person must not construct, install, alter, or remove a fire service or inside service
unless the Water Authority has granted a written permission for it. The Water Authority may grant the written permission on its own initiative
or on application of a licensed plumber. Besides, Section 15 of the WWO also stipulates that, a person who is not a designated person
must not carry out the construction, installation, maintenance, alteration, repair or removal of a fire service or inside service (i.e.
specified plumbing works). A plumber&#8217;s licence shall be valid up till and including 31 December in the year in which it is issued
and may be renewed annually upon payment of a prescribed fee for a further period of 12 months from the date of expiry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WANG
&amp; LEE CONTRACTING Limited is a licensed plumber authorized by the Water Authority to carry out plumbing works. We are required to
apply for licence renewal pursuant to the WWO every year. Our directors confirm that we have complied with the registration and renewal
requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WANG
&amp; LEE CONTRACTING Limited is required to submit the plumbing proposals together with completed application for water supply to the
Water Authority. No work can commence before plumbing proposals have been approved by the Water Supply Department in writing. Before
proceeding with the works under the approved plumbing proposal, WANG &amp; LEE CONTRACTING Limited is required to apply for constructing,
installing, altering, or removing an inside service to apply for the permission of the Water Authority. When the plumbing work has been
completed, WANG &amp; LEE CONTRACTING Limited shall inform the Water Authority as soon as possible. The mains supply will be connected
when the plumbing work has been inspected and found satisfactory.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
we are required to follow the BEC, pursuant to section 40 of the BEEO, and the to enhance the energy efficiency of buildings services
installations and promote decarbonization of buildings.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a construction contractor operating in industrial undertakings and construction sites, we are required to observe the relevant regulations
in relation to our labor, occupational safety and health including the Factories and Industrial Undertakings Ordinance, Occupational
Safety and Health Ordinance, Occupiers Liability Ordinance, Employees&#8217; Compensation Ordinance, Employment Ordinance, Immigration
Ordinance, Minimum Wage Ordinance and Construction Workers Registration Ordinance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <!-- Field: /Page -->

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Factories and Industrial Undertakings Ordinance (Chapter 59 of the Laws of Hong Kong) (&#8220;Factories and Industrial Undertakings Ordinance&#8221;)
provides for the safety and health protection to workers in an industrial undertaking. Under the Factories and Industrial Undertakings
Ordinance, every proprietor shall take care of the safety and health at work of all persons employed by it at an industrial undertaking
by, so far is reasonably practicable:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in; 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: 0.5in; 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">providing
    and maintaining plant and work systems that do not endanger safety or health;</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">making
    arrangement for ensuring safety and health in connection with the use, handling, storage and transport of articles and substances;</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">providing
    all necessary information, instruction, training, and supervision for ensuring safety and health;</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">as
    regards any workplace under the employer&#8217;s control, (1) maintaining the workplace in a condition that is safe and without risks
    to health; and (2) providing and maintaining safe access to and egress from the workplaces that are safe and without any such risks;
    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; 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">providing
    and maintaining a safe and healthy work environment.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
proprietor who contravenes these duties commits an offence and is liable to a fine of HK$500,000. A proprietor who contravenes these
duties willfully and without reasonable excuse commits an offence and is liable to a fine of HK$500,000 and to imprisonment for six months.
Matters regulated under the subsidiary regulations of the Factories and Industrial Undertakings Ordinance, including the Construction
Sites (Safety) Regulations (Chapter 59I of the Laws of Hong Kong), include (i) the prohibition of employment of persons under 18 years
of age (save for certain exceptions); (ii) the maintenance and operation of hoists; (iii) the duty to ensure safety of places of work;
(iv) prevention of falls; (v) the duty to comply with miscellaneous safety requirements; and (vi) provision of first aid facilities,
etc. Contravening any of these rules shall be an offence and a contractor committing the relevant offence without reasonable excuse could
be liable to a fine up to HK$200,000 and imprisonment up to 12 months.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Occupational Safety and Health Ordinance (Chapter 509 of the Laws of Hong Kong) (&#8220;Occupational Safety and Health Ordinance&#8221;)
provides for the safety and health protection to employees in workplaces, both industrial and non-industrial.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employers
must as far as reasonably practicable ensure the safety and health in their workplaces by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#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: 0.5in; 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: 0.5in; 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">providing
    and maintaining plant and work systems that do not endanger safety or health;</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">making
    arrangement for ensuring safety and health in connection with the use, handling, storage or transport of plant or substances;</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">providing
    all necessary information, instruction, training, and supervision for ensuring safety and health;</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">providing
    and maintaining safe access to and egress from the workplaces; 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; 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">providing
    and maintaining a safe and healthy work environment.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
to comply with the above provisions constitutes an offence and the employer is liable on conviction to a fine of HK$200,000. An employer
who fails to do so intentionally, knowingly or recklessly commits an offence and is liable on conviction to a fine of HK$200,000 and
to imprisonment for six months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Commissioner for Labour may also issue (i) improvement notice against contravention of this Ordinance or the Factories and Industrial
Undertakings Ordinance requiring employer to remedy the contravention within specific period/refrain from continuing or repeating the
contravention or (ii) suspension notice directing specific activity not to be undertaken, or the premises, plant or substance not to
be used, while the notice remains in force. Failure to comply with such notices constitutes an offence punishable by a fine of HK$200,000
and HK$500,000 (plus a further fine of HK$50,000 for each day if contravention is knowingly and intentionally continued) respectively
and imprisonment of up to 12 months.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Occupiers Liability Ordinance (Chapter 314 of the Laws of Hong Kong) (&#8220;Occupiers Liability Ordinance&#8221;) regulates the obligations
of a person occupying or having control of premises on injury resulting to persons or damage caused to goods or other property lawfully
on the land.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Occupiers Liability Ordinance imposes a common duty of care on an occupier of premises to take such care as in all the circumstances
of the case is reasonable to see that the visitor will be reasonably safe in using the premises for the purposes for which he is invited
or permitted by the occupier to be there.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WANG
&amp; LEE CONTRACTING LIMITED has put in place the following measures to ensure compliance with (i) the Factories and Industrial Undertakings
Ordinance; (ii) the Occupational Safety and Health Ordinance; and (iii) the Occupiers Liability Ordinance:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#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: 0.5in; 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: 0.5in; 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">providing
    safe and healthy work environment for workers including but not limited to adequate lighting level;</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">providing
    barrier to prevent workers from falling;</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">providing
    necessary and appropriate personal protective equipment for workers;</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">providing
    safety instructions and training to workers;</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">employing
    safety officers or safety supervisors on site to safeguard and monitor the safety and health regulations; 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; 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">adhering
    to the ISO standards and establishing internal safety and health policies and procedures.</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>

<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"><b>Employees&#8217;
Compensation Ordinance</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Employees&#8217; Compensation Ordinance (Chapter 282 of the Laws of Hong Kong) (&#8220;Employees&#8217; Compensation Ordinance&#8221;)
establishes a no-fault and non-contributory employee compensation system for work injuries and lays down the rights and obligations of
employers and employees in respect of injuries or death caused by accidents arising out of and in the course of employment, or by prescribed
occupational diseases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Employees&#8217; Compensation Ordinance, if an employee sustains an injury or dies as a result of an accident arising out of and
in the course of his employment, his employer is in general liable to pay compensation even if the employee might have committed acts
of faults or negligence when the accident occurred. Similarly, an employee who suffers incapacity arising from an occupational disease
is entitled to receive the same compensation as that payable to employees injured in occupational accidents.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to section 24 of the Employees&#8217; Compensation Ordinance, a principal contractor shall be liable to pay compensation to sub-contractors&#8217;
employees who are injured in the course of their employment to the sub-contractor. The principal contractor is, nonetheless, entitled
to be indemnified by the sub-contractor who would have been liable to pay compensation to the injured employee. The employees in question
are required to serve a notice in writing on the principal contractor before making any claim or application against such principal contractor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to section 40 of the Employees&#8217; Compensation Ordinance, all employers (including contractors and subcontractors) are required to
take out insurance policies to cover their liabilities both under the Employees&#8217; Compensation Ordinance and at common law for injuries
at work in respect of all their employees (including full-time and part-time employees). An employer who fails to comply with this ordinance
to secure an insurance cover is liable on conviction upon indictment to a fine at level 6 and to imprisonment for two years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors confirm that we maintain our employee&#8217;s compensation insurance policy and all of our local staff are insured under the
employee&#8217;s compensation insurance policy.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
principal contractor is subject to the provisions on subcontractor&#8217;s employees&#8217; wages in the Employment Ordinance. Section
43C of the Employment Ordinance (Chapter 57 of the Laws of Hong Kong) (&#8220;Employment Ordinance&#8221;) provides that if any wages
become due to an employee who is employed by a subcontractor on any work which the subcontractor has contracted to perform, and such
wages are not paid within the period specified in the Employment Ordinance, such wages shall be payable by the principal contractor and
superior subcontractor (where applicable) jointly and severally. A principal contractor&#8217;s and superior subcontractor&#8217;s (where
applicable) liability shall be limited to (i) the wages of an employee whose employment relates wholly to the work which the principal
contractor has contracted to perform and whose place of employment is wholly on the site of the building work; and (ii) the wages due
to such an employee for two months (such months shall be the first two months of the period in respect of which the wages are due).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
employee who has outstanding wage payments from subcontractor must serve a notice in writing on the principal contractor within 60 days
after the wage due date. A principal contractor and superior subcontractor (where applicable) shall not be liable to pay any wages to
the employee of the subcontractor if that employee fails to serve a notice on the principal contractor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
receipt of such notice from the relevant employee, a principal contractor shall, within 14 days after receipt of the notice, serve a
copy of the notice on every superior subcontractor to that subcontractor (where applicable) of whom he is aware. A principal contractor
who without reasonable excuse fails to serve notice on the superior subcontractors shall be guilty of an offence and shall be liable
on conviction to a fine at level 5 (currently at HK$50,000).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to section 43F of the Employment Ordinance, if a principal contractor or superior subcontractor pays to an employee any wages under section
43C of Employment Ordinance, the wages so paid shall be a debt due by the employer of that employee to the principal contractor or superior
subcontractor, as the case may be. The principal contractor or superior subcontractor may either (i) claim contribution from every superior
subcontractor to the employee&#8217;s employer or from the principal contractor and every other such superior subcontractor as the case
may be, or (ii) deduct by way of set-off the amount paid by him from any sum due or may become due to the subcontractor in respect of
the work that he has subcontracted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
would require our subcontractors to provide workers salary invoices for our assessment. Upon certification of salary to workers, we will
make payment to our subcontractors.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to section 38A of the Immigration Ordinance (Chapter 115 of the Laws of Hong Kong), a construction site controller (i.e. the principal
or main contractor and includes a subcontractor, owner, occupier or other person who has control over or is in charge of a construction
site) should take all practicable steps to (i) prevent having illegal immigrants from being on site or (ii) prevent illegal workers who
are not lawfully employable from taking employment on site. Where it is proved that (i) an illegal immigrant was on a construction site
or (ii) such illegal worker who is not lawfully employable took employment on a construction site, the construction site controller commits
an offence and is liable to a fine of HK$350,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
would perform identity check, inspect the worker&#8217;s valid travel document and make inquiries as necessary, prior to employment with
the worker. We do not (i) have illegal immigrants from being on site or (ii) have illegal workers who are not lawfully employable from
taking employment on site.</span></p>

<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>

<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"><b>Minimum
Wage Ordinance</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Minimum Wage Ordinance (Chapter 608 of the Laws of Hong Kong) provides for a prescribed minimum hourly wage rate (currently set at HK$40
per hour) during the wage period for every employee engaged under a contract of employment under the Employment Ordinance. Any provision
of the employment contract which purports to extinguish or reduce the right, benefit or protection conferred on the employee by this
ordinance is void.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors confirm that we have complied with the Minimum Wage Ordinance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Construction
Workers Registration Ordinance (Chapter 583 of the Laws of Hong Kong) (&#8220;CWRO&#8221;)</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CWRO was enacted on 2 July 2004 to provide, among others, for registration and regulation of construction workers. The principal objective
of the CWRO is to establish a system for registration of construction workers and to regulate construction workers who personally carry
out construction work on construction sites.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
sections 3(1) and 5 of the CWRO, the principal contractors/subcontractors/ employers/controllers of construction sites are required to
employ only registered construction workers to personally carry out construction work on construction sites.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Keeping
and submission of site daily attendance report</i></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
section 58 of the CWRO, a principal contractor/controller of a construction site is required to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in; 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: 0.5in; text-align: justify"><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">establish
    and maintain a daily record in the specified form that contains information on registered construction workers employed by him and,
    in the case of a controller being the principal contractor, by a subcontractor of the controller (section 58(7)(a) of the CWRO);
    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; 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">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">furnish
    the Registrar of Construction Workers in such manner as directed by the Registrar of Construction Workers with a copy of the record:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 1in; 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: 0.5in; 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">for
    the period of 7 days after any construction work begins on the site; 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; 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">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">for
    each successive period of 7 days, within 2 business days following the last day of the period concerned (section 58(7)(b) of the
    CWRO).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 35.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
compliance with the CWRO, we would check whether the worker is registered under the CWRO prior to employment with the worker.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.5pt"><span 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ENVIRONMENTAL
PROTECTION</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental
protection laws in HK SAR are also applicable to us as our construction works may emit various types of pollution including air pollution,
noise, waste water and chemical waste.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Air
Pollution Control Ordinance (Chapter 311 of the Laws of Hong Kong) (&#8220;APCO&#8221;)</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
APCO is the principal legislation in Hong Kong for controlling emission of air pollutants and noxious odors from construction, industrial
and commercial activities and other polluting sources. Subsidiary regulations of the APCO impose control on air pollutant emissions from
certain operations through the issue of licenses and permits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
contractor shall observe and comply with the APCO and its subsidiary regulations, including without limitation to the Air Pollution Control
(Open Burning) Regulations (Chapter 311O of the Laws of Hong Kong), the Air Pollution Control (Construction Dust) Regulation (Chapter
311R of the Laws of Hong Kong) and the Air Pollution Control (Smoke) Regulations (Chapter 311C of the Laws of Hong Kong). The contractor
responsible for a construction site shall devise, arrange methods of working and carrying out the works in such a manner so as to minimize
dust impacts on the surrounding environment, and shall provide experienced personnel with suitable training to ensure that these methods
are implemented. Asbestos control provisions in the APCO require that building works involving asbestos must be conducted only by registered
qualified personnel and under the supervision of a registered consultant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 35.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the APCO, we are required to obtain approval from the Environmental Protection Department prior to the commencement of building works.
When the building works have been completed, WANG &amp; LEE CONTRACTING LIMITED shall inform the Environmental Protection Department
as soon as possible.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.7pt"><span 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Noise
Control Ordinance (Chapter 400 of the Laws of Hong Kong) (&#8220;NCO&#8221;)</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NCO controls, among others, the noise from construction, industrial and commercial activities. A contractor shall comply with the NCO
and its subsidiary regulations in carrying out general construction works. For construction activities that are to be carried out during
the restricted hours and for percussive piling between 7 a.m. and 7 p.m. on any day, not being a general holiday, construction noise
permits are required from the Noise Control Authority in advance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the NCO, noisy construction work and the use of powered mechanical equipment in any place are not allowed between 7 p.m. and 7 a.m. or
at any time on general holidays, unless prior approval has been granted by the Noise Control Authority through the construction noise
permit system. Certain equipment is also subject to restrictions when its use is allowed. Hand-held percussive breakers and air compressors
must comply with noise emissions standards and be issued with a noise emission label from the Noise Control Authority. Percussive pile-driving
is allowed on weekdays only with prior approval, in the form of a construction noise permit from the Noise Control Authority. Any person
who is in contravention of the aforesaid provisions, according to the NCO, shall be liable (a) on first conviction to a fine of HK$100,000;
(b) on second or subsequent conviction, to a fine of HK$200,000, and in any case to a fine of HK$20,000 for each day during which the
offence continues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the NCO, we are required to obtain approval from the Environmental Protection Department prior to the commencement of noise construction
work. In compliance with the NCO, we would obtain all necessary approvals and install construction noise barrier at construction sites
before commencement of work. Further, we will not carry out building works between 7 p.m. and 7 a.m. or at any time on general holidays,
unless prior approval has been obtained from the Noise Control Authority.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Waste
Disposal Ordinance (Chapter 354 of the Laws of Hong Kong) (&#8220;WDO&#8221;)</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
WDO controls the production, storage, collection, treatment, reprocessing, recycling and disposal of wastes. At present, livestock waste
and chemical waste are subject to specific controls whilst unlawful deposition of waste is prohibited. Import and export of waste is
generally controlled through a permit system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
contractor shall observe and comply with the WDO and its subsidiary regulations, particularly the Waste Disposal (Charges for Disposal
of Construction Waste) Regulations (Chapter 354N of the Laws of Hong Kong) and the Waste Disposal (Chemical Waste) (General) Regulations
(Chapter 354C of the Laws of Hong Kong).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Waste Disposal (Charges for Disposal of Construction Waste) Regulation, construction waste can only be disposed at prescribed facilities.
A main contractor who undertakes construction work with a value of HK$1 million or above will be required to, within 21 days after being
awarded the contract, make an application to the Director of Environmental Protection to establish a billing account to pay any disposal
charges payable in respect of the construction waste generated from construction work undertaken under that contract.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the WDO, a person shall not use, or permit to be used, any land or premises for the disposal of waste unless he has a license from the
Director of Environmental Protection Department. A person who except under and in accordance with a permit or authorization, does, causes
or allows another person to do anything for which such a permit or authorization is required commits an offence and is liable to a fine
of HK$200,000 and to imprisonment for six months for the first offence, HK$500,000 and to imprisonment for six months for a second or
subsequent offence; and HK$10,000 for each day during which the offence continues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
ensure compliance with the WDO, we would engage qualified waste recyclers to undertake disposal of construction waste.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a construction contractor, we may be subject to various levies under the HK SAR laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Construction
Industry Council Ordinance (Chapter 587 of the Laws of Hong Kong) (&#8220;CICO&#8221;)</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to section 32 of the CICO, construction industry levy (&#8220;CIL&#8221;) is payable by registered contractors appointed under section
9 of the Buildings Ordinance (Chapter 123 of the Laws of Hong Kong) or any persons who carry out construction operations in Hong Kong
to the CIC. &#8220;Construction operation&#8221; is exhaustively defined under Schedule 1 of the CICO, which includes building works
and street works as defined in section 2(1) of the Buildings Ordinance, construction, alteration, repair, maintenance, extension, demolition
or dismantling, external or internal cleaning and painting or decorating any external or internal surfaces or parts of any buildings,
or other temporary or permanent structures forming part of land.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
and after 20 August 2012, the CIL chargeable is 0.5% of the total value of the construction operations (as defined under section 53 of
the CICO) concerned (0.4% before 20 August 2012). Pursuant to section 32 and Schedule 5 of the CICO, no CIL is chargeable for any construction
operations not exceeding HK$1,000,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to section 34 of the CICO, the contractor and authorized person each are required to inform the CIC in a specified form (Form 1) in respect
of the construction operations within 14 days after its commencement. It is an offence if a person without reasonable excuse failed to
give such notice and liable to a fine at level 1, which is fixed at HK$2,000. Notice is only required for term contract or if the reasonable
estimation of the total value of construction operations exceeds HK$1,000,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to section 35 of the CICO, a contractor is required to give a Notice of Payment (&#8220;NOP&#8221;) in a specified form (Form 2) to the
CIC within 14 days after the contractor receives a payment in respect of the construction operation. It is an offence if a person without
reasonable excuse fails to give the NOP and liable to a fine at level 3, which is fixed at HK$10,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to section 36 of the CICO, a contractor is required to give a Notice of Completion (&#8220;NOC&#8221;) in a specified form (Form 3) to
the CIC within 14 days after the completion of the construction operation. It is an offence if a person without reasonable excuse fails
to give the NOC and liable to a fine at level 3, which is fixed at HK$10,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CIC shall assess the CIL payable upon receiving the NOP or NOC and give a Notice of Assessment (&#8220;NOA&#8221;) in writing specifying
the amount of CIL. The CIC can also make the assessment notwithstanding no NOP or NOC has been given. According to section 41 of the
CICO, if a contractor fails to give the NOP or NOC, a surcharge not exceeding twice the amount of the CIL payable may be imposed and
a Notice of Surcharge (&#8220;NOS&#8221;) in writing shall be given by the CIC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to section 46 of the CICO, if the contractor fails to pay in full the amount of levy or surcharge within 28 days after the NOA or NOS
is given, a 5% penalty of the unpaid amount shall be imposed. If the contractor still fails the pay the unpaid amount within 3 months
after the expiry of 28 days, a further 5% penalty of the unpaid amount shall be imposed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to section 47 of the CICO, CIL, surcharge, penalty or further penalty is recoverable by the CIC as civil debt under the jurisdiction
of the District Court. The time limits for the CIC to make the assessment or imposing the surcharge under sections 42 to 45 of the CICO
are, whichever is the last of the following periods: (a) two years after the completion of all construction operations under the contract,
or without term contract two years after the completion of the construction operations; (b) two years after the expiry of the period
within which the contract stipulates that all such construction operations have to be completed; and (c) one year after evidence, sufficient
in the opinion of the CIC to justify the making of the assessment, comes to its knowledge.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pneumoconiosis
and Mesothelioma (Compensation) Ordinance (Chapter 360 of the Laws of Hong Kong) and Pneumoconiosis and Mesothelioma (Compensation) (Assessment
of Levy) Regulations (Chapter 360A of the Laws of Hong Kong)</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to section 35 of the PMCO, pneumoconiosis compensation fund levy (&#8220;PCFL&#8221;) is imposed in respect of construction operations
carried out in Hong Kong. PCFL is rated at 0.15% of the value of the construction operations (0.25% before 20 August 2012) and not chargeable
if the total value (as defined under section 39D of PMCO) do not exceed HK$1,000,000. Pursuant to section 39A of the PMCO, PMCO does
not apply to construction operations for domestic unit, or for the sole and principal purpose of renovation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to section 35(5) of the PMCO, the contractor is liable to make a payment of PCFL only if the Pneumoconiosis Compensation Fund Board (&#8220;PCFB&#8221;)
serves a NOA. According to section 38 of the PMCO, PCFL, surcharge, penalty or further penalty is recoverable by the PCFB as debt under
the jurisdiction of the District Court. According to section 39 of the PMCO, fraudulent evasion of the payment of PCFL is liable for
a fine of HK$10,000 or 20 times the amount of PCFL, whichever is greater.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractors
are required to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in; 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: 0.5in; 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">inform
    the PCFB the commencement of construction operations within 14 days thereafter by a notice of commencement (Form 1). Failure to comply
    without reasonable excuse is liable for a fine at Level 2, which is fixed at HK$5,000;</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">(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">inform
    the PCFB within 14 days after the contractor receives a payment in respect of the construction operation by a NOP (Form 2). Failure
    to comply without reasonable excuse is liable for a fine at Level 2, which is fixed at HK$5,000; 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; 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">inform
    the PCFB the completion of the construction operations within 14 days by a NOC (Form 3). Failure to comply without reasonable excuse
    is liable for a fine at Level 2, which is fixed at HK$5,000.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors confirm that we have paid all necessary levies under the CICO, the PMCO and the PMCALR. We have also given all necessary notices
required under the CICO, the PMCO and the PMCALR, including (i) the specified form under section 53 of the CICO; (ii) the notice of commencement
under section 35 of the PMCO; (iii) the NOP; (iii) the NOC; (iv) the NOA; and (v) the NOS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to regulation 6 of the PMCALR, the PCFB shall assess the PCFL payable upon receiving the NOP or NOC and give a NOA in writing specifying
the amount of PCFL. The PCFB can make the assessment notwithstanding no NOP or NOC has been given. If a contractor fails to give the
NOP or NOC, a surcharge not exceeding twice the amount of the PCFL payable may be imposed and a NOS in writing shall be given by the
PCFB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to section 37 of the PMCO, if the contractor fails to pay in full the amount of levy or surcharge within 28 days after the NOA or NOS
is given, a 5% penalty of the unpaid amount shall be imposed. If the contractor still fails the pay the unpaid amount within 3 months
after the expiry of 28 days, a further 5% penalty of the unpaid amount or HK$1,000 whichever is greater shall be imposed.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
time limits for the PCFB to make the assessment or imposing the surcharge under regulations 6E to 6H of the PMCALR are, whichever is
the last of the following periods:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in; 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: 0.5in; 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">two
    years after the completion of all construction operations under the contract, or without term contract two years after the completion
    of the construction operations;</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">(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">two
    years after the expiry of the period within which the contract stipulates that all such construction operations have to be completed;
    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; 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">one
    year after evidence, sufficient in the opinion of the PCFB to justify the making of the assessment, comes to its knowledge.</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>

<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"><b>OTHERS</b></span></p>

<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>

<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"><b>Security
of Payment Legislation for the Construction Industry (&#8220;SOPL&#8221;)</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
HK SAR government has recently completed a public consultation on a new legislation for the construction industry to address unfair payment
terms, payment delays and disputes and intended to proceed with such new legislation. The proposed SOPL is intended to encourage fair
payment, rapid dispute resolution and increase cash flow in the contractual chain.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
it comes into force, it is proposed that SOPL will apply to all written and oral contracts where construction works or plant and materials
are being supplied for works in HK SAR. All public sector construction contracts will be caught by the legislation, whereas only construction
and supply contracts relating to a &#8220;new building&#8221; (as defined by the Buildings Ordinance (Chapter 123 of the Laws of Hong
Kong)) which has an original value in excess of HK$5 million will be caught in private sector. However, where the proposed SOPL applies
to the main contract, it will automatically apply to all subcontracts in the contractual chain.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is proposed that the new legislation will:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in; 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: 0.5in; 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">prohibit
    &#8220;pay when paid&#8221; and similar clauses in contracts. &#8220;Pay when paid&#8221; refers to provisions in contracts that
    (i) make payment contingent or conditional on the operation of other contract or agreement and (ii) make payment conditional on the
    payer receiving payment from a third party. Payers will not be able to rely on such clauses in dispute resolution forums;</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">prohibit
    payment periods of more than 60 calendar days for interim payments or 120 calendar days for final payments;</span></td></tr>
</table>

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

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

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    <!-- Field: /Page -->

<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; text-align: justify; width: 0.5in"><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; width: 0.5in"><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">enable
    amounts due for construction work or materials or plant supplies to be claimed as statutory payment claims, upon receipt of which
    the payer has 30 calendar days to serve a payment response, and either party has a statutory right to refer the matter to adjudication
    for decision (typically a 60 day process); 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; 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">give
    parties who have not been paid amounts admitted as due the right to suspend works until payment is made.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
implementation date of the proposed SOPL has not been announced, and therefore does not affect WANG AND LEE CONTRACTING LIMITED.</span></p>

<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"><b>&#160;</b></span></p>

<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"><b>C.
Organizational Structure</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The corporate structure chart below sets out our group of companies:&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_006.jpg" alt="" /></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*WANG
&amp; LEE GROUP, Inc. is the holding company and registrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
WANG &amp; LEE CONTRACTING Limited is our operating company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Property, Plant and Equipment</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We lease the following property and use it as our office:</span></p>

<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>

<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"><b><i>Leases</i></b></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>

<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: 22%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facility</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: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address</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: 22%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Space
    (m<sup>2</sup>)</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">Office</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">5-6/F.,
    Wing Tai Factory Building, 3 Tai Yip Street, Kwun Tong, Kowloon, Hong Kong</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">600</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 121pt"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
January 1 through September 20, 2019, WANG &amp; LEE CONTRACTING LIMITED rented premises located at Flat A, 13/F, Cheung Lee Industrial
Building, 9 Cheung Lee Street, Chai Wan, Hong Kong and Unit 9, 3/F., Decca Industrial Centre, 12 Kut Shing Street, Chai Wan for office
and warehousing purposes respectively. It paid a total of HK$200,000 (US$25,512) for the office and HK$81,400 (US$10,383) for the warehouse
to Supreme View Investment Limited (&#8220;SV&#8221;), a related company owned by a former director, Sau Lee Shirley Kam of WANG &amp;
LEE CONTRACTING LIMITED. On June 23, 2021, Ms. Kam resigned as director of WANG &amp; LEE CONTRACTING LIMITED.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
moved to our current address on September 16, 2019 and expended the office
to the 6/F of the same building during year ended December 31, 2022. We paid a total of HK$585,000 (US$74,715), HK$270,000 (US$34,739)
and HK$270,000 (US$34,441) in rent for the years ended December 31, 2022, 2021 and 2020, respectively to Winta Services Limited (&#8220;Winta&#8221;),
a related company controlled by the director of the Company, Pui Lung Ho (&#8220;Mr. Ho&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
office is not owned by Winta, but a third party landlord, and sub-let to WANG &amp; LEE CONTRACTING LIMITED. On May 24, 2021 Mr. Ho resigned
as director of Winta.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ed_001"></span>ITEM
                                            4.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>UNRESOLVED
                                            STAFF COMMENTS</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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span id="ed_002"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our combined
and consolidated financial statements and the related notes included elsewhere in this annual report. This report contains forward-looking
statements that involve risks and uncertainties. Our actual results and the timing of selected events could differ materially from those
anticipated in these forward-looking statements as a result of various factors, including those set forth under &#8220;Item 3. Key Information&#8212;D.
Risk Factors&#8221; and elsewhere in this annual report. See &#8220;Cautionary Statement Regarding Forward-Looking Information.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</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>Operating
    Results</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"><b>&#160;</b></span></p>

<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"><b>Overview</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a British Virgin Islands company incorporated on May 20, 2021, as a holding company of our business, which is primarily operated
through our indirectly wholly-owned HK SAR subsidiary, WANG &amp; LEE CONTRACTING LIMITED.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are, through our indirectly wholly-owned HK SAR subsidiary, WANG &amp; LEE CONTRACTING LIMITED, a construction contractor engaging in
Electrical &amp; Mechanical System (&#8220;E&amp;M&#8221;), includes low voltage (220v/phase 1 or 380v/phase 3) electrical system, mechanical
ventilation and air-conditioning system, fire service system, water supply and sewage disposal system installation and fitting out for
the public and private sectors. WANG &amp; LEE CONTRACTING LIMITED has mainly undertaken projects that are related to the supply, installation
and maintenance of the following systems:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#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: 0.5in"><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: 0.5in"><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">Low
    voltage (220v/phase 1 or 380v/phase 3) electrical systems, which refer to the power supply to all building equipment and services,
    such as lighting, air-conditioning and elevator etc.;</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">mechanical
    ventilation and air-conditioning systems (&#8220;MVAC&#8221;);</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">fitting
    out for commercial buildings and offices; 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">other
    E&amp;M systems such as fire services, which includes fire prevention, detection, suppression and extinguishing systems and plumbing
    and drainage systems.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WANG
&amp; LEE CONTRACTING LIMITED is also able to provide design and contracting services to all trades in the construction industry. Our
clients range from small startups to large companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of WANG &amp; LEE CONTRACTING LIMITED&#8217;s projects for fiscal years 2022, 2021 and 2020 were predominantly in the private sector.
WANG &amp; LEE CONTRACTING LIMITED provides a wide range of large site construction services to private construction customers, including
commercial and residential developers and local businesses. Its recent projects include two well-known theme parks in HK SAR &#8211;
Ocean Park and Hong Kong Disneyland, where it carried out various low voltage electrical work for the theme parks, such as installation
of emergency power supply system, lighting, etc. WANG &amp; LEE CONTRACTING LIMITED competes for private construction projects primarily
on the basis of the breadth of our service capabilities and our reputation for quality. We believe WANG &amp; LEE CONTRACTING LIMITED
is well-positioned to capitalize on the strong momentum in commercial and residential private construction sectors driven by population
and economic expansion in HK SAR.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WANG
&amp; LEE CONTRACTING LIMITED&#8217;s primary market is in the E&amp;M market in HKSAR (&#8220;market&#8221; or &#8220;local market&#8221;)
which, in turn is broken down into low voltage electrical system, MVAC, fire services, plumbing and fitting out works. Supported by its
local market presence and knowledge, as well as scale advantages attributable to its vertical integration, geographic reach and strong
financial profile, we believe we are a significant player in each of E&amp;M markets in HK SAR that we serve. For all but the very largest
projects, WANG &amp; LEE CONTRACTING LIMITED competes primarily against HK SAR firms that have similar qualifications and experience.
By virtue of this locally driven competitive dynamic, competition in our industry is characterized by relative market share, which we
define as the percentage of jobs we win in a local market compared to the jobs we bid in a local market. We average a bid/win rate of
26-40% compared to the highest average bid/win rate of one of our competitors of 48% (Source: https://www.emsd.gov.hk/minisites/voice/en/special_issue2015/p2.html)</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2020, we had an accumulated deficit of US$1,270,198, and working capital deficit of US$894,295. These circumstances gave
rise to substantial doubt that we would continue as a going concern subsequent to December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, we had an accumulated deficit of US$1,624,941, and working capital deficit of US$518,589 and its net cash used
in operating activities for the year ended December 31, 2021 was US$482,801; accordingly, as of the date of this report, there still
exist substantial doubt that we will continue as going concern. Management plans to focus its resources on smaller scale engineering
projects that generate sustainable positive profit margins. Although the cash turnover and revenue generated from smaller scale engineering
projects may not be as large as large-scale engineering projects, the turnover for smaller scale projects averages 27 days compared to
43 days for and large-scale engineering projects. The higher cash liquidity generated from smaller scale engineering projects helps us
manage our day-to-day operation needs and makes up any deficiency from cash being tied up with larger scale projects. This strategy has
helped improved our working capital since 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, we had an accumulated deficit of US$2,221,822, and
working capital deficit of US$1,281,671 and its net cash used in operating activities for the year ended December 31, 2022 was US$352,764;
accordingly, as of the date of this report, there still exist substantial doubt that we will continue as going concern. Management plans
to focus its resources on smaller scale engineering projects that generate sustainable positive profit margins. Although the cash turnover
and revenue generated from smaller scale engineering projects may not be as large as large-scale engineering projects, the turnover for
smaller scale projects averages 12 days compared to 65 days for and large-scale engineering projects. The higher cash liquidity generated
from smaller scale engineering projects helps us manage our day-to-day operation needs and makes up any deficiency from cash being tied
up with larger scale projects. This strategy has helped improved our working capital since 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the Company plans to raise capital via private placement or public offering in the event that the Company does not have adequate liquidity
to meet its current obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying audited consolidated financial statements have been prepared assuming we will continue as a going concern, which contemplates
the realization of assets and the satisfaction of liabilities in the normal course of business. These audited consolidated financial
statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that
might be necessary should the Company be unable to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>How
We Assess Performance of Our Business</b></span></p>

<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>

<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"><i>Revenues</i></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
derive our revenues predominantly by providing construction and contracting services for both public and private projects, with an emphasis
on electrical, air-conditioning installation and ventilation, plumbing and fire service projects. Our projects represent a mix of government
and private customers. Revenues derived from projects are recognized on the percentage-of-completion basis, measured by the relationship
of total cost incurred to total estimated contract costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross
Profit</i></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
profit represents revenues less contracts costs. Contract costs consist of all direct and indirect costs on construction contracts, including
materials, labor, equipment costs, subcontract costs and other expenses. Our contract costs are directly affected by fluctuations in
prices of materials especially if we were to undertake procurement responsibilities as well. We have sought to limit our exposure to
fluctuations in material prices by entering into preferred pricing contracts with some of our suppliers.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
carry plant and equipment on our balance sheet at cost, net of accumulated depreciation and amortization. Depreciation on plant and equipment
are computed on a straight-line basis over the estimated useful life of the asset. Amortization expense is the periodic expense related
to leasehold improvements. Leasehold improvements are amortized over the lesser of the life of the underlying asset or the remaining
lease term.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative expenses consist primarily of salaries and personnel costs for our administration, accounting, legal, information
systems, human resources and certain managerial employees. Additional expenses include audit, consulting and professional fees, travel,
insurance, office space rental costs and other corporate and overhead expenses.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
expense, net primarily represents interest incurred on the bank loans, line of credit and partly for loan from a related party, Sau Lee
Shirley Kam, who is a family member of a director of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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; text-align: justify"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;U.S.
GAAP&#8221;), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure
of contingent assets and liabilities at the date of the audited consolidated financial statements and the reported amounts of revenues
and expenses during the reporting periods. Management makes these estimates using the best information available when the calculations
are made; however, actual results could differ materially from those estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 33.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period
in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the
revision affects both current and future periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 33.95pt"><span 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; text-align: justify; text-indent: 33.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting
period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 33.95pt"><span 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Estimated
outcome E&amp;M services engineering contracts and contract assets</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recognize revenue using the percentage-of-completion method, based primarily on contract costs incurred to date compared to total estimated
contract costs. The percentage-of-completion method (an input method) is the most representative depiction of our performance because
it directly measures the value of the services or products transferred to the customer. Subcontractor materials, labor and equipment
included in revenue and cost of revenue when management believes that we are acting as a principal rather than as an agent (e.g., we
integrate the materials and labor into the deliverables promised to the customer or is otherwise primarily responsible for fulfillment
and acceptability of the materials and labor). In the contracts, other than the Original Contract Sum, there is a Variation Order Sum
(provisional amounts) included in the same contract in which we are allowed to performance extra work or billed extra materials in order
to fulfil the contracts. We generally accounted for the performance obligation of this Variation Order together with the performance
obligation of the original contract as a single deliverable (a single performance obligation). Pre-contract costs are expensed as incurred
unless they are expected to be recovered from the client. Project mobilization costs are generally charged to project costs as incurred
when they are an integrated part of the performance obligation being transferred to the customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <div style="break-before: page; margin-top: 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="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
management&#8217;s estimate of revenue and the completion status of contract works requires significant judgement and has a significant
impact on the amount and timing of revenue recognized. The E&amp;M services engineering works performed by us would also be certified
by the customers or external surveyors periodically according to the construction contracts. We regularly review and revise the estimation
of contract revenue prepared for each contract as the contract progresses based on the internal contract progress reports.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Impairment
assessment of trade receivables and contract assets</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
management estimates the amount of lifetime ECL of trade receivables and contract assets based on provision matrix through grouping of
various debtors that have similar credit risk characteristics based on nature and industry of debtors. Internal credit rating has been
given to each category of debtors after considering aging, historical observed default rates, repayment history and past due status of
respective trade receivables. Estimated loss rates are based on probability of default and loss given default with reference to an external
credit report and are adjusted for forward-looking information that is reasonable and supportable available without undue cost or effort.
In addition, trade receivables and contract assets that are credit-impaired are assessed for ECL individually. The credit loss allowance
amount of the credit-impaired trade receivables and contract assets is measured as the difference between the asset&#8217;s carrying
amount and the present value of estimated future cash flows with the consideration of expected future credit losses. At every reporting
date, the historical observed default rates are reassessed and changes in the forward-looking information are considered.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
report contains translations of certain HK$ amounts into U.S. dollar amounts at specified rates solely for the convenience of the reader.
The relevant exchange rates are listed below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2020</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 36%; text-align: left">Period Ended HK$: US$ exchange rate</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">7.7990</td><td style="width: 1%; text-align: left"></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">7.7971</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">7.7723</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: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<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"><b>Results
of Operations</b></span></p>

<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>

<p style="font: 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>Other
Key Performance Indicators</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>Adjusted
EBITDA and Adjusted EBITDA Margin</i></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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
EBITDA represents net income before interest expense, net, provision (benefit) for income taxes, and depreciation and amortization. Adjusted
EBITDA Margin represents Adjusted EBITDA as a percentage of revenues for each period. These metrics are supplemental measures of our
operating performance that are neither required by, nor presented in accordance with, GAAP. These measures should not be considered as
an alternative to net income, or any other performance measure derived in accordance with GAAP as an indicator of our operating performance.
We present Adjusted EBITDA and Adjusted EBITDA Margin as management uses these measures as key performance indicators, and we believe
they are measures frequently used by securities analysts, investors and other parties to evaluate companies in our industry. These measures
have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of our results as reported
under GAAP.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
calculation of Adjusted EBITDA and Adjusted EBITDA Margin may not be comparable to similarly named measures reported by other companies.
Potential differences between our measure of Adjusted EBITDA compared to other similar companies&#8217; measures of Adjusted EBITDA may
include differences in capital structures, tax positions and the age and book depreciation of intangible and tangible assets.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents a reconciliation of net income, the most directly comparable measure calculated in accordance with GAAP, to
Adjusted EBITDA, and the calculation of Adjusted EBITDA Margin for each of the periods presented.</span></p>

<p style="font: 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>

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    <div style="break-before: page; margin-top: 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="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 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">Reconciliation
To GAAP Information</span></p>

<p style="font: 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">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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)">
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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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">&#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>Results
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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">&#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">For
the years ended December 31, 2022, and 2021</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth a summary of our consolidated results of operations for the years ended December, 2022, and 2021. The historical
results presented below are not necessarily indicative of the results that may be expected for any future period.</span></p>

<p style="font: 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>
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    <td style="width: 16%; text-align: right">4,169,931</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="text-align: right">785,704</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: right">859,760</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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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">&#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>Contract
Revenue</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table lists the calculation methods of gross profit and gross profit margin of each type of revenue:</span></p>

<p style="font: 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%">
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    <td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">13</td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: right">15</td><td style="text-align: left">%</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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    <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></tr>
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    <td style="text-align: right">&#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: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <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: right">502,556</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: right">299,985</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: right">202,571</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: right">&#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: right">21</td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: right">(212</td><td style="text-align: left">)%</td><td>&#160;</td>
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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">&#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>

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    <div style="break-before: page; margin-top: 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="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
contract revenues were US$4,169,931 for the year ended December 31, 2022
as compared to US$4,135,059 in for the year ended December 31, 2021, an increase of US$34,872, or 1%. The increase in revenue was mostly
due to the resumption to normal business operations. Also we have learnt from the COVID1-19 pandemic experience not to be over-reliant
on large project revenues. Instead, we have consciously focused more on smaller projects in 2022 to minimize our operation risks. The
total number of small projects that are under HK$1 million (US$127,717) in 2022 was 49 amounting to US$464,514, compared to 45 small projects
amounting to US$324,102 in 2021, an increase of US$140,412, or 43%.</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; text-indent: 0.5in">During the
year ended 2022, the projects carryovers from previous years ended 2020 and 2021 were in the final stages, which increase the capacity
of the Company to engage in new projects. Thus, the Company were in the position that the large projects were in the final and also the
beginning of construction works statuses. The duration of the bridging period required time for final inspection and preparation before
the commencement of construction with slow construction progress. The revenue earned from the large projects in the year ended 2022 was
US$3,705,423 compared to the year ended 2021 amounted to US$3,810,957, a decrease of $105,534 or 2.7%. The result showed that even with
the overall increase in total revenue, the revenue earned from large projects decreased because of the bridging period.</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"></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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From the analysation findings from the segment, the construction works
such as the installation of low voltage electrical system (&#8216;ELV&#8221;) usually take place after the preparation
but before finalising works, compared to the year ended 2021 having a significant difference. The ELV segment for the year ended
2022 and 2021 are 17% and 46% of the total gross profit respectively.</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><i>Contract
Costs</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
costs, primarily consists of subcontract costs, materials costs, labor,
equipment costs, and other direct costs incurred to perform customer contracts. We incurred contract costs of US$3,384,227 for the year
ended December 31, 2022, as compared to US$3,275,299 for the year ended December 31, 2021, a increase of US$108,928, or 3%. The increase,
despite increased revenues was mostly due to the increase of project engagement.</span></p>

<p style="font: 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>Gross
Profit</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
profit was US$785,704 for the year ended December 31, 2022, as compared to US$859,760 for the year ended December 31, 2021, a decrease
of US$74,056, or 9%. The overall decrease in gross margin from 21% for the year ended December 31, 2021 to 19% for the year ended December
31,2022 was due to the following: (1) The preparation and finalisation of work usually involve larger amounts of cost but comparatively
lower recognition of revenue due to slower progress. (2) During the first half year of 2022, a high amount of people got infected, which
led to a shortage of labor in both office support and at the construction sites, which also slows the whole construction progress.</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: 0pt 0; text-align: justify; text-indent: 0.5in">There have been significant changes year-over-year in certain segments
of our business, especially in segments involving less manpower but higher materials cost such as installations of MVAC systems and plumbing
systems (a subset of &#8220;Other E&amp;M system&#8221;). Due to the delay in the delivery of materials cost, material costs were recognised
in 2020 and only installation costs were recognised in 2021, which result in the cost being relatively lower in three financial years.
During the finalise stages, the process of defects rectification works usually occurred in the ELV and fitting out segments and involved
high manpower and longer duration. Accordingly, our contracts cost for ELV and Fitting out were higher in the year ended 2022.</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"></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"><b><i>General
and Administrative Expenses</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incurred general and administrative expenses of US$1,427,156 for the year ended December 31, 2022, as compared to US$1,220,619 for the
year ended December, 2021, an increase of US$206,537, or 17%. The increase was mainly a result of costs from our listing activities including
professional fees and staff overtime costs.</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"><b><i>Operating
Income (Loss)</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incurred an operating loss of US$641,452 for the year ended December 31, 2022, as compared to an operating loss of US$360,859 for the
year ended December 31, 2021, an increase of US$280,593 or 78%. The increase in operating loss was mainly caused by the increase in
listing costs.</span></p>

<p style="font: 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">For
the years ended December 31, 2022 and 2021</span></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, we had US$609,616 in cash. Our working capital and other capital needs mainly come from bank borrowings and operating
cash flow. Cash is needed to pay for construction costs, wages, rent and other operating expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the management believes that cash generated by operations will be sufficient to meet our normal working capital requirements, its ability
to service its current debt will depend on its entering into new contracts and collection of contract revenue for at least the next 12
months. Management took into account of historical experience, the economy, trends in the construction industry, and the collectability
of account receivable as of December 31, 2022. Based on these considerations, the management believes that we have sufficient funds to
meet its working capital requirements and debt obligations, as they fall due at least 12 months from the date of financial reporting.
However, there is no guarantee that management&#8217;s plan will succeed. There are number of factors that can arise and cause our plans
to fall short, such as demand for E&amp;M engineering services, economic conditions, competitive pricing in the industry, and the continued
support of banks and suppliers. If future cash flow from operations and other capital resources are insufficient to meet its liquidity
needs, we may be forced to reduce or delay its anticipated expansion plans, acquisition of additional debt or equity capital, or refinance
all or part of its debt.</span></p>

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

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

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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes our cash flow data as of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#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 style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; 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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the years ended December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><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: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; 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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><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: bottom">
    <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 colspan="2" 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"><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: right"><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: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net cash provided by (used
    in)</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: left"><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: right"><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: left"><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: left"><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: right"><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: left"><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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating activities</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="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(352,764</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(482,801</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><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: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing activities</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: left"><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: right"><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: left"><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: left"><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: right"><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: left"><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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing activities</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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">422,531</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,018,183</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: bottom; background-color: rgb(204,238,255)">
    <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: left"><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: right"><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: left"><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: left"><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: right"><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: left"><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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net increase in cash and cash
    equivalents</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: left"><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: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">69,767</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">535,382</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: bottom; background-color: rgb(204,238,255)">
    <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: left"><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: right"><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: left"><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: left"><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: right"><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: left"><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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,863</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><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: bottom; background-color: rgb(204,238,255)">
    <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: left"><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: right"><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: left"><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: left"><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: right"><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: left"><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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    increase in cash and cash equivalents</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">71,878</p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">529,519</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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>

<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"><b><i>Operating
Activities</i></b></span></p>

<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>

<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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Net cash provided by operating activities consists primarily of net income
(loss) adjusted for non-cash items, including depreciation, deferred tax expenses, accounts receivable, contractual assets and liabilities,
and is adjusted for the impact of changes in working capital. Net cash used in operations as of December 31, 2022 was US$352,764, representing
an decrease of US$130,037, compared to net cash used in operating activities of US$482,801 for the year ended December 31, 2021. The decrease
of cash used was mainly impacted by the increase of listing cost.</p>
<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>

<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"><b><i>Investing
Activities</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">There were no investing activities during the years ended 2022 and 2021.<span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><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: 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: 0pt; 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: 0pt; text-align: justify; text-indent: 0.5in">Net cash provided by financing
activities was approximately US$422,531 for the year ended December 31, 2022, a decrease of US$595,652, or 59%, as compared to US$1,018,183
net cash provided by financing activities for the year ended December 31, 2021. The increase in cash provided was due to the increase
of low interest bank loan and line of credit to replace the high interest bank borrowings and bank line of credit.</p>
<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 cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; 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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    years ended 31 December,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><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: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; 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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><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: bottom">
    <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 colspan="2" 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"><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"><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: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract revenue</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="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,169,931</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><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: 2%"><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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract costs</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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,384,227</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,275,299</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GROSS
    PROFIT</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: left"><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: right">785,704</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">859,760</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: bottom; background-color: White">
    <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: left"><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: right"><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: left"><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: left"><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: right"><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: left"><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: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General and administrative
    expenses</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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,427,156</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,220,619</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other income (expenses)</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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44,571</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,116</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision
    for income taxes</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><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: bottom; background-color: White">
    <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: left"><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: right"><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: left"><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: left"><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: right"><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: left"><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: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
Loss</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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(596,881</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(354,743</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
    currency translation adjustment</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><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: left"><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: right">(130</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>)</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><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: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: right"><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: left"><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: left"><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: right"><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: left"><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: bottom; background-color: White">
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comprehensive loss</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </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>

<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">&#9679;]&#160;</span></p>

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

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

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<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>

<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"><span style="text-decoration: underline">For
the years ended December 31, 2021 and 2020</span></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, we had US$537,738 in cash. Our working capital and other capital needs mainly come from bank borrowings and operating
cash flow. Cash is needed to pay for construction costs, wages, rent and other operating expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the management believes that cash generated by operations will be sufficient to meet our normal working capital requirements, its ability
to service its current debt will depend on its entering into new contracts and collection of contract revenue for at least the next 12
months. Management took into account of historical experience, the economy, trends in the construction industry, and the collectability
of account receivable as of December 31, 2021. Based on these considerations, the management believes that we have sufficient funds to
meet its working capital requirements and debt obligations, as they fall due at least 12 months from the date of financial reporting.
However, there is no guarantee that management&#8217;s plan will succeed. There are number of factors that can arise and cause our plans
to fall short, such as demand for E&amp;M engineering services, economic conditions, competitive pricing in the industry, and the continued
support of banks and suppliers. If future cash flow from operations and other capital resources are insufficient to meet its liquidity
needs, we may be forced to reduce or delay its anticipated expansion plans, acquisition of additional debt or equity capital, or refinance
all or part of its debt.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes our cash flow data as of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#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 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the years ended December 31,</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: bottom">
    <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</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">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</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: bottom">
    <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 colspan="2" 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"><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: right"><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: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net cash provided by (used
    in)</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: left"><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: right"><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: left"><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: left"><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: right"><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: left"><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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    activities</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="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(482,801</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(74,380</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><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: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing
    activities</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: left"><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: right"><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: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,926</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing
    activities</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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,018,183</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83,895</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: bottom; background-color: rgb(204,238,255)">
    <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: left"><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: right"><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: left"><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: left"><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: right"><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: left"><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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net increase in cash and cash
    equivalents</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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">535,382</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,589</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: bottom; background-color: rgb(204,238,255)">
    <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: left"><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: right"><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: left"><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: left"><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: right"><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: left"><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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: left"><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: right"><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: left"><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: left"><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: right"><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: left"><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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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  </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>

<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"><b><i>Operating
Activities</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by operating activities consists primarily of net income (loss) adjusted for non-cash items, including depreciation, deferred
tax expenses, accounts receivable, contractual assets and liabilities, and is adjusted for the impact of changes in working capital.
Net cash used in operations as of December 31, 2021 was US$482,801, representing an increase of US$408,421, compared to net cash used
in operating activities of US$74,380 for the year ended December 31, 2020. The increase of cash used was mainly impacted by the increase
of listing cost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><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: 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: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities was approximately US$Nil for the year ended December 31, 2021, a decrease of US$2,926 as compared to
US$2,926 net cash used in investing activities for the year ended December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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: 0pt; 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; text-align: justify"><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: 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: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by financing activities was approximately US$1,018,183 for the year ended December 31, 2021, an increase of US$934,288,
or 1,114%, as compared to US$83,895 net cash provided by financing activities for the year ended December 31, 2020. The increase in cash
provided was due to the increase of low interest bank loan and line of credit to replace the high interest bank borrowings and bank line
of credit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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="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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    years ended 31 December,</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: bottom">
    <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</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">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</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: bottom">
    <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 colspan="2" 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"><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"><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: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract costs</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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,275,299</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,339,093</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GROSS
    PROFIT</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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">859,760</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">735,165</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: bottom; background-color: White">
    <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: left"><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: right"><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: left"><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: left"><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: right"><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: left"><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: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General and administrative
    expenses</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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,220,619</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(592,539</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other income (expenses)</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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,116</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140,936</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision
    for income taxes</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="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><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: right"><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: left"><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="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,544</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: bottom; background-color: White">
    <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: left"><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: right"><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: left"><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: left"><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: right"><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: left"><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: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: left"><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: right"><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: left"><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: left"><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: right"><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: left"><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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    comprehensive income (loss)</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="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(350,690</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">273,485</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</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>

<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"><b>Material
Trends</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
downturn in Hong Kong&#8217;s construction industry in 2020 followed three years of successive contractions of real output, with political
uncertainty and widespread social unrest hampering activity in the sector. In 2020, disruption due to the coronavirus (COVID-19) pandemic,
as well as subsequent lockdown measures and tensions as a result of continued political intervention from China, further exacerbated
the challenges faced by the industry. According to the Census and Statistics Department (C&amp;SD), the value-add of the construction
industry declined in the first quarter of 2021, falling by 3% year on year (YoY) - its 10th consecutive quarterly decline on a year-over-year
basis since the fourth quarter of 2018.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">In
the depth analysis, the total gross value of construction works (&#8220;GVCW&#8221;) performed at private sector sites increased by
10.4% in nominal terms in the fourth quarter of 2022 over a year earlier, while that at public sector sites increased by 9.0%. The GVCW
at locations other than construction sites decreased by 2.6% in nominal terms over the same period. Construction works at locations other
than construction sites included minor new construction activities and decoration, repair and maintenance for buildings; and electrical
equipment installation and maintenance works at locations other than construction sites. <span style="font-family: Times New Roman, Times, Serif">https://www.info.gov.hk/gia/general/202303/10/P2023031000237.htm).</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
construction industry, however, was forecasted to record growth of 3.3% in real terms in 2021, owing to the global economic recovery
and the government&#8217;s investment in infrastructure projects to stimulate economic growth. The construction output value in HK SAR
was HK$31.5 billion (US$4.1 billion) in 2021. (https://store.globaldata.com/report/hong-kong-construction-market-analysis/)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
commitment of government initiatives and new strategies to the travel and tourism sector will support commercial construction output
over the forecast period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
government&#8217;s HK$1.1 billion (US$141.9 million) of short- and medium-to-long-term initiatives helped soften the impact of the sharp
decrease in travel and tourism. In the 2021-2022 Budget, the government increased its expenditure on infrastructure by 8.9%, with spending
rising from HK$77.3 billion (US$10 billion) in 2020-2021 to HK$84.1 billion (US$10.8 billion).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
construction industry is projected to record an average annual growth rate of 2% in real terms between 2022 and 2025, supported by the
government&#8217;s attempts to stimulate economic growth, as well as public and private sector investments in industrial, institutional
and energy and utility building projects. Growth will be further supported by the government-established HK$5 billion (US$645 million)
funding scheme to promote the construction of transitional housing, in an attempt to improve affordability in what is the most unaffordable
city globally.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key
risks associated with HK SAR&#8217;s construction industry outlook include a worsening political crisis, following China&#8217;s decision
to implement new national security laws for HK SAR, and the subsequent decision by the US to remove HK SAR&#8217;s special status. The
US government&#8217;s trade war with China and the removal of HK&#8217;s special status is expected to decrease investment in the construction
industry. https://www.researchandmarkets.com/reports/5448695/construction-in-hong-kong-key-trends-and?utm_source=BW&amp;utm_medium=PressRelease&amp;utm_code=xmx9jg&amp;utm_campaign=1598278+-+Construction+in+Hong+Kong+-+Key+Trends+and+Opportunities+to+2025+&amp;utm_exec=chdo54prd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the notable headwinds in the HK SAR construction industry, we remain optimistic in the forecast. We believe that the slowdown in mainland
China&#8217;s economy <span style="text-decoration: underline">(https://www.cnn.com/2021/12/15/economy/china-omicron-economy-intl-hnk/index.html)</span> will have very limited
on us as we are largely focused on the HK SAR construction industry. Also, the worsening political crisis between the United States and
China, the overreach of the Chinese government and change in HK SAR&#8217;s trade status have not had a direct, calculable impact on
the HK SAR construction industry yet. Conversely, the various initiatives to consciously shore up the construction industry are based
off real, tangible financial initiatives and stimulus plans spanning several years. Accordingly, unless we are besotted with unforeseen
circumstances, we are optimistic in the growth projections.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
HK SAR government implemented one of the toughest social-distancing and quarantine rules to combat the COVID-19 pandemic. However, apart
from a three-month freeze on construction activity in the first half of 2020 and 2022, the limitation of business operations in HK SAR
have largely been confirmed to the food and beverage and entertainment industries. For example, the hours of operations of restaurants
were limited and entertainment centers such as cinemas and beauty salons were temporarily shuttered. There has not been a region-wide
lockdown in HK SAR since the first half of 2020 and with the advent of vaccinations and boosters and the easing of COVID-19 era restrictions,
we believe that it is unlikely that a region-wide lockdown will occur again.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the first half year in 2020 and 2022, due to the high number of people getting infected with COVID-19, we experienced a temporary shortage
in labor in both our offices and construction sites. This resulted in delays in our projects and consequently, delays in the recognition
in our contract revenues. We are following the government COVID-19 prevention guidelines such as providing test kits for daily testing
and the installation of Antiviral Air Purifiers in the office. In anticipation of material delivery delays, we have also begun to order
materials and schedule deliveries one month ahead of when we typically make such orders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"></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>INDUSTRY</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>Overview
of the Construction Services Industry in HK SAR</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK
SAR&#8217;s construction industry is characterized by compact high-rise residential buildings and office towers. HKSAR developers are
experts in slope and high-density design, as well as designing with space constraints. The techniques of reclamation, design-and-build
methods with innovative application of building materials have made HK SAR a regional leader.</span></p>

<p style="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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
construction market in HK SAR is dominated by a small number of large local contractors, a large number of overseas contractors, and
a high level of sub-contracting, with substantial companies being both developers and contractors. According to the Hong Kong Census
and Statistics Department, the gross value of construction works performed by main contractors in 2019 was recorded at US$17 billion,
down from US$18.6 billion in 2018. Residential construction was the largest market in the industry during the period of 2015-2019, accounting
for 43% of its total value in 2019 at US$7.3 billion. HK SAR companies have gained a reputation in building and construction services
industry in HK SAR over the years for the rapid construction of quality high-rise apartment blocks and office towers. The adoption of
specialized construction techniques, such as reclamation and design-and-build methods, has made HK SAR a regional leader.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Source:
<span style="text-decoration: underline">https://www.trade.gov/market-intelligence/hong-kong-construction</span>)</span></p>

<p style="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>Total
number of construction sites in HK SAR</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
construction sites in HK SAR increased by an average 4.5 year-on-year growth rates (&#8220;YOY%&#8221;). This increase was mainly attributable
to the establishment of several key infrastructure facilities and construction of both private and public residential buildings in the
recent years. The HK SAR Government is determined to increase the housing supply and community facilities, both the construction sites
and the gross value of construction works performed by the contractors is expected to steadily increase.</span></p>

<p style="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: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; 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: 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: 1%"><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: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dec
    2021 (YOY%)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><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: 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: 1%"><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: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dec
    2022 (YOY%)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><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: bottom; background-color: rgb(204,238,255)">
    <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>Number
    of Construction Sites</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1,627
    (-3.2)</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">&#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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1,643
    (-0.2)</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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; 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"><b>Public</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">750
    (-4.5)</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"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">775
    (+1.2)</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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <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>Private</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">877
    (-2.0)</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">&#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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">868
    (-1.5)</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></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">Source:
Quarterly Report of Employment and Vacancies at Construction Sites (Third Quarter 2022 and Fourth Quarter 2022), Census and Statistics
Department</span></p>

<p style="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; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most
of HK SAR&#8217;s engineering and construction companies are small in size. Nearly all (98.4%) of the companies employ less than 50 employees.
The majority of the small companies act as subcontractors for the large ones, which tend to be main contractors. There are also a number
of big construction companies capable of handling projects requiring sophisticated technology and strong financial backing, which are
expanding their business across the region.</span></p>

<p style="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">(Source:
<span style="text-decoration: underline">https://research.hktdc.com/en/article/MzExMzQzOTc4</span>)</span></p>

<p style="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>Gross
Value of Construction Works Performed by Main Contractors</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>

<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="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector</b></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 colspan="6" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></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">&#160;</span></td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></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: bottom">
    <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">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><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>HK$</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Million</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>YOY%</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>HK$</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>Million</b></span></p></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">&#160;</span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>YOY%</b></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: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private sector sites</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="font: 10pt Times New Roman, Times, Serif; width: 1%"><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: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62,238</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><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: 2%"><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: 1%"><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: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+1.8</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><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: 2%"><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: 1%"><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: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66,726</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><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: 2%"><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: 1%"><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: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+7.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><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: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public sector sites</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74,512</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">&#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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+5.6</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"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90,605</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">&#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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+21.6</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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Locations other than sites</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">96,972</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">&#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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.2</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"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89,794</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">&#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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-7.4</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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All group</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">233,722</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">&#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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+1.7</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"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">247,125</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">&#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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+5.7</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></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">Source:
Report on the Quarterly Survey of Construction Output (Fourth Quarter 2022), Census and Statistics Department</span></p>

<p style="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><i>Overview
Of E&amp;M Engineering Industry Market in HK SAR</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Introduction
and Definition</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electrical
&amp; Mechanical Engineering (&#8220;E&amp;M&#8221;) is part of the engineering work which uses scientific principles to plan, design,
manage and build the Mechanical, Electrical and Plumbing system of a building. Electrical, Mechanical, Plumbing and Fire systems are
four technical disciplines that encompass building systems that are suitable for human use and occupancy. E&amp;M Services are important
across all stages of construction as a building&#8217;s central nervous system, provide creature comfort features of a building structure,
turn buildings from empty rooms into comfortable spaces that are pleasant and building livable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_013.jpg" alt="https:||www.sec.gov|Archives|edgar|data|1899658|000149315223009252|form-f1_003.jpg" style="height: 167px; width: 563px" /></span></p>

<p style="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>Electrical
Installation Works </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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electrical
installation works (&#8220;EL&#8221;) include comprehensive electrical system design, onsite power generation and distribution, conduit
and distribution wiring, lightning protection system, earthing system, general electrical appliances installation, interior and exterior
lighting installations, and Extra Low Voltage system including Closed Circuit Television System Access Control System, Public Address
system, information and telecommunications systems, control systems, 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mechanical,
Ventilation, and Air-Conditioning Installation Works (&#8220;MVAC&#8221;)</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mechanical,
ventilation and air-conditioning (&#8220;MVAC&#8221;) systems are necessary for comfortable living conditions as well as keeping temperature
and humidity within a range that is comfortable for inhabitants, to ensure enough fresh air supply to keep pollutant concentrations at
safe and low levels. MVAC installation most commonly involves heating and cooling systems including chiller systems, Variable Refrigerant
Flow systems, and Air Handlers systems. The installation works can be further segmented into pipework, mechanical fitting works, sheet
metal, ducting and insulation works, etc.</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>Fire
Services Installation Works</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">A
fire protection system aims to reduce damage to the building, expensive equipment, documents, and inventory when fire occurs. Fire suppression
systems, smoke detectors, and sprinkler systems are all types of fire protection systems that help with fire detection and protecting
building occupants and equipment. Fire service installation works are divided into pipework and electrical fitting including sprinkler
system, fire detection system, alarm system, 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"></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>Plumbing
&amp; Drainage Works</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
plumbing system is used for the supply of water to kitchens and toilets via a piping distribution system in a building. A drainage system
is divided by two types: rainwater system and sewage system used to flush out rainwater and human wastes through an installed network
of drainage pipes. Plumbing installation consists of installation of piping distribution, pumps, water tanks and drainage installation
consists of installation of piping distribution.</span></p>

<p style="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>Gross
Output Value of the E&amp;M Engineering Industry in HK SAR</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"><img src="form20-f_014.jpg" alt="https:||www.sec.gov|Archives|edgar|data|1899658|000149315223009252|form-f1_004.jpg" style="height: 408px; width: 595px" /></span></p>

<p style="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">&#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">Source:
<span style="text-decoration: underline">https://www.cic.hk/common/Fore/Fore.aspx?lang=en-US&amp;year=2021_22</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
gross output value of the E&amp;M engineering industry in HK SAR fell from approximately HK$50 billion (US$6.45 billion) in 2019 to approximately
HK$42.9 billion (US$5.54 billion) in the first half of 2021. The decrease in gross output value was attributed to the reduced number
of private residential and industrial building projects in 2019 and the outbreak of the COVID-19 pandemic in 2020, which resulted in
a disruption in building projects. This disruption had a ripple effect on E&amp;M engineering works, which is reflected in our financial
performance during those periods. Please refer to our Management&#8217;s Discussion and Analysis of 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
gross output value of the E&amp;M engineering industry in HK SAR can be categorized into public sector and private sector.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
both public and private sector growth is supported by a government project called &#8220;Hong Kong 2030+: Towards a Planning Vision and
Strategy Transcending 2030&#8221; (&#8220;Hong Kong 2030+&#8221;). Hong Kong 2030+ is a strategic spatial planning framework for the
future planning, land and infrastructure development as well as the shaping of the built and natural environment of HK SAR beyond 2030.</span></p>

<p style="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>E&amp;M
Industry in Development Blueprint for HK SAR </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">&#8220;HONG
KONG 2030+: TOWARDS A PLANNING VISION AND STRATEGY TRANSCENDING 2030&#8221; (&#8220;Hong Kong 2030+&#8221;)</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
&#8220;Hong Kong 2030+&#8221; is a strategic study to update the territorial spatial development strategy. It provides a strategic spatial
planning framework for the future planning, land and infrastructure development as well as the shaping of the built and natural environment
of HK SAR beyond 2030. This conceptual spatial framework includes: (i) two metropolises, Harbor Metropolis, and Northern Metropolis;
and (ii) two development axes, the Western Economic Corridor, and Eastern Knowledge and Technology Corridor. Driven by this massive infrastructure
development program, we anticipate a high level of demand for our services in the coming 10-20 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"><img src="form20-f_015.jpg" alt="???????????? ?????? ?????????&#10;&#10;?????????????????????" style="height: 434px; width: 624px" /></span></p>

<p style="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">Sources:
Development Bureau &amp; Planning Department (10/2021). Towards a Planning Vision and Strategy Transcending 2030<i>., </i>(56),
39-54.</span></p>

<p style="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><i>Price
Trend of Major Cost Components</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>

<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: 24px"><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: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(i)</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>High Average Daily Wage of Workers</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to a study by Construction Industry Council (&#8220;CIC&#8221;), there is and will be a shortage of 10,000 to 15,000 skilled workers
from a range of areas of expertise in future. Between 2010 and 2017, the median age of the skilled construction workforce rose from 48.2
years to 51.4 years old as illustrated below:</span></p>

<p style="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"><img src="form20-f_016.jpg" alt="Chart, line chart&#10;&#10;Description automatically generated" style="height: 228px; width: 553px" /></span></p>

<p style="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; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Labor
shortages results in higher wages prices for workers, as employers increase wages to try to hold onto existing workers and attract new
ones. The overall labor wage index in 2021 is illustrated below:</span></p>

<p style="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"><img src="form20-f_017.jpg" alt="Table&#10;&#10;Description automatically generated" style="height: 272px; width: 553px" /></span></p>

<p style="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">Sources:
Census and Statistic Department, Average Daily Wages of Workers Engaged in Public Sector Construction Project as Reported by Main Contractors</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Census
and Statistic Department (2022). <i>Average Daily Wages of Workers Engaged in Public Sector Construction Projects as Reported by Main
Contractors (2021 Edition of Data Series)</i>. HKSAR, Census and Statistic Department Web site: https://www.censtatd.gov.hk/en/web_table.html?id=29#</span></p>

<p style="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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
these figures are considered collectively, it can be concluded that the industry is under pressure when faced with an aging labor force,
and the challenges in recruiting and retaining younger workers, potentially limiting the pipeline of new ideas, approaches and fresh
ways of doing business.</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
these challenges, we managed to maintain and train a core group of fixed-salaried engineers to save us from having to hire part-time
workers, who charge a higher daily rate.</span></p>

<p style="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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also,
to address these challenges, we will adopt the Building Information Modeling (&#8220;BIM&#8221;) and Modular Integrated Construction
(&#8220;MiC&#8221;) at construction sites. BIM is the foundation of the wave of digital transformation in the architecture, engineering,
and construction (AEC) industry. MiC is an innovative construction method by adopting the concept of &#8220;factory assembly followed
by on-site installation&#8221;. In this method, free-standing integrated modules (completed with finishes, fixtures, E&amp;M installation
and fittings) are manufactured and assembled in a factory prior delivery on site. With BIM and MiC, we are able to improve the constructability
by using less labor, but better control quality, avoid costly rework, worker&#8217;s errors and omissions through a management platform
across the entire E&amp;M design and construction process.</span></p>

<p style="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: 0.25in"><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: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(ii)</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>Shortage of Raw Material</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction
raw material costs including the price of steel, sand, diesel crude oil and copper etc. continue to increase, resulting in increased
costs associated with real estate and infrastructure development, reduced commercial investment feasibility, potentially leading to higher
costs of housing and lower residential affordability, as well as reduced employment opportunities in a wide range of industries that
rely on construction activity stimulus.</span></p>

<p style="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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Crude
oil</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Crude
oil is one of the major raw materials of many products in the construction industry including rubber and plastic, which are usually used
in electrical installations. The price of crude oil will affect our project cost directly. The trend of increasing crude oil prices from
2017 to 2022 is illustrated below:</span></p>

<p style="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"><img src="form20-f_018.jpg" alt="Graphical user interface, chart&#10;&#10;Description automatically generated" style="height: 284px; width: 554px" /></span></p>

<p style="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">(Source:
<span style="text-decoration: underline">https://oilprice.com/commodity-price-charts?page=chart&amp;sym=CL*1</span>)</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Copper</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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copper
is a major raw material used in the E&amp;M industry. Electric cables are made with copper. As with crude oil, the price of copper directly
affects our project costs. The worldwide trend of increasing copper prices from 2018 to 2021 is illustrated below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_019.jpg" alt="Chart&#10;&#10;Description automatically generated" style="height: 324px; width: 553px" /></span></p>

<p style="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">(Source:
London Metal Exchange &#8211; Price Graphic of Copper from 2018-2021)</span></p>

<p style="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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
multi-faceted rising costs, we face an enormous challenge in maintaining our competitive edge in E&amp;M construction industry. To maintain
our competitiveness and minimize the pricing risks caused by raw material costs increases, we managed to enter an agreement with our
supplier to hedge copper prices without commitment before site work commences.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Competitive
Analysis of the E&amp;M Engineering Industry in HK SAR</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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name of Registration</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Authority</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No. of</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>registered</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>contractors</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 50%; text-align: left">Registered Electrical Contractor</td><td style="width: 2%">&#160;</td>
    <td style="width: 28%; text-align: left">Hong Kong Electrical and Mechanical Services Department</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">14,960</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</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></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Registered Fire Service Installation Contractor</td><td>&#160;</td>
    <td style="text-align: left">Fire Services Department <br /> Class 1 <br /> Class 2</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">358</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">404</span></p></td><td style="text-align: left">&#160;</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>

<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">&#160;</span></td>
    <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"><i>Note:</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">Contractors who wish to
    perform plumbing and drainage works in the private sector are not required to register with the Hong Kong Water Supplies Department
    but are required to employ licensed plumbers who are registered under the Water Works Ordinance.</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">&#160;</span></td>
    <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"><i>Sources:</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"><i>Electrical and Mechanical
    Services Department, HKSAR; Buildings Department, HKSAR; Fire Services Department, HKSAR</i></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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
E&amp;M engineering industry in HK SAR is considered to be relatively mature and fragmented. Under the Hong Kong Ordinance, E&amp;M engineering
contractors are required to register the above-named registration for E&amp;M works.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2022, there were 185 registered specialist contractors under the ventilation works category authorized by the Hong Kong
Buildings Department, of which WANG &amp; LEE CONTRACTING Limited is one. Accordingly, as at December 31, 2022 we are among the less
than 1% of E&amp;M engineering companies that hold all four licenses in HK SAR, and able to perform a full range of E&amp;M engineering
works including electrical installation, air- conditioning installation and fire service installation.</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: 0pt; 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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ed_003"></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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</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>Directors
    and Executive Officers</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below is information concerning our directors and executive officers as of the date of this report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%"><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: 7%; text-align: center"><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: 49%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position(s)</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pui
    Lung HO</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</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">Chief
    Executive Officer, Executive Director and Chairman</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">Yuk
    Ming, Gary MA</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Finance Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Olivia
    Sarah Annabel Marion SERRE</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</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">Independent
    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">Juan
    Ruiz-Coello</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</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">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chun
    Yip, Edmund CHAN</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</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">Independent
    Director, Audit Committee Chairman</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">Wood
    SHING Kei Sze</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</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">Independent
    Director</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"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
business address of each of the officers and directors 5-6/F Wing Tai Factory Building, 3 Tai Yip Street, Kwun Tong, Kowloon, Hong Kong.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a brief biography of each of our executive officers and directors:</span></p>

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

<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>

<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"><i>Chief
Executive Officer</i></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pui
Lung HO, age 46, graduated in New Zealand and Hong Kong with a Bachelor Degree of Science, a Bachelor Degree of Engineering in Building
Engineering and a Master Degree of Science in Engineering Management. He has over 20 years of experience in the building industry. He
joined WANG &amp; LEE CONTRACTING LIMITED in 2000. He is now our Chief Executive Officer and Chairman. He specializes in building services
installation, energy management and energy-saving planning design.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">His
profession qualifications are below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 53%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Professional
    Regulations</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: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Qualification</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: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Hong Kong Institution of Engineers</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">Certified
    Member</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">March
    1, 2016</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">HK
    Institution of Facilities Engineers</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">Certified
    Facilities Engineer</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">March
    31, 2017</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Engineers
    Registration Board</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">Registered
    Professional Engineer</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">July
    1, 2017</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">The
    Chartered Institution of Building Services Engineers</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">Certified
    Member</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">December
    21, 2017</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Chartered Institution of Building Services Engineers</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">Chartered
    Engineer</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">March
    5, 2018</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">The
    Chartered Institution of Plumbing and Heating Engineering</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">Certified
    Member</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">January
    14, 2019</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Through
his two decades of work experience with WANG &amp; LEE CONTRACTING LIMITED, Mr. Ho has participated and led the organization through
various cycles of growth to the where it stands today. Shored by his education and professional qualifications, Mr. Ho has honed his
executive leadership and management skills over the years and has surrounded himself with a team of like-minded, competent professionals.
His decades long involvement in our industry coupled with his familiarity with the Company and its employees is a unique combination
that sets the leadership within this organization apart from its competition.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yuk
Ming, Gary MA, age 47, is a qualified CPA of CPA Australia and graduated in New Zealand with Bachelor of Commerce major in Accountancy,
Diploma for Post-Graduates and Master of Corporate Finance. He joined and appointed as Chief Financial Officer for the Company in December
2021. He has over 17 years of experience in financial industry. He previously worked as Finance Manager for Chu Kong High-Speed Ferry
Co. Ltd., a public company for over 4 years, then as Financial Planning and Analysis Manager for Zuellig Pharma Limited, one of the largest
pharmaceutical groups in China for more than 3 years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WANG
&amp; LEE CONTRACTING LIMITED, is a construction contracting company which adopts many complex accounting policies. As we are involved
in capital-intensive projects, Mr. Ma&#8217;s extensive experience and knowledge in financials and management in listed companies, and
familiarity with accounting standards contribute to our effective control over risks and cost management and ultimately, the Company&#8217;s
profitability.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Olivia
Sarah Annabel Marion SERRE, age 37, graduated in France with a Bachelor of Architecture and Interior Design in 2010. She has extensive
experience collaborating with reputable architecture firms (Tarlet Architects &amp; Gerzina Architecture, MAKE Creative &amp; Innova
Design etc.) involved in commercial, residential, retail and medical projects. Since September 2012, she founded Oli &amp; J, a creative
jewelry brand that specialized in the beauty of Australian Gemstones and timeless pieces which has launched into the European market
by showcasing at the BIJORHCA International Jewelry Show (Paris, France) and display currently at the iconic Victoria &amp; Albert Museum
since 2016 (London, UK). Ms. SERRE currently resides in France.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Juan
<span style="text-transform: uppercase">RUIZ-COELLO</span>, age 40, is the director of OJ Studio Pty Ltd with extensive experience in
design and build projects, electrical network and fiber optic cable services, solar energy installations, energy efficiency and cryptocurrency
infrastructure and systems. Mr. Ruiz-Coello has been an accredited electrician since 2008 and undertook major design and build projects
as a selected contractor for major commercial landmarks including the Queen Victoria Building and Sydney Westfields as well as for jewelry
exhibitions and art galleries in Hong Kong, Paris, London and Sydney. He was responsible for domestic and commercial solar installations
in Australia and Spain as a contractor and accredited installer for Ecopense Pty Ltd, an international leading expert in the solar and
electrical industry. He has designed and developed crypto proof-of-state mining computers to support the Ethereum Cryptocurrency Network
to compute the block chain transactions using high powered modified graphics cards and has developed and managed a solar and crypto currency
mining rig to work effectively with energy efficient solar array system to make the mining system powered by green energy. He currently
resides in Australia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chun
Yip, Edmund CHAN, age 34, is a Qualified Public Accountant and graduated in Hong Kong with Bachelor of Business Administration (Honors)
&#8211; Accounting. He worked as a Senior Auditor at RSM Nelson Wheeler, one of the largest CPA firms over 3 years and then as Senior
Accountant at Time Watch Investments Limited, a public company for over 7 years. He has over 10 years&#8217; experience in financial
and management in listed companies and is appointed as Chairman of our Audit Committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wood
SHING Kei Sze, 43, has been an independent Director of Troops, Inc., (Symbol: Troo), a NASDAQ listed company, since June 26, 2018. From
April 2004 to April 2007, Mr. Sze served as an audit senior in Moore Stephens CPA Limited. From November 2007 to February 2008, Mr. Sze
served as a senior accountant at Grant Thornton Hong Kong Limited. Subsequently, Mr. Sze served as financial manager of Global Beverages
Asia Limited, Skyworth Digital Holdings Limited, and TAL Apparel Limited since 2008, 2009, and 2013 respectively. From September 2013
to April 2018, Mr. Sze served as the financial controller of the property &amp; facility management services at Synergis Management Services
Limited, a subsidiary of Synergis Holdings Limited (02340.HK) which is a Hong Kong listed company engaging in the provision of property
and facility management services. Mr. Sze obtained a Bachelor of Arts degree in Accountancy from the Hong Kong Polytechnic University
in 2002. Mr. Sze has been a chartered accountant at the Association of Chartered Certified Accountants since 2008.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
executive officers are appointed by, and serve at the discretion of, our board of directors.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of the directors or executive officers has a family relationship as defined in Item 401 of Regulation S-K.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the best of our knowledge, none of our directors or executive officers has, during the past ten years, been involved in any legal proceedings
described in subparagraph (f) of Item 401 of Regulation S-K Our directors and officers have not been involved in any transactions with
us or any of our affiliates or associates which are required to be disclosed pursuant to the rules and regulations of the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
Agreements with Named Executive Officers and Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into employment agreements with each of the named executive officers. Under these agreements, each of the named executive
officers is employed for a specified time period and is entitled to receive annual salary plus other remuneration, pension insurance,
medical insurance, maternity insurance, unemployment insurance, work-related injury insurance, housing provident funds and other benefits
pursuant to PRC law. We and the named executive officers may terminate the employment upon mutual agreement. The named executive officers
may terminate the employment by giving thirty days advance written notice. We may terminate the employment for cause, at any time, without
notice or remuneration, for certain acts of the executive officer, such as serious violation of the Company&#8217;s rules and regulations,
gross neglect of duty and misconduct resulting in large economic losses to the Company, damaging the Company&#8217;s image through defamation
or disseminating rumors about the Company or its employees outside the Company, We may also terminate the employment for cause, with
thirty days advance written notice and one month&#8217;s salary, for certain acts of the executive officer, such as illness, non-work
related injury resulting in inability to work in the previous position or a newly assigned position after recovery, and inability to
perform the assigned work and failure to perform the assigned tasks even after training or adjustment of position. The employment agreements
will be terminated upon (1) expiry of the employment, (2) the entitlement of the named executive officers to the pension insurance, (3)
the death of the named executive officers, (4) the bankruptcy of the Company pursuant to law, and (5) revocation of the Company&#8217;s
business license, shutdown of the business pursuant to the order issued by the relevant authority, or earlier dissolution of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

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

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; 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; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
named executive officer has agreed not to be involved in a second occupation during the period of employment. Without our prior written
consent or related mutual agreement, he shall not, directly or indirectly, hold any position in any other enterprises providing same
or similar products or services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; 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; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
named executive officer has agreed to be bound by non-competition restrictions during the term of his employment and for two years following
termination of the employment. The executive officers are not allowed to contact our customers for business after termination of the
employment and we have the right to bring legal action against them in the event of any losses so caused by their breach of said restrictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; 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; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, each named executive officer has agreed that the title to the intellectual property, including but not limited to patents and
copyrights, created by him during the course of his employment, is vested in the Company. In exchange, the Company will compensate him
based on the economic returns so derived.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; 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; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into confidentiality agreements with each of the named executive officers. Each named executive officer has agreed (1) not
to inquire about the trade secrets which are unrelated to the performance of his work; (2) not to disclose the trade secrets of the Company
to any third party; (3) not to allow any third party to use or acquire the trade secrets of the Company, except as required in the performance
of his or her duties in connection with the employment or pursuant to the instruction of the Company; (4) not to use the trade secrets
of the Company for its own benefits; (5) to hold the trade secrets in strict confidence and report to the Company if the trade secrets
are disclosed; and (6) to keep other confidential obligations. As a compensation, each named executive officer is entitled to receive
a monthly confidentiality fee of $70.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; 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; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
executive officer has agreed to hold, both during and after the termination or expiry of his employment agreement, in strict confidence,
except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law or the Company&#8217;s
instruction, any of our trade secrets, the trade secrets of our business partners and customers received by us and for which we have
confidential obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; 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; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are effective on the date of close of our initial public offering and the listing of our Ordinary Shares on the Nasdaq Capital Market.
These agreements set forth the services to be provided and compensation to be received by our independent directors, as well as the independent
directors&#8217; obligations in terms of confidentiality, non-competition and non-solicitation. Pursuant to these agreements, the directorship
of our independent director appointees will last until the earlier of (i) the date on which the director ceases to be a member of our
board of directors for any reason or (ii) the next annual meeting of shareholders if the director is not re-elected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; 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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</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>Compensation
    of Directors and Executive Officers</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
compensation committee approves our salaries and benefit policies. They determine the compensation to be paid to our executive officers
based on our financial and operating performance and prospects, and contributions made by the officers to our success. Each of the named
officers will be measured by a series of performance criteria by the board of directors, or the compensation committee on a yearly basis.
Such criteria will be set forth based on certain objective parameters such as job characteristics, required professionalism, management
skills, interpersonal skills, related experience, personal performance and overall corporate performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has not adopted or established a formal policy or procedure for determining the amount of compensation paid to our
executive officers. The board of directors will make an independent evaluation of appropriate compensation to key employees, with input
from management. The board of directors has oversight of executive compensation plans, policies and programs.</span></p>

<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>

<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"><b>Summary
Compensation Table</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information with respect to compensation for the year ended December 31, 2022, 2021, 2020 and 2019
earned by or paid to our chief executive officer (the &#8220;named executive officers&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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: 0pt; 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="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; text-align: justify"><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"><b>Name
and</b></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"><b>Principal Position</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Year</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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                                                                                                                                                                                                                                                                     and bonus</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>($)</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 28%; text-align: left">Mr. Pui Lung, Ho</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Chief Executive Officer</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2021</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<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>

<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">*Mr.
Ma joined the Company on December 1, 2021.</span></p>

<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>

<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"><b>Compensation
of Directors</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the fiscal years ended December 31, 2022, 2021, 2020, and 2019, no members of our board of directors received compensation in their
capacity as directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Director
Compensation &#8212; Non-Employee Directors</i></b></span></p>

<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>

<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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Historically, we have not paid
our non-employee directors. We have agreed to pay our independent directors an annual cash retainer of $4,645, subject to terms of the
definitive agreements. We will also reimbursed all directors for any out-of-pocket expenses incurred by them in connection with their
services provided in such capacity. In addition, we may provide incentive grants of stock, options or other securities convertible into
or exchangeable for, our securities. For the years ended December 31, 2022, 2021, 2020 and 2019, we did not pay any non-employee directors
because we did not have any non-employee directors. Messrs Ruiz-Coello Chan and Ms. Serre joined us as independent directors on February
1, 2022 and Shing lately join on April 1, 2023 respectively.</p>
<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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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>Board
    Practices</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<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"><b>Board
of Directors</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors consists of five (5) directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
director may vote in respect of any contract or transaction in which he is interested, provided, however that the nature of the interest
of any director in any such contract or transaction shall be disclosed by him at or prior to its consideration and any vote on that matter.
A general notice or disclosure to the directors or otherwise contained in the minutes of a meeting or a written resolution of the directors
or any committee thereof of the nature of a director&#8217;s interest shall be sufficient disclosure and after such general notice, it
shall not be necessary to give special notice relating to any particular transaction. A director may be counted for a quorum upon a motion
in respect of any contract or arrangement which he shall make with our company, or in which he is so interested and may vote on such
motion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <!-- Field: /Page -->

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
established three committees under the board of directors: an audit committee, a compensation committee and a nominating and corporate
governance committee. We have adopted a charter for each of the three committees. Copy of our committee charters are to be posted on
our corporate investor relations website at <span style="text-decoration: underline">http://www.wangnlee.com.hk</span> prior to our listing on the Nasdaq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
committee&#8217;s members will be appointed when the close of our initial public offering and listing on the Nasdaq and their functions
are described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Committee.</i> Our audit committee comprises Messrs Ruiz-Coello, Chan and Serre with Mr. Chun Yip, Edmund CHAN serving as chair. Our
board of directors has determined that Mr. Chan qualifies as an audit committee financial expert and has the accounting or financial
management expertise as defined under Item 407(d)(5) of Regulation S-K and required under NASDAQ Rule 5605(c)(2) We have also determined
that Messrs Ruiz-Coello, Chan and Serre satisfy the &#8220;independence&#8221; requirements for purposes of serving on an audit committee
under Rule 10A-3 of the Exchange Act and of NASDAQ Rule 5605(c)(2).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has also adopted a written charter for the audit committee which the audit committee reviews and reassesses for adequacy
on an annual basis. A copy of the audit committee&#8217;s current charter is available at our corporate website.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Compensation
Committee</i>. Our Compensation Committee be comprises Messrs Ruiz-Coello, Chan and Serre, with Mr. Juan <span>Ruiz-Coello
</span>serving as chair. We have also determined that Messrs Ruiz-Coello, Chan and Serre satisfy the &#8220;independence&#8221; requirements
of NASDAQ Rule 5605(d)(2). The compensation committee oversees the compensation of our chief executive officer and our other executive
officers and reviews our overall compensation policies for employees generally. If so authorized by the Board of Directors, the committee
may also serve as the granting and administrative committee under any option or other equity-based compensation plans which we may adopt.
The compensation committee does not delegate its authority to fix compensation; however, as to officers who report to the chief executive
officer, the compensation committee consults with the chief executive officer, who may make recommendations to the compensation committee.
Any recommendations by the chief executive officer are accompanied by an analysis of the basis for the recommendations. The committee
will also discuss compensation policies for employees who are not officers with the chief executive officer and other responsible officers.
A copy of the compensation committee&#8217;s current charter is available at our corporate website.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nominating
and Corporate Governance Committee</i>. Our Nominating and Corporate Governance Committee comprises Messrs Ruiz-Coello, Chan and Serre,
with Ms. Olivia Sarah Annabel Marion SERRE serving as chair. We have also determined that Messrs Ruiz-Coello, Chan and Serre, satisfy
the &#8220;independence&#8221; requirements of NASDAQ Rule 5605(e). The governance and nominating committee is involved in evaluating
the desirability of and recommending to the board any changes in the size and composition of the board, evaluation of and successor planning
for the chief executive officer and other executive officers. The qualifications of any candidate for director will be subject to the
same extensive general and specific criteria applicable to director candidates generally. A copy of the nominating committee&#8217;s
current charter is available at our corporate website.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a Code of Business Conduct and Ethics that applies to our principal executive officer, principal financial officer, principal
accounting officer and controller, or persons performing similar functions. The Code of Business Conduct and Ethics is currently available
at our corporate website at http://www.wangnlee.com.hk/.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; background-color: white"><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; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
British Virgin Islands law, the directors owe fiduciary duties at both common law and under statute, including a statutory duty to act
honestly, in good faith and with a view to our best interests. When exercising powers or performing duties as a director, the director
is required to exercise the care, diligence and skill that a reasonable director would exercise in the circumstances taking into account,
without limitation, the nature of the company, the nature of the decision and the position of the director and the nature of the responsibilities
undertaken by him. In exercising the powers of a director, the directors must exercise their powers for a proper purpose and shall not
act or agree to the company acting in a manner that contravenes our Amended Memorandum and Articles or the BVI Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the above, directors also owe a duty of care which is not fiduciary in nature. This duty has been defined as a requirement
to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person
carrying out the same functions as are carried out by that director in relation to the company and the general knowledge skill and experience
which that director has.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
set out above, directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing,
or to otherwise benefit as a result of their position.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no membership qualifications for directors. Further, there are no share ownership qualifications for directors unless so fixed by
us in a general meeting. There are no other arrangements or understandings pursuant to which our directors are selected or nominated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; background-color: white"><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; 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; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors may be elected by a resolution of our board of directors, or by a resolution of our shareholders. Each of our directors will
hold office until the expiration of his or her term fixed by the resolution of shareholders or the resolution of directors appointing
him or her, if any, or until his or her successor has been elected or appointed. A director will cease to be a director if, among other
things, the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) dies or is found by our company
to be or becomes of unsound mind, (iii) resigns his office by notice in writing to the company, or (iv) without special leave of absence
from our board, is absent from three consecutive board meetings and our directors resolve that his office be vacated. Our officers are
elected by and serve at the discretion of the board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interested
Transactions</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
director may vote, attend a board meeting or sign a document on our behalf with respect to any contract or transaction in which he or
she is interested. A director shall forthwith disclose the interest to all other directors after becoming aware of the fact that he or
she is interested in a transaction we have entered into or are to enter into. A general notice or disclosure to all other directors that
a director is a member, director, or officer of another named entity or has a fiduciary relationship with respect to the entity or a
named individual and is to be regarded as interested in any transaction which may, after the date of the entry or disclosure, be entered
into with that entity or individual, is a sufficient disclosure in relation to that transaction.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
directors may receive such remuneration as our board of directors may determine from time to time. Each director is entitled to be repaid
or prepaid all traveling, hotel and incidental expenses reasonably incurred or expected to be incurred in attending meetings of our board
of directors or committees of our board of directors or shareholder meetings or otherwise in connection with the discharge of his or
her duties as a director. The compensation committee will assist the directors in reviewing and approving the compensation structure
for the directors. Our board of directors may exercise all the powers of the Company to borrow money and to mortgage or charge our undertakings
and property or any part thereof, to issue debentures, debenture stock and other securities whenever money is borrowed or as security
for any debt, liability or obligation of the company or of any third party.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</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>Employees</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this report, WANG &amp; LEE CONTRACTING LIMITED employed a total of 26 employees, located in HK SAR. The following
table sets forth breakdown of our employees by function:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Number of Employees</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">% of Total</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 68%">Management</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">2</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Project and Safety:</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">- Site Supervisors</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt">- Draftsmen</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">Administration</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Finance</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <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: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif">Total</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">100</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consider that we have maintained good relationship with our employees and have not experienced any significant disputes with our employees
or any disruption to our operations due to labor disputes. In addition, we have not experienced any difficulties in recruitment and retention
of experienced core staff or skilled personnel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
provide various types of trainings to our employees including by means of various external training courses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
remuneration package includes salary and discretionary bonuses. In general, we determine employee salaries based on each employee&#8217;s
qualifications, position and seniority. We will review our remuneration package annually. We provide a defined contribution to the Mandatory
Provident Fund as required under the Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) for our eligible
employees in HK SAR.</span></p>

<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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</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>Share
    Ownership</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information with respect to beneficial ownership of our Ordinary Shares as of the date of this annual report by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#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: 0.5in"><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: 0.5in"><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">Each
    person who is known by us to beneficially own more than 5% of our outstanding Ordinary Shares;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
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  </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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Company is authorized to issue an unlimited number of Ordinary Shares with no par value. The number and percentage of Ordinary Shares
beneficially owned post-initial public offering. Information with respect to beneficial ownership has been furnished by each director,
officer or beneficial owner of more than 5% of our Ordinary Shares. Beneficial ownership is determined in accordance with the rules of
the SEC and generally requires that such person have voting or investment power with respect to securities. In computing the number of
Ordinary Shares beneficially owned by a person listed below and the percentage ownership of such person, Ordinary Shares underlying options,
warrants or convertible securities held by each such person that are exercisable or convertible within 60 days of the date of this report
are deemed outstanding but are not deemed outstanding for computing the percentage ownership of any other person. Except as otherwise
indicated in the footnotes to this table, or as required by applicable community property laws, all persons listed have sole voting and
investment power for all Ordinary Shares shown as beneficially owned by them. Unless otherwise indicated in the footnotes, the address
for each principal shareholder is in the care of our Company at 5-6/F Wing Tai Factory Building, 3 Tai Yip Street, Kwun Tong, Kowloon,
Hong Kong.</span></p>

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

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    <div style="break-before: page; margin-top: 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="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Ordinary Shares Beneficially Owned After the Initial Public Offering</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Directors and Executive Officers:</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">8,000,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Yuk Ming, Gary Ma<br /> Chief Financial Officer</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <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: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Olivia Sarah Annabel Marion Serre<br /> Director</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <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: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <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: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">5% Beneficial Owners</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">WANG &amp; LEE BROTHERS, Inc.</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,000,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; 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">Jupiter Stone Holding Limited<sup>(2)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,300,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Billion Supreme Corporation<sup>(3)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8.61</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; 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">Blaze Master Investment Limited<sup>(4)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,400,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">9.27</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0.5in; text-align: justify"><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; text-transform: uppercase">WANG
    &amp; LEE BROTHERS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, Inc., a British Virgin Islands
    corporations, holds all 8,000,000 of the 13,400,000 WANG &amp; LEE GROUP, Inc.&#8217;s issued and outstanding Ordinary Shares pre-initial
    public offering. <span style="text-transform: uppercase">WANG &amp; LEE BROTHERS, INC</span>, is in turn 100% owned by Mr. Pui Lung
    Ho, our Chief Executive Officer and Chairman. Accordingly, Mr. Ho has the sole voting and dispositive power over these shares.</span></td></tr>
  </table>
<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>

<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">(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">Jupiter
    Stone Holding Limited, a British Virgin Islands corporation, is 100% owned by Man Kit Leung. Accordingly, Man Kit Leung has the sole
    voting and dispositive power over these shares. The address of Jupiter Stone Holding Limited is Overseas Company Services Limited,
    Qwomar Trading Complex, Port Purcell, Road Town, Tortola, British Virgin Islands.</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; 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)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Billion
    Supreme Corporation, a British Virgin Islands corporation, is 100% owned by Chun Pang Yuen . Accordingly, Chun Pang Yuen has the
    sole voting and dispositive power over these shares. The address of Billion Supreme Corporation is OMC Chambers, Wickhams Cay 1,
    Road Town, Tortola, British Virgin Islands.</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; 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">(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">Blaze
    Master Investment Limited, a British Virgin Islands corporation, is 100% owned by Yuen Mei Tang. Accordingly, Yuen Mei Tang has the
    sole voting and dispositive power over these shares. The address of Blaze Master Investment Limited is OMC Chambers, Wickhams Cay
    1, Road Town, Tortola, British Virgin Islands.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this report, we are authorized to issue an unlimited number of shares of no par value in a single class. Holders of Ordinary
Shares are entitled to one vote per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</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>Disclosure
    of a Registrant&#8217;s Action to Recover Erroneously Awarded Compensation</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ed_004"></span>ITEM
                                            7.</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>MAJOR
                                            SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</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>Major
    Shareholders</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 6. Directors, Senior Management and Employees&#8212;E. Share Ownership.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</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>Related
    Party Transactions</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<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"><b>Employment
Agreements and Indemnification Agreements</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 6. Directors, Senior Management and Employees&#8212;B. Compensation of Directors and Executive Officers.&#8221;</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the executive officer and director compensation arrangements discussed in &#8220;Executive Compensation,&#8221; below we
describe transactions since incorporation, to which we have been a participant, in which the amount involved in the transaction is material
to our company and in which any of the following is a party: (a) enterprises that directly or indirectly through one or more intermediaries,
control or are controlled by, or are under common control with, our Company; (b) associates; (c) individuals owning, directly or indirectly,
an interest in the voting power of our Company that gives them significant influence over our 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 our 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; text-align: justify; text-indent: 0.5in"><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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" 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">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Rental expenses paid to</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Winta Services Limited</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <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: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Contract revenue received from</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Winta Services Limited</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <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: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Supreme View Investment Limited</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,344</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Sau Lee Shirley Kam</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,161,091</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Pui Lung Ho</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,853,263</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,526,557</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,824</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">WANG &amp; LEE BROTHERS., Inc</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,282</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,283</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</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>

<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"></span></p>

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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pui
Lung Ho was the common director of the Company and Winta Services Limited (&#8220;Winta&#8221;). He subsequently resigned as director
of Winta on May 24, 2021. Sau Lee Shirley Kam is a family member of a director of the Company and the director of Supreme View Investment
Limited (&#8220;SV&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kar
Lok Mak is the General Manager of WANG &amp; LEE CONTRACTING LIMITED. He was also a director of Unity Solutions Limited (&#8220;Unity&#8221;)
and resigned on July 29, 2021. As of this report, the amount due from Unity has been fully settled.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, 2021 and 2020, the amounts due to the director, Pui Lung Ho, were $1,853,263, $1,526,557 and $7,824,
respectively, and are unsecured, interest-free and repayable on demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2020, the amount due to a related party, Sau Lee Shirley Kam, with amounted to $258,064, which is bearing
interest at 2.04% interest rate per annum for the period from May 1, 2019 to May 31, 2020. The amount of $258,064 was paid off on May
31,2020. As at the year ended December 31, 2020, the balance of $1,161,091 and $3,344 due to Sau Lee Shirley Kam and SV respectively
were unsecured, interest-free and repayable on demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, Sau Lee Shirley Kam agreed to transfer all the rights of the outstanding debt due from the Company
to her son, Pui Lung Ho.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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>Interests
    of Experts and Counsel</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ed_005"></span>ITEM
                                            8.</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>FINANCIAL
                                            INFORMATION</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</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>Combined
    and Consolidated Statements and Other Financial Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have appended combined and consolidated financial statements filed as part of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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; text-align: justify"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may from time to time become a party to various legal or administrative proceedings arising in the ordinary course of our business. As
of the date hereof, neither we nor any of our subsidiaries is a party to any pending legal proceedings, nor are we aware of any such
proceedings threatened against us or our subsidiaries.</span></p>

<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>

<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"><b>Dividend
Policy</b></span></p>

<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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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 after our initial public offering 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of our Ordinary Shares are entitled to dividends out of funds legally available when and as declared by our board of directors.
Our board of directors has never declared a dividend and does not anticipate declaring a dividend in the foreseeable future. Should we
decide in the future to pay dividends, as a holding company, our ability to do so and meet other obligations depends upon the receipt
of dividends or other payments from our operating subsidiaries and other holdings and investments. In addition, our operating subsidiaries
may, from time to time, be subject to restrictions on their ability to make distributions to us, including as a result of restrictive
covenants in loan agreements, restrictions on the conversion of local currency into U.S. dollars or other hard currency and other regulatory
restrictions. In the event of our liquidation, dissolution or winding up, holders of our Ordinary Shares are entitled to receive, ratably,
the net assets available to shareholders after payment of all creditors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the BVI Act and our Amended Memorandum and Articles, our directors may, by resolution, declare dividends at a time and amount as they
think fit if they are satisfied, based on reasonable grounds, that, immediately after distribution of the dividend, the value of our
assets will exceed our liabilities and we will be able to pay our debts as they fall due. There is no further BVI law restriction on
the amount of funds which may be distributed by us by dividend, including all amounts paid by way of the subscription price for Ordinary
Shares regardless of whether such amounts may be wholly or partially treated as share capital or share premium under certain accounting
principles. Shareholder approval is not (except as otherwise provided in our Amended Memorandum and Articles) required to pay dividends
under BVI law. In accordance with, and subject to, our Amended Memorandum and Articles, no dividend shall bear interest as against the
Company (except as otherwise provided in our Amended Memorandum and Articles).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we determine to pay dividends on any of our Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds
from our BVI subsidiary, WANG &amp; LEE HOLDINGS, Inc. and our Hong Kong subsidiary, WANG &amp; LEE CONTRACTING LIMITED. There are no
taxes on dividend income in HK SAR and the British Virgin Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</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>Significant
    Changes</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as disclosed elsewhere in this annual report, we have not experienced any significant changes since the date of our audited combined
and consolidated financial statements included in this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ed_006"></span>ITEM
                                            9.</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>THE
                                            OFFER AND LISTING</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</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>Offering
    and Listing Details.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;&#8212;C. Markets.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</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>Plan
    of Distribution</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><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; text-indent: 0.5in">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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>Markets</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Ordinary Shares have been listed on the Nasdaq Capital Market under the symbol &#8220;WLGS&#8221; since April 20, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</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>Selling
    Shareholders</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><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; text-indent: 0.5in">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</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>Dilution</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-indent: 0.5in"><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; text-indent: 0.5in">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</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>Expenses
    of the Issue</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ed_007"></span>ITEM
                                            10.</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>ADDITIONAL
                                            INFORMATION</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</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>Share
    Capital</b></span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><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; 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; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</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>Memorandum
    and Articles of Association</b></span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WANG
&amp; LEE GROUP, Inc. is a holding company incorporated under the laws of the British Virgin Islands on May 20, 2021. Our affairs are
governed by the provisions of our Amended Memorandum and Articles, as amended and/or restated from time to time and the BVI Act, and
the applicable laws of the BVI (including applicable common law).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
memorandum authorizes us to issue an unlimited number of shares at no par value of a single class. All of our issued Ordinary Shares
are fully paid and non-assessable. We may, but is not required to if the rules of the senior national exchange allow, issue share certificates
specifying the number of Ordinary Shares held by each holder of Ordinary Shares in the Company. Our shareholders may freely hold and
vote their Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Amended Memorandum and Articles permit the directors, by way of resolution of directors, to fix the emoluments of directors with respect
to services to be rendered in any capacity to the Company. All decisions about the compensation of directors will be recommended by the
compensation committee and approved by way of resolution of directors of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following description of our authorized shares and our constitutional rules under our Amended Memorandum and Articles is qualified in
its entirety by reference to our Amended Memorandum and Articles, which have been filed as an exhibit to the registration statement of
which this report is a part.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion describes our Amended Memorandum and Articles that (subject to any limitations, restrictions or modifications in
our Amended Memorandum and Articles; and subject to any rights or restrictions attaching to any shares) is currently in effect:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Objects
and Purposes, Register, and Shareholders.</i></b> Subject to the BVI Act and BVI law, our objects and purposes are unlimited. Our register
of members will be maintained by our transfer agent, Transhare Securities Transfer and Registrar. Under the BVI Act, a BVI company may
treat the registered holder of a share as the only person entitled to (a) exercise any voting rights attaching to the share, (b) receive
notices, (c) receive a distribution in respect of the share and (d) exercise other rights and powers attaching to the share. Consequently,
as a matter of BVI Law, where a shareholder&#8217;s shares are registered in the name of a nominee such as Cede &amp; Co, the nominee
is entitled to receive notices, receive distributions and exercise rights in respect of any such shares registered in its name. The beneficial
owners of the shares registered in a nominee&#8217;s name will therefore be reliant on their contractual arrangements with the nominee
in order to receive notices and dividends and ensure the nominee exercises voting and other rights in respect of the shares in accordance
with their directions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Directors&#8217;
Powers.</i></b> Under the BVI Act, subject to any modifications or limitations in a company&#8217;s Amended Memorandum and Articles,
a company&#8217;s business and affairs are managed by, or under the direction or supervision of, its directors; and directors generally
have all powers necessary to manage a company. A director must disclose any interest he has on any proposal, arrangement or contract
not entered into in the ordinary course of business and on usual terms and conditions. An interested director may (subject to the Amended
Memorandum and Articles) vote on a transaction in which he has an interest. In accordance with, and subject to, our Amended Memorandum
and Articles, the directors may by resolution of directors exercise all the powers of the Company to incur indebtedness, liabilities
or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of any third party.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rights,
Preferences and Restrictions of Ordinary Shares.</i></b> Our directors may (subject to our Amended Memorandum and Articles and BVI law)
authorize dividends at such time and in such amount as they determine. Each Ordinary Share is entitled to one vote on any resolution
of shareholders. In the event of a liquidation or dissolution of the Company, each Ordinary Share (subject to our Amended Memorandum
and Articles) is entitled to an equal share in all surplus assets remaining available for distribution to them after payment and discharge
of all claims, debts, liabilities and obligations of the Company and after provision is made for each class of shares (if any) having
preference over the Ordinary Shares. Holders of our Ordinary Shares have no pre-emptive rights. Subject to the provisions of the BVI
Act, we may, (subject to our Amended Memorandum and Articles) with the consent of the shareholder whose shares are to be purchased, repurchase
our Ordinary Shares in certain circumstances provided that the Company will, immediately after the repurchase, satisfy the solvency test.
The Company will satisfy the solvency test, if (i) the value of the Company&#8217;s assets exceeds its liabilities; and (ii) the Company
is able to pay its debts as they fall due.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the BVI Act:</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>

<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; 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: 0.5in; 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">the
    Company may purchase, redeem or otherwise acquire its own shares in accordance with either (a) Sections 60, 61 and 62 of the BVI
    Act (save to the extent that those Sections are negated, modified or inconsistent with provisions for the purchase, redemption or
    acquisition of its own shares specified in the Company&#8217;s Amended Memorandum and Articles); or (b) such other provisions for
    the purchase, redemption or acquisition of its own shares as may be specified in the Company&#8217;s Amended Memorandum and Articles.
    The Company&#8217;s Amended Memorandum and Articles provide that such Sections 60, 61 and 62 do not apply to the 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; 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">(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">where
    a company may purchase, redeem or otherwise acquire its own shares otherwise than in accordance with Sections 60, 61 and 62 of the
    BVI Act, it may not purchase, redeem or otherwise acquire the shares without the consent of the member whose shares are to be purchased,
    redeemed or otherwise acquired, unless the Company is permitted by the Amended Memorandum and Articles to purchase, redeem or otherwise
    acquire the shares without that consent; 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; 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">(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">unless
    the shares are held as treasury shares in accordance with Section 64 of the BVI Act, any shares acquired by the Company are deemed
    to be cancelled immediately on purchase, redemption or other acquisition.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Variation
of the Rights of Shareholders.</i></b> Pursuant to our Amended Memorandum and Articles, the rights conferred upon the holders of the
shares of any class of the Company may (subject to our Amended Memorandum and Articles) only be varied, whether or not the Company being
wound up, with the consent in writing of or by resolution passed at a meeting by the holders of more than 50 percent of the issued shares
of that class.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shareholder
Meetings.</i></b> In accordance with, and subject to, our Amended Memorandum and Articles, (a) any director of the Company may convene
meetings of the shareholders at such times as the director considers necessary or desirable (and the director convening a meeting of
shareholders may fix as the record date for determining those shareholders that are entitled to vote at the meeting the date notice is
given of the meeting, or such other date as may be specified in the notice, being a date not earlier than the date of the notice); and
(b) upon the written request of shareholders entitled to exercise 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. Under BVI Law, the memorandum and articles of association
may be amended to decrease but not increase the required percentage to call a meeting above 30%. In accordance with, and subject to,
our Amended Memorandum and Articles, (a) the director convening a meeting shall give not less than 7 days&#8217; notice of a meeting
of shareholders to those shareholders whose names on the date the notice is given appear as shareholders in the register of members of
the Company and are entitled to vote at the meeting; and the other directors; (b) a meeting of shareholders held in contravention of
the requirement to give notice is valid if shareholders holding at least 90% of the total voting rights on all the matters to be considered
at the meeting have waived notice of the meeting and, for this purpose, the presence of a shareholder at the meeting shall constitute
waiver in relation to all of the shares that that shareholder holds; (c) a meeting of shareholders is duly constituted if, at the commencement
of the meeting, there are present in person or by proxy not less than 50% of the votes of the shares or, where there exists more than
one class of shares, not less than 50 percent of each class or series of shares entitled to vote on resolutions of shareholders to be
considered at the meeting; and (d) if within two hours from the time appointed for the meeting a quorum is not present, the meeting,
if convened upon the request of the shareholders, shall be dissolved; in any other case it shall stand adjourned to the next business
day in the jurisdiction in which the meeting was to have been held at the same time and place or to such other time and place as the
directors may determine, and if at the adjourned meeting there are present within one hour from the time appointed for the meeting in
person or by proxy not less than one third of the votes of the shares entitled to vote on the matters to be considered by the meeting,
those present shall constitute a quorum but otherwise the meeting shall be dissolved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dividends.
</i></b>Subject to the BVI Act and our Amended Memorandum and Articles, the directors of the Company may, by resolution of the directors,
authorize a distribution by way of dividend at a time and amount as they think fit if they are satisfied, based on reasonable grounds,
that, immediately after distribution of the dividend, the Company will meet the statutory solvency test. In accordance with, and subject
to, our Amended Memorandum and Articles, no dividend shall bear interest as against the Company (except as otherwise provided in our
Amended Memorandum and Articles).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidation.
</i></b>On a liquidation or winding up of the Company assets available for distribution among the holders of ordinary shares shall be
distributed among the holders of the ordinary shares on a pro rata basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Appointment
and Removal of Directors</i></b>. In accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance
of any doubt, any rights or restrictions attaching to any Ordinary Shares), (a) the first directors of the Company shall be appointed
by the first registered agent within 6 months of the date of the incorporation of the Company; and thereafter, the directors shall be
elected by resolution of shareholders or by resolution of directors for such term as the shareholders or directors determine; (b) each
director holds office for the term, if any, fixed by the resolution of shareholders or resolution of directors appointing him, or until
his disqualification, earlier death, resignation or removal; (c) a director may be removed from office: (i) with or without cause, by
a resolution of shareholders passed at a meeting of shareholders called for the purposes of removing the director or for purposes including
the removal of the director or by a written resolution passed by a least seventy five percent of the Shareholders of the Company entitled
to vote; or (ii) with cause, by a resolution of directors passed at a meeting of directors called for the purpose of removing the director
or for purposes including the removal of the director resolution of directors or resolution of shareholders; (d) a director may resign
his office by giving written notice of his resignation to the Company and the resignation has effect from the date the notice is received
by the Company at the office of its registered agent or from such later date as may be specified in the notice and a director shall resign
forthwith as a director if he is, or becomes, disqualified from acting as a director under the BVI Act; (e) the directors may at any
time appoint any person to be a director either to fill a vacancy or as an addition to the existing directors and where the directors
appoint a person as director to fill a vacancy, the term shall not exceed the term that remained when the person who has ceased to be
a director ceased to hold office; (f) a vacancy in relation to directors occurs if a director dies or otherwise ceases to hold office
prior to the expiration of his term of office; and (g) a director is not required to hold shares in the Company as a qualification to
office.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Meetings
of Directors. </i></b>In accordance with, and subject to, our Amended Memorandum and Articles, (a) any one director of the Company may
call a meeting of the directors by sending a written notice to each other director; (b) the directors of the Company or any committee
thereof may meet at such times and in such manner as the directors may determine to be necessary or desirable; (c) a director shall be
given not less than 3 days&#8217; notice of meetings of directors, but a meeting of directors held without 3 days&#8217; notice having
been given to all directors shall be valid if all the directors entitled to vote at the meeting who do not attend waive notice of the
meeting, and for this purpose the presence of a director at a meeting shall constitute waiver by that director and the inadvertent failure
to give notice of a meeting to a director, or the fact that a director has not received the notice, does not invalidate the meeting;
(d) a meeting of directors is duly constituted for all purposes if at the commencement of the meeting there are present in person or
by alternate not less than one-half of the total number of directors, unless there are only 2 directors in which case the quorum is two;
(e) a director may by a written instrument appoint an alternate who need not be a director and the alternate shall be entitled to attend
meetings in the absence of the director who appointed him and to vote or consent in place of the director until the appointment lapses
or is terminated; (f) a resolution of directors is passed if either (i) the resolution is approved at a duly convened and constituted
meeting of directors of the Company or of a committee of directors of the Company by the affirmative vote of a majority of the directors
present at the meeting who voted except that where a director is given more than one vote, he shall be counted by the number of votes
he casts for the purpose of establishing a majority; or (ii) the resolution is consented to in writing by all directors or by all members
of a committee of directors of the Company, as the case may be, unless (in either case) the BVI Act or our Amended Memorandum and Articles
require a different majority.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Indemnification
of Directors.</i></b> In accordance with, and subject to, our Amended Memorandum and Articles (including the limitations detailed therein),
the Company shall indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement
and reasonably incurred in connection with legal, administrative or investigative proceedings any person who (a) is 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 company or a partnership, joint venture, trust or other enterprise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with, and subject to, our Amended Memorandum and Articles (including the limitations detailed therein), (a) the indemnity
referred to above only applies if the person acted honestly and in good faith with a view to the best interests of the Company and, in
the case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful; (b) the decision of
the directors as to whether the person acted honestly and in good faith and with a view to the best interests of the Company and as to
whether the person had no reasonable cause to believe that his conduct was unlawful is, in the absence of fraud, sufficient for the purposes
of the articles of association, unless a question of law is involved; and (c) the termination of any proceedings by any judgment, order,
settlement, conviction or the entering of a nolle prosequi does not, by itself, create a presumption that the person did not act honestly
and in good faith and with a view to the best interests of the Company or that the person had reasonable cause to believe that his conduct
was unlawful.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with, and subject to, our Amended Memorandum and Articles, the Company may purchase and maintain insurance in relation to
any person who is or was a director, officer or liquidator of the Company, or who at the request of the Company is or was serving as
a director, officer or liquidator of, or in any other capacity is or was acting for, another company or a partnership, joint venture,
trust or other enterprise, against any liability asserted against the person and incurred by the person in that capacity, whether or
not the Company has or would have had the power to indemnify the person against the liability as provided in the articles of association.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Directors
and Conflicts of Interest.</i></b> As noted above, pursuant to the BVI Act and the Company&#8217;s Amended Memorandum and Articles, a
director of a company who has an interest in a transaction entered into or to be entered into by the Company and who has declared such
interest to the other directors, may:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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: 0.5in; 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: 0.5in; 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">vote
    on a matter relating to the transaction;</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">(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">attend
    a meeting of directors at which a matter relating to the transaction arises and be included among the directors present at the meeting
    for the purposes of a quorum; 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; 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">(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">sign
    a document on behalf of the Company, or do any other thing in his capacity as a director, that relates to the transaction, and, subject
    to compliance with the BVI Act shall not, by reason of his office be accountable to the Company for any benefit which he derives
    from such transaction and no such transaction shall be liable to be avoided on the grounds of any such interest or benefit.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with, and subject to, our Amended Memorandum and Articles, (a) a director of the Company shall, forthwith after becoming aware
of the fact that he is interested in a transaction entered into or to be entered into by the Company, disclose the interest to all other
directors of the Company; and (b) for the purposes noted foregoing, a disclosure to all other directors to the effect that a director
is a member, director or officer of another named entity or has a fiduciary relationship with respect to the entity or a named individual
and is to be regarded as interested in any transaction which may, after the date of the entry or disclosure, be entered into with that
entity or individual, is a sufficient disclosure of interest in relation to that transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Issuance
of Additional Shares.</i></b> Our Amended Memorandum and Articles authorizes our board of directors to issue additional ordinary shares
from time to time as our board of directors shall determine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
under British Virgin Islands law, our directors may only exercise the rights and powers granted to them under our Amended Memorandum
and Articles for a proper purpose and for what they believe in good faith to be in the best interests of our Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Transfer
of Shares</i></b>. Under the BVI Act and our Amended Memorandum and Articles, shares that are listed on a recognized exchange 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 listed on the recognized exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Disclosure
of the Securities and Exchange Commission&#8217;s Position on Indemnification for Securities Act Liabilities.</i></b> Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the registrant pursuant
to the foregoing provisions, the registrant has been informed that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act and is therefore unenforceable.</span></p>

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

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

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<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"><b>&#160;</b></span></p>

<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"><b>Summary
of Certain Significant Provisions of BVI Law</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BVI Act differs from laws applicable to US corporations and their shareholders. Set forth below is a summary of certain significant provisions
of the BVI Act applicable to us (save to the extent that such provisions have been, to the extent permitted under the BVI Act, negated
or modified in our memorandum and articles of association in accordance with the BVI Act).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mergers
and Similar Arrangements. </i></b>Under the BVI Act two or more BVI companies or a BVI company and non-BVI company, each a &#8220;constituent
company&#8221;, may merge or consolidate. The BVI Act provides for slightly different procedures depending on the nature of the parties
to the merger.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
merger involves the merging of two or more companies into one of the constituent companies (to the merger) with one constituent company
continuing in existence to become the surviving company post-merger. A consolidation involves two or more companies consolidating into
a new company.</span></p>

<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>

<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">A
merger is effective on the date that the articles of merger (as described below) are registered by the Registrar of Corporate Affairs
in the BVI, or on such later date, not exceeding 30 days from the date of registration as is stated in the articles of merger.</span></p>

<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>

<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">As
soon as a merger becomes effective:</span></p>

<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"></span>&#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: 0.5in"><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: 0.5in"><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
    surviving company (so far as is consistent with its memorandum and articles, as amended by the articles of merger) has all rights,
    privileges, immunities, powers, objects and purposes of each of the constituent 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">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
    memorandum and articles of the surviving company are automatically amended to the extent, if any, that changes to its memorandum
    and articles are contained in the articles of merger;</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">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">assets
    of every description, including choses in action and the business of each of the constituent companies, immediately vest in the surviving
    company;</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">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">the
    surviving company is liable for all claims, debts, liabilities and obligations of each of the constituent 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">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">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; 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">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">no
    proceedings, whether civil or criminal, pending at the time of a merger by or against a constituent company, or against any member,
    director or officer, or agent thereof, are abated or discontinued by the merger; but</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: -0.25in"><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"><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: 0.5in"><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
    proceedings may be enforced, prosecuted, settled or compromised by or against the surviving company or against the member, director,
    officer or agent thereof, as the case may be; 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">(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">the
    surviving company may be substituted in the proceedings for a constituent company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<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">The
registrar shall strike off the Register of Companies a constituent company that is not the surviving company in the merger.</span></p>

<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>

<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">The
BVI Act provides that any member of the Company is entitled to payment of the fair value of his shares upon dissenting from a merger,
unless the Company is the surviving company of the merger and the member continues to hold the same or similar shares. The following
is a summary of the position in respect of dissenters rights in the event of a merger under the BVI Act.</span></p>

<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>

<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"></span></p>

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    <!-- Field: /Page -->

<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>

<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">A
dissenter is in most circumstances required to give to the Company written objection to the merger, which must include a statement that
the dissenter proposes to demand payment for his shares if the merger takes place. This written objection must be given before the meeting
of members at which the merger is submitted to a vote, or at the meeting but before the vote. However, no objection is required from
a member to whom the Company did not give notice of the meeting of members or where the proposed merger is authorized by written consent
of the members without a meeting.</span></p>

<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>

<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">Within
20 days immediately following the written consent, or the meeting at which the merger was approved, the Company shall give written notice
of the consent or resolution to each member who gave written objection or from whom written objection was not required, except those
members who voted for, or consented in writing to, the proposed merger.</span></p>

<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>

<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">A
member to whom the Company was required to give notice who elects to dissent shall, within 20 days immediately following the date on
which the copy of the plan of merger or an outline of the merger is given to him, give to the Company a written notice of his decision
to elect to dissent, stating:</span></p>

<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="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">&#160;</span></td>
    <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">(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">his
    name and address;</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; 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">(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
    number and classes of shares in respect of which he dissents (which must be all shares that he holds in the 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; 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">(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
    demand for payment of the fair value of his shares.</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>

<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">Upon
the giving of a notice of election to dissent, the dissenter ceases to have any of the rights of a member except the right to be paid
the fair value of his shares, and the right to institute proceedings to obtain relief on the ground that the action is illegal.</span></p>

<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>

<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">The
Company shall make a written offer to each dissenter to purchase his shares at a specified price that the Company determines to be their
fair value. Such offer must be given within 7 days immediately following the date of the expiration of the period within which members
may give their notices of election to dissent, or within 7 days immediately following the date on which the merger is put into effect,
whichever is later.</span></p>

<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>

<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">If
the Company and the dissenter fail, within 30 days immediately following the date on which the offer is made, to agree on the price to
be paid for the shares owned by the dissenter, then within 20 days:</span></p>

<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="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">&#160;</span></td>
    <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">(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
    Company and the dissenter shall each designate an appraiser;</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">(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
    two designated appraisers together shall designate an appraiser;</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">(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
    three appraisers shall fix the fair value of the shares owned by the dissenter as of the close of business on the day prior to the
    date of the meeting or the date on which the resolution was passed, excluding any appreciation or depreciation directly or indirectly
    induced by the action or its proposal, and that value is binding on the Company and the dissenter for all purposes; 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; 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">(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">the
    Company shall pay to the dissenter the amount in money upon the surrender by him of the certificates representing his shares, and
    such shares shall be cancelled.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Continuation
into a Jurisdiction Outside the BVI.</i></b> In accordance with, and subject to, our Amended Memorandum and Articles, the Company may
by resolution of shareholders or by a resolution passed unanimously by all directors of the Company continue as a company incorporated
under the laws of a jurisdiction outside the BVI in the manner provided under those laws. The Company does not cease to be a BVI company
unless the foreign law permits continuation and the BVI company has complied with the requirements of that foreign law. Where a company
that wishes to continue as a company incorporated under the laws of a jurisdiction outside the BVI has a charge registered in respect
of the property of the company undersection 163 of the BVI Act which has not been released or satisfied, it shall, before continuing
and provided that the charge does not contain a covenant prohibiting continuation of the company outside the BVI, provide a written declaration
addressed to the Registrar specifying that: (a) a notice of satisfaction or release in respect of the charge has been filed and registered
under section 165 of the BVI Act; (b) where paragraph (a) has not been complied with, the chargee to whom the registered charge relates
has been notified in writing of the intention to continue the company as a company incorporated under the laws of a jurisdiction outside
the BVI and the chargee has given his or her consent or has not objected to the continuation; or (c) where paragraph (a) has not been
satisfied and the chargee, after notification under paragraph (b), has not given his or her consent or objected to the continuation,
the chargee&#8217;s interest secured by the registered charge shall not be diminished or in any way compromised by the continuation and
the charge shall operate as a liability of the continued company incorporated under the laws of a jurisdiction outside of the BVI. Where
a company is continued under the laws of a jurisdiction outside the BVI, (a) the company continues to be liable for all of its claims,
debts, liabilities and obligations that existed prior to its continuation, (b) no conviction, judgment, ruling, order, claim, debt, liability
or obligation due or to become due, and no cause existing, against the company or against any shareholder, director, officer or agent
thereof, is released or impaired by its continuation as a company under the laws of the jurisdiction outside the BVI, (c) no proceedings,
whether civil or criminal, pending by or against the company, or against any shareholder, director, officer or agent thereof, are abated
or discontinued by its continuation as a company under the laws of the jurisdiction outside the BVI, but the proceedings may be enforced,
prosecuted, settled or compromised by or against the Company or against the shareholder, director, officer or agent thereof, as the case
may be; and (d) service of process may continue to be effected on the registered agent of the company in the BVI in respect of any claim,
debt, liability or obligation of the Company during its existence as a company under the BVI Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Members&#8217;
Suits. </i></b>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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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. A derivative action concerns the infringement of the company&#8217;s rights where the wrongdoers are in
control of the company and are preventing it from taking action, whereas a personal action concerns the infringement of a right that
is personal to the particular member concerned.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BVI Act provides for a series of remedies available to members. Where a company incorporated under the BVI Act conducts some activity
which breaches the BVI Act or the company&#8217;s memorandum and articles of association, the BVI High Court can issue a restraining
or compliance order. Members can now also bring derivative, personal and Representative Actions under certain circumstances.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
certain circumstances, a member has the right to seek various remedies against the company in the event the directors are in breach of
their duties under the BVI Act. Pursuant to Section 184B of the BVI Act, if a company or director of a company engages in, proposes to
engage in or has engaged in, conduct that contravenes the provisions of the BVI Act or the memorandum or articles of association of the
company, the courts of the British Virgin Islands may, on application of a member or director of the company, 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 memorandum or articles. Furthermore, pursuant to Section 184I(1) of the BVI Act, a member of a company who considers that the
affairs of the company have been, are being or likely to be, conducted in a manner that is, or any acts of the company have been, or
are likely to be oppressive, unfairly discriminatory, or unfairly prejudicial to him in that capacity, may apply to the courts of the
British Virgin Islands for an order which, inter alia, can require the company or any other person to pay compensation to the members.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inspection
of Books and Records. </i></b>A member of the Company is entitled, on giving written notice to the Company, to inspect (a) the memorandum
and articles of association of the Company; (b) the register of members; (c) the register of directors; and (d) the minutes of meetings
and resolutions of members and of those classes of members of which he is a member; and to make copies of or take extracts from the documents
and records. Subject to the memorandum and articles of association, the directors may, if they are satisfied that it would be contrary
to the Company&#8217;s interests to allow a member to inspect any document, or part of a document, specified in (b), (c) and (d) above,
refuse to permit the member to inspect the document or limit the inspection of the document, including limiting the making of copies
or the taking of extracts from the records. Where a company fails or refuses to permit a member to inspect a document or permits a member
to inspect a document subject to limitations, that member may apply to the BVI High Court for an order that he should be permitted to
inspect the document or to inspect the document without limitation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
company is required to keep at the office of its registered agent: its memorandum and articles of association of the company; the register
of members or a copy of the register of members; the register of directors or a copy of the register of directors; and copies of all
notices and other documents filed by the company in the previous ten years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Squeeze-out
Provisions. </i></b>Members of a company holding 90% of the votes of the outstanding shares entitled to vote and members of a company
holding 90% of the votes of the outstanding shares of each class of shares entitled to vote as a class, may give a written instruction
to the company directing it to redeem the shares held by the remaining members.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dissolution;
Winding up. </i></b>Under BVI law, the liquidation of a company may be a voluntary solvent liquidation or a insolvent liquidation under
the Insolvency Act. Where a company has been struck off the Register of Companies under the BVI Act continuously for a period of 7 years
it is dissolved with effect from the last day of that period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Voluntary
Liquidation </i></b>If the liquidation is a solvent liquidation, the provisions of the BVI Act governs the liquidation. A company may
only be liquidated under the BVI Act as a solvent liquidation if it has no liabilities or it is able to pay its debts as they fall due
and the value of its assets exceeds its liabilities. Subject to the memorandum and articles of association of a company, a liquidator
may be appointed by a resolution of directors or resolution of members but if the directors have commenced liquidation by a resolution
of directors the members must approve the liquidation plan by a resolution of members save in limited circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
liquidator is appointed for the purpose of collecting in and realizing the assets of a company and distributing proceeds to creditors.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rights
of Non-resident or Foreign Members.</i></b> There are no limitations imposed by memorandum and articles of association on the rights
of non-resident or foreign members to hold or exercise voting rights on our shares. In addition, there are no provisions in our memorandum
and articles of association governing the ownership threshold above which member ownership must be disclosed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Anti-money
laundering.</i></b> In order comply with legislation or regulations aimed at the prevention of money laundering the Company is required
to adopt and maintain anti-money laundering procedures, and may require members to provide evidence to verify their identity. Where permitted,
and subject to certain conditions, the Company also may delegate the maintenance of our anti-money laundering procedures (including the
acquisition of due diligence information) to a suitable person.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any person resident in the British Virgin Islands knows or suspects that another person is engaged in money laundering or terrorist financing
and the information for that knowledge or suspicion came to their attention in the course of their business the person will be required
to report his belief or suspicion to the Financial Investigation of the British Virgin Islands, pursuant to the Proceeds of Criminal
Conduct Act 1997 (as amended). Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure
of information imposed by any enactment or otherwise.</span></p>

<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>

<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"><b>Material
Differences in BVI Law and our Memorandum and Articles of Association and Delaware Law</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate affairs are governed by our memorandum and articles and the provisions of applicable BVI law, including the BVI Act and BVI
common law. The BVI Act differs from laws applicable to US corporations and their shareholders. The following table provides a comparison
between certain statutory provisions of the BVI Act (together with the provisions of our memorandum and articles) and the Delaware General
Corporation Law relating to shareholders&#8217; rights.</span></p>

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

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    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#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 colspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BVI</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 colspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delaware</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td colspan="3" 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"><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"><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; width: 5%"><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: 5%"><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; width: 39%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    accordance with, and subject to, our Amended Memorandum and Articles (a) any director of the company may convene meetings of the
    shareholders at such times and in such manner as the director considers necessary or 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.</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="font: 10pt Times New Roman, Times, Serif; width: 5%"><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: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 39%"><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">May
be held at such time or place as designated in the charter or the by-laws, or if not so designated, as determined by the board of directors.</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>
    <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"><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">May
    be held inside or outside the BVI.</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">&#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">May
    be held inside or outside Delaware.</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>
    <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"><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">In
    accordance with, and subject to, our Amended Memorandum and Articles, (a) the director convening a meeting shall give not less than
    7 days&#8217; notice of a meeting of shareholders to those shareholders whose names on the date the notice is given appear as shareholders
    in the register of members of the company and are entitled to vote at the meeting; and the other directors; and (b) the director
    convening a meeting of shareholders may fix as the record date for determining those shareholders that are entitled to vote at the
    meeting the date notice is given of the meeting, or such other date as may be specified in the notice, being a date not earlier than
    the date of the notice.</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">&#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">Whenever
    shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place,
    if any, date and hour of the meeting, and the means of remote communication, if any.</span></td></tr>
  </table>
<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-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder&#8217;s Voting Rights</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span> <span 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">&#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 colspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BVI</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 colspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delaware</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td colspan="3" 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"><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"><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">In
    accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, any rights or restrictions
    attaching to any shares), (a) a shareholder may be represented at a meeting of shareholders by a proxy who may speak and vote on
    behalf of the shareholder; and (b) the instrument appointing a proxy shall be produced at the place designated for the meeting before
    the time for holding the meeting at which the person named in such instrument proposes to vote. The notice of the meeting may specify
    an alternative or additional place or time at which the proxy shall be presented.</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">&#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">Any
    person authorized to vote may authorize another person or persons to act for him by proxy.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><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: 5%"><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: 39%; 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: 2%"><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: 5%"><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: 5%"><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; width: 39%"><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">In
    accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, any rights or restrictions
    attaching to any shares), (a) a meeting of shareholders 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 resolutions of shareholders to be considered at the meeting; and (b) if within two hours from the time appointed for the meeting
    a quorum is not present, the meeting, if convened upon the requisition of shareholders, shall be dissolved; in any other case it
    shall stand adjourned to the next business day in the jurisdiction in which the meeting was to have been held at the same time and
    place or to such other time and place as the directors may determine, and if at the adjourned meeting there are present within one
    hour from the time appointed for the meeting in person or by proxy not less than one third of the votes of the shares or each class
    or series of shares entitled to vote on the matters to be considered by the meeting, those present shall constitute a quorum but
    otherwise the meeting shall be dissolved.</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">&#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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            charter or bylaws may specify the number to constitute a quorum but in no event shall a quorum
                                            consist of less than one-third of shares entitled to vote at a meeting. In the absence of
                                            such specifications, a majority of shares shall constitute a quorum.</span></p>
    <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>
    <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></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>
    <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"><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">In
    accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, any rights or restrictions
    attaching to any shares), (a) at any meeting of the shareholders, the chairman is responsible for deciding in such manner as he considers
    appropriate whether any resolution proposed has been carried or not and the result of his decision shall be announced to the meeting
    and recorded in the minutes of the meeting. If the chairman has any doubt as to the outcome of the vote on a proposed resolution,
    he shall cause a poll to be taken of all votes cast upon such resolution. If the chairman fails to take a poll then any shareholder
    present in person or by proxy who disputes the announcement by the chairman of the result of any vote may immediately following such
    announcement demand that a poll be taken and the chairman shall cause a poll to be taken forthwith. If a poll is taken at any meeting,
    the result shall be announced to the meeting and recorded in the minutes of the meeting. In accordance with the BVI Act, a shareholder
    resolution is passed if approved by a majority of in excess of 50% or, if a higher majority is required by the memorandum and articles,
    that higher majority, of the votes of those shareholders entitled to vote and voting on the resolution; unless (in either case) the
    BVI Act or our memorandum and articles require a different majority.</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">&#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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
                                            as provided in the charter documents, changes in the rights of shareholders as set forth
                                            in the charter documents require approval of a majority of its shareholders.</span></p>
    <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>
    <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></td></tr>
  </table>
<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"></span></p>

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    <div style="break-before: page; margin-top: 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="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<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>

<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: 5%"><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: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 39%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    accordance with, and subject to, our Amended Memorandum and Articles, (a) the rights attached to shares as specified in the memorandum
    may only, whether or not the Company is&#8239;in liquidation, be varied with the consent in writing of or by a resolution passed
    at a meeting by the holders of more than 50 percent of the issued shares of that class, except where some other majority is required
    under our memorandum and articles or the BVI Act.</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="font: 10pt Times New Roman, Times, Serif; width: 5%"><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: 5%"><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; width: 39%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    certificate of incorporation or bylaws may provide for cumulative voting.</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>
    <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"><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">In
    accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, Clause 8 of the
    memorandum and any rights or restrictions attaching to any shares), the company may amend its memorandum or articles by a resolution
    of shareholders or by a resolution of directors, save that no amendment may be made by a Resolution of directors: (i) to restrict
    the rights or powers of the shareholders to amend the memorandum or articles; (ii) to change the percentage of shareholders required
    to pass a Resolution of Shareholders to amend the memorandum or articles; (iii) in circumstances where the memorandum or articles
    cannot be amended by the shareholders or (iv) to Clauses 7, 8, 9 or 12 of the memorandum.</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">&#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>
  </table>
<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>

<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 colspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors</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">&#160;</span></td>
    <td colspan="2" 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 colspan="3" 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"><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"><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 colspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BVI</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 colspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delaware</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td colspan="3" 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"><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"><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; width: 5%"><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: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 39%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    accordance with, and subject to, our Amended Memorandum and Articles, the minimum number of directors shall be one.</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="font: 10pt Times New Roman, Times, Serif; width: 5%"><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: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 39%"><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">Board
must consist of at least one member.</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 colspan="2" 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"><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">In
    accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, any rights or restrictions
    attaching to any Ordinary Shares), (a) the first directors of the Company shall be appointed by the first registered agent within
    6 months of the date of the incorporation of the Company; and thereafter, the directors shall be elected by resolution of shareholders
    or by resolution of directors for such term as the shareholders or directors determine; (b) each director holds office for the term,
    if any, fixed by the resolution of shareholders or resolution of directors appointing him, or until his earlier death, resignation
    or removal; (c) a director may be removed from office: (i) with or without cause, by a resolution of shareholders passed at a meeting
    of shareholders called for the purposes of removing the director or for purposes including the removal of the director or by a written
    resolution passed by a least seventy five percent of the Shareholders of the Company entitled to vote; or (ii) with cause, by a resolution
    of directors passed at a meeting of directors called for the purpose of removing the director or for purposes including the removal
    of the director; (d) a director may resign his office by giving written notice of his resignation to the Company and the resignation
    has effect from the date the notice is received by the Company at the office of its registered agent or from such later date as may
    be specified in the notice and a director shall resign forthwith as a director if he is, or becomes, disqualified from acting as
    a director under the BVI Act; and (e) a director is not required to hold Ordinary Shares as a qualification to office.</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">&#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">Number
    of board members shall be fixed by the by laws, unless the charter fixes the number of directors, in which case a change in the number
    shall be made only by amendment of the charter.</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>
    <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"><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">Directors
    do not have to be independent.</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">&#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">Directors
    do not have to be independent.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p>

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

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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>

<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 colspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder&#8217;s
    Derivative Actions</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">&#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 colspan="2" 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>
    <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"><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 colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BVI
    </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">&#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 colspan="3" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delaware</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; width: 5%"><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: 5%"><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: 39%; 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: 2%"><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: 5%"><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: 5%"><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; width: 39%"><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">Under
    the provisions of the 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></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">&#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">In
    any derivative suit instituted by a shareholder of a corporation, it shall be averred in the complaint that the plaintiff was a shareholder
    of the corporation at the time of the transaction of which he complains or that such shareholder&#8217;s stock thereafter devolved
    upon such shareholder by operation of law.</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>
    <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"><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">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. A derivative action concerns the infringement of the company&#8217;s rights where the wrongdoers are
    in control of the company and are preventing it from taking action, whereas a personal action concerns the infringement of a right
    that is personal to the particular member concerned.</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">&#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">Complaint
    shall set forth with particularity the efforts of the plaintiff to obtain the action by the board or the reasons for not making such
    effort.</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>
    <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"><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">The
    Act provides for a series of remedies available to members. Where a company incorporated under the Act conducts some activity which
    breaches the Act or the company&#8217;s memorandum and articles of association, the BVI High Court can issue a restraining or compliance
    order. Members can now also bring derivative, personal and Representative Actions under certain circumstances.</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">&#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">Such
    action shall not be dismissed or compromised without the approval of the Delaware Court of Chancery.</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>
    <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"><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">The
    traditional English basis for members&#8217; remedies have also been incorporated into the Act: where a member of a company considers
    that the affairs of the company have been, are being or are likely to be conducted in a manner likely to be oppressive, unfairly
    discriminating or unfairly prejudicial to him, he may apply to the BVI High Court for an order on such conduct.</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">&#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">&#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"><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"><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">Any
    member of a company may apply to the BVI High Court for the appointment of a liquidator for the company and the Court may appoint
    a liquidator for the company if it is of the opinion that it is just and equitable to do so.</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">&#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">&#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"><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"><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">The
    Act provides that any member of a company is entitled to payment of the fair value of his shares upon dissenting from any of the
    following:</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">&#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>
  </table>
<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>

<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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><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
    merger;</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">(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
    consolidation;</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">(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">any
    sale, transfer, lease, exchange or other disposition of more than 50 percent 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;</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">(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
    redemption of 10 percent, or fewer, of the issued shares of the company required by the holders of 90 percent, or more, of the shares
    of the company pursuant to the terms of the Act; 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">(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">an
    arrangement, if permitted by the BVI High Court.</span></td>
    </tr>
  </table>
<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>

<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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><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">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.</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">The
    Act provides that if a company or a director of a company engages in, proposes to engage in or has engaged in, conduct that contravenes
    the Act or the memorandum or articles of association of the company, the BVI High Court may, on the application of a member or a
    director of the company, make an order directing the company or director to comply with, or restraining the company or director from
    engaging in conduct that contravenes the Act or the memorandum or articles of association.</span></td>
    </tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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>Material
    Contracts</b></span></td></tr>
  </table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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 under &#8220;Item
4. Information on the Company,&#8221; &#8220;Item 7. Major Shareholders and Related Party Transactions&#8221; or elsewhere in this annual
report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</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>Exchange
    Controls</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are currently no exchange control regulations in the British Virgin Islands applicable to us or our shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</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>Taxation</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p>

<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"><b><span style="text-decoration: underline">Material
Tax Consequences Applicable to U.S. Holders of Our Ordinary Shares</span></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following sets forth the material U.S. federal income tax consequences related to an investment in our Ordinary Shares. It is directed
to U.S. Holders (as defined below) of our Ordinary Shares and is based upon laws and relevant interpretations thereof in effect as of
the date of this report, all of which are subject to change. This description does not deal with all possible tax consequences relating
to an investment in our Ordinary Shares or U.S. tax laws, other than the U.S. federal income tax laws, such as the tax consequences under
non U.S. tax laws, state, local and other tax laws. Unless otherwise noted in the following discussion, this section is the opinion of
Sichenzia Ross Ference LLP, our U.S. Tax counsel, insofar as it relates to legal conclusions with respect to matters of U.S. federal
income tax law, and of O Tse &amp; Co., our HK SAR counsel, insofar as it relates to legal conclusions with respect to matters of HK
SAR Taxation below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following brief description applies only to U.S. Holders (defined below) that hold Ordinary Shares as capital assets and that have the
U.S. dollar as their functional currency. This brief description is based on the federal income tax laws of the United States in effect
as of the date of this report and on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this report,
as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are
subject to change, which change could apply retroactively and could affect the tax consequences described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
brief description below of the U.S. federal income tax consequences to &#8220;U.S. Holders&#8221; will apply to you if you are a beneficial
owner of Ordinary Share and you are, for U.S. federal income tax purposes,</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#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: 0.5in"><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: 0.5in"><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>
  <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
    corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the United
    States, 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 whose income is subject to U.S. federal income taxation 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 that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons
    for all substantial decisions or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a
    U.S. person.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">HK
SAR Taxation</span></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following brief description of HK SAR laws is designed to highlight the enterprise-level taxation on our earnings, which will affect
the amount of dividends, if any, we are ultimately able to pay to our shareholders. See &#8220;Dividend Policy.&#8221;</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
tax is imposed in HK SAR in respect of capital gains from the sale of property, such as our Ordinary Shares. Generally, gains arising
from disposal of the Ordinary Shares which are held more than two years are considered capital in nature. However, trading gains from
the sale of property by persons carrying on a trade, profession or business in HK SAR where such gains are derived from or arise in HK
SAR from such trade, profession or business will be chargeable to HK SAR profit tax. Liability for HK SAR profits tax would therefore
arise in respect of trading gains from the sale of Ordinary Shares realized by persons in the course of carrying on a business of trading
or dealing in securities in HK SAR where the purchase or sale contracts are effected (being negotiated, concluded and/or executed) in
HK SAR. Effective from April 1, 2018, profits tax is levied on a two-tiered profits tax rate basis, with the first HK$2 million of profits
being taxed at 8.25% for corporations and 7.5% for unincorporated businesses, and profits exceeding the first HK$2 million being taxed
at 16.5% for corporations and 15% for unincorporated businesses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, HK SAR does not impose withholding tax on gains derived from the sale of stock in HK SAR companies and does not impose withholding
tax on dividends paid outside of HK SAR by HK SAR companies. Accordingly, investors will not be subject to HK SAR withholding tax with
respect to a disposition of their Ordinary Shares or with respect to the receipt of dividends on their Ordinary Shares, if any. No income
tax treaty relevant to the acquiring, withholding or dealing in the Ordinary Shares exists between HK SAR and the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <!-- Field: /Page -->

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HK
SAR stamp duty is generally payable on the transfer of &#8220;Hong Kong stocks.&#8221; The term &#8220;stocks&#8221; refers to shares
in companies incorporated in HK SAR, as widely defined under the Stamp Duty Ordinance (Cap. 117 of the laws of Hong Kong), or SDO, and
includes shares. However, our Ordinary Shares are not considered &#8220;Hong Kong stocks&#8221; under the SDO since the transfer of the
Ordinary Shares are not required to be registered in HK SAR given that the books for the transfer of Ordinary Shares are located in the
United States. The transfer of Ordinary Shares is therefore not subject to stamp duty in HK SAR. If HK SAR stamp duty applies, both the
purchaser and the seller are liable for the stamp duty charged on each of the sold note and bought note at the ad valorem rate of 0.13%
on the higher of the consideration stated on the contract notes or the fair market value of the shares transferred. In addition, a fixed
duty, currently of HK$5.00, is payable on an instrument of transfer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">British
Virgin Islands Taxation</span></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary contains a description of certain British Virgin Islands and U.S. federal income tax consequences of the acquisition,
ownership and disposition of ordinary shares, but it does not purport to be a comprehensive description of all the tax considerations
that may be relevant to a decision to purchase ordinary shares. The summary is based upon the tax laws of British Virgin Islands and
regulations thereunder and on the tax laws of the U.S. and regulations thereunder as of the date hereof, which are subject to change.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospective
investors should consult their professional advisers on the possible tax consequences of buying, holding or selling any Shares under
the laws of their country of citizenship, residence or domicile.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Under
Existing British Virgin Islands Laws.</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and all dividends, interest, rents, royalties, compensation and other amounts paid by the Company to persons who are not resident
in the BVI and any capital gains realized with respect to any shares, debt obligations, or other securities of the Company by persons
who are not resident in the BVI are exempt from all provisions of the Income Tax Ordinance in the BVI.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons who are not resident in the BVI with
respect to any shares, debt obligation or other securities of the Company.</span></p>

<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>

<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">All
instruments relating to transfers of property to or by the Company and all instruments relating to transactions in respect of the shares,
debt obligations or other securities of the Company and all instruments relating to other transactions relating to the business of the
Company are exempt from payment of stamp duty in the BVI. This assumes that the Company does not hold an interest in real estate in the
BVI.</span></p>

<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>

<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">There
are currently no withholding taxes or exchange control regulations in the BVI applicable to the Company or its members.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
disclosure included in the Taxation Section of this report is the opinion of Maples &amp; Calder, our BVI counsel, on the BVI tax consequences
of investing in the Company. In addition, Maples &amp; Calder has confirmed rendering the tax opinion relating the BVI taxation contained
in this section in part of its legal opinion attached herein as <span style="text-decoration: underline">Exhibit 15.1.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">United
States Federal Income Taxation</span></b></span></p>

<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>

<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"><b>WE
URGE POTENTIAL PURCHASERS OF OUR ORDINARY SHARES TO CONSULT THEIR OWN TAXADVISORS CONCERNING THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S.
TAXCONSEQUENCES OF PURCHASING, OWNING AND DISPOSING OF OUR ORDINARY SHARES.</b></span></p>

<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>

<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"></span></p>

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<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following does not address the tax consequences to any particular investor or to persons in special tax situations such as:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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">banks;</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">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; 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">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; 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">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; 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">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; 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">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; 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">traders
    that elect to mark-to-market;</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">U.S.
    expatriates;</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">tax-exempt
    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; 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">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; 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">persons
    holding our Ordinary Shares as part of a straddle, hedging, conversion or integrated transaction;</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">persons
    that actually or constructively own 10% or more of our voting shares (including by reason of owning our Ordinary Shares);</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">persons
    who acquired our Ordinary Shares pursuant to the exercise of any employee share option or otherwise as compensation; 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">persons
    holding our Ordinary Shares through partnerships or other pass-through entities.</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussion set forth below is addressed only to U.S. Holders that purchase Ordinary Shares. Prospective purchasers are urged to consult
their own tax advisors about the application of the U.S. federal income tax rules to their particular circumstances as well as the state,
local, foreign and other tax consequences to them of the purchase, ownership and disposition of our Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Material
Tax Consequences Applicable to U.S. Holders of Our Ordinary Shares</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following sets forth the material U.S. federal income tax consequences related to the ownership and disposition of our Ordinary Shares.
It is directed to U.S. Holders (as defined below) of our Ordinary Shares and is based upon laws and relevant interpretations thereof
in effect as of the date of this report, all of which are subject to change. This description does not deal with all possible tax consequences
relating to ownership and disposition of our Ordinary Shares or U.S. tax laws, other than the U.S. federal income tax laws, such as the
tax consequences under non-U.S. tax laws, state, local and other tax laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following brief description applies only to U.S. Holders (defined below) that hold Ordinary Shares as capital assets and that have the
U.S. dollar as their functional currency. This brief description is based on the federal income tax laws of the United States in effect
as of the date of this report and on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this report,
as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are
subject to change, which change could apply retroactively and could affect the tax consequences described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
brief description below of the U.S. federal income tax consequences to &#8220;U.S. Holders&#8221; will apply to you if you are a beneficial
owner of Ordinary Share and you are, for U.S. federal income tax purposes,</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>

<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">an
    individual who is a citizen or resident 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">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#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; 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">a
    corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the United
    States, 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; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#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; 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">an
    estate whose income is subject to U.S. federal income taxation 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; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#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; 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">a
    trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons
    for all substantial decisions or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a
    U.S. person.</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>

<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"><b><i>Taxation
of Dividends and Other Distributions on our Ordinary Shares</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the passive foreign investment company rules discussed below, the gross amount of distributions made by us to you with respect to
the Ordinary Shares (including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend
income on the date of receipt by you, but only to the extent that the distribution is paid out of our current or accumulated earnings
and profits (as determined under U.S. federal income tax principles). With respect to corporate U.S. Holders, the dividends will not
be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from other U.S. corporations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable
to qualified dividend income, provided that (1) the Ordinary Shares are readily tradable on an established securities market in the United
States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes an exchange
of information program, (2) we are not a passive foreign investment company (as discussed below) for either our taxable year in which
the dividend is paid or the preceding taxable year, and (3) certain holding period requirements are met. Because there is no income tax
treaty between the United States and the British Virgin Islands, clause (1) above can be satisfied only if the Ordinary Shares are readily
tradable on an established securities market in the United States. Under U.S. Internal Revenue Service authority, Ordinary Shares are
considered for purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are
listed on the Nasdaq Capital Market. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends
paid with respect to our Ordinary Shares, including the effects of any change in law after the date of this report. Non-corporate U.S.
Holders will also be subject to the 3.8% Net Investment Income Tax if their income exceeds the threshold amounts for such tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
will constitute foreign source income for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income
(as discussed above), the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will
be limited to the gross amount of the dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable
to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income.
For this purpose, dividends distributed by us with respect to our Ordinary Shares will constitute &#8220;passive category income&#8221;
but could, in the case of certain U.S. Holders, constitute &#8220;general category income.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
dividend distribution that exceeds our current and accumulated earnings and profits is treated as a tax-free return of your tax basis
in your Ordinary Shares, and to the extent that it exceeds your tax basis, as capital gain, but only if we determine our accumulated
earnings and profits under U.S. federal income tax principles. We do not intend to calculate our earnings and profits under U.S. federal
income tax principles. Therefore, a U.S. Holder should expect that a distribution will be treated as a dividend even if that distribution
would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above. The Net Investment
Income Tax also applies to capital gains.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
of Dispositions of Ordinary Shares</i></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the passive foreign investment company rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other
taxable disposition of a share equal to the difference between the amount realized (in U.S. dollars) for the share and your tax basis
(in U.S. dollars) in the Ordinary Shares. The gain or loss will be capital gain or loss. Subject to the passive foreign investment company
rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a share equal to
the difference between the amount realized (in U.S. dollars) for the share and your tax basis (in U.S. dollars) in the Ordinary Shares.
The gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including an individual U.S. Holder, who has held
the Ordinary Shares for more than one year, you will generally be eligible for reduced tax rates. The deductibility of capital losses
is subject to limitations. Any such gain or loss that you recognize will generally be treated as United States source income or loss
for foreign tax credit limitation purposes which will generally limit the availability of foreign tax credits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you are a non-corporate U.S. Holder, including an individual U.S. Holder, who has held the Ordinary Shares for more than one year, you
will generally be eligible for reduced tax rates. The deductibility of capital losses is subject to limitations. Any such gain or loss
that you recognize will generally be treated as United States source income or loss for foreign tax credit limitation purposes, which
will generally limit the availability of foreign tax credits.</span></p>

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

<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>

<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"><b><span style="text-decoration: underline">Our
status as a Passive Foreign Investment Company.</span></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. corporation is considered a passive foreign investment company or &#8220;PFIC&#8221; for any taxable year if either:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
at least 75% of its gross income for such taxable year is passive income (the &#8220;passive income test&#8221;); or</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
at least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable
to assets that produce or are held for the production of passive income (the &#8220;asset test&#8221;)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Passive
income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of
a trade or business) and gains from the disposition of passive assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
determining whether we are a PFIC, we are permitted, under Internal Revenue Code (&#8220;Code&#8221;) Section 1297(c), to take into account,
on a pro rata basis, the income and the assets of any entity of which we own (or are treated under the Code as owning) at least 25% of
the stock by value (a so-called &#8220;look-through subsidiary&#8221;). Because we own 100% of the stock of Wang &amp; Lee Contracting
Limited (&#8220;Wang &amp; Lee&#8221;), in determining our PFIC status we will take into account its income and assets (other than certain
assets, or the income therefrom, that are subject to intercompany transfers), as well as the income and assets of any other look-through
subsidiary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taking
into account the income and assets of Wang &amp; Lee, our status as a PFIC will depend on the nature of our income and the income of
Wang &amp; Lee (as well as the income and assets of any other look-through subsidiary). We expect Wang &amp; Lee to have considerable
amounts of income from operations and so we expect that any passive income generated by us and by Wang &amp; Lee (and our other 100%
owned subsidiary) will not amount to 75% of the total income from all the entities. Accordingly, based on our current operations we would
not expect to be a PFIC under the passive income test. (As discussed below, PFIC status is determined on an annual basis and our status
as a PFIC under the passive income test may change from year to year.)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
determining whether we are a PFIC under the assets test, a number of different kinds of assets must be taken into account. Wang &amp;
Lee has considerable assets used in its operations which would be counted as active assets. However, in our initial public offering we
expect to raise for our company cash in an amount that considerably exceeds the value of the operational assets of Wang &amp; Lee. The
IRS has stated that cash, even if held as working capital, produces passive income and is therefore a passive asset. Our status as a
PFIC under the assets test will therefore depend in part on how quickly we spend the cash that we raise. Our status as a PFIC could also
depend on the value of our stock as determined by the market. PFIC status based on assets is calculated annually and is based on the
average quarterly value of our assets. Accordingly, our status as a PFIC based on the assets test could change from year to year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the foregoing, it is not possible to determine whether we will be characterized as a PFIC for the 2022 taxable year or any subsequent
year until after the close of the relevant year. We must make a separate determination each year as to whether we are a PFIC (under either
the asset test or the passive income test), and there can be no assurance with respect to our status as a PFIC for 2022 or any future
taxable year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for any year during which you hold our Ordinary Shares, we will continue to be treated as a PFIC with respect to you for
all succeeding years during which you hold our Ordinary Shares, even if in a succeeding taxable year we are no longer classified as a
PFIC. However, if we cease to be a PFIC, you may avoid the adverse effects of the PFIC regime thereafter by making a &#8220;purging election&#8221;
(as described below) with respect to the Ordinary Shares. A discussion of other ways in which you may be able to mitigate some of the
adverse effects of PFIC status are also discussed below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Consequences
to you of PFIC status.</span></b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for a taxable year during which you hold Ordinary Shares, you will be subject to special tax rules with respect to any
&#8220;excess distribution&#8221; that you receive, and with respect to any gain that you realize from a sale or other disposition (including
a pledge) of the Ordinary Shares, in that year and subsequent years, unless you make a &#8220;mark-to-market&#8221; election as discussed
below. You will be subject to these rules for the first year in which we are a PFIC and for all subsequent years unless (i) we cease
to be classified as a PFIC and (ii) you make a &#8220;purging election&#8221;, as discussed below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Excess
distributions&#8221; are distributions you receive from us in a taxable year that are greater than 125% of the average annual distributions
you received from us during (i) the three preceding taxable years or (ii) your holding period for the Ordinary Shares, whichever is shorter.
Under the special tax rules that apply to excess distributions, and to gains realized from a disposition of our Ordinary Shares,</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the excess distribution or gain will be allocated ratably (on a daily basis) over your holding period for the Ordinary Shares;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the amount allocated to your current taxable year, and any amount allocated to any tax year(s) in your holding period prior to the first
taxable year in which we were a PFIC, will be treated as ordinary income arising in the current taxable year; and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the amount allocated to each of your other taxable year(s) &#8211; i.e., prior years during which we were a PFIC &#8212; will be subject
to the highest tax rate in effect for that year; moreover, interest charges generally applicable to underpayments of tax will be imposed
on the resulting tax attributable to each such year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax liability for amounts allocated to years prior to the year of excess distribution or disposition cannot be offset by any net operating
losses for such years, and gains (but not losses) realized on the sale of the Ordinary Shares cannot be treated as capital, even if you
hold the Ordinary Shares as capital assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Mark-to-market&#8221;
election. To elect out of the excess distribution tax treatment discussed above, a U.S. Holder of &#8220;marketable stock&#8221; (as
defined below) in a PFIC may make a mark-to-market election for such stock. If you make a mark-to-market election for the first taxable
year which you hold (or are deemed to hold) Ordinary Shares and for which we are determined to be a PFIC, you will include in your income
each year an amount equal to the excess, if any, of the fair market value of the Ordinary Shares as of the close of such taxable year
over your adjusted basis in such Ordinary Shares. Such excess will be treated as ordinary income and not capital gain. Under the mark-to-market
rules you are allowed an ordinary loss for the excess, if any, of the adjusted basis of the Ordinary Shares over their fair market value
as of the close of the taxable year. However, such ordinary loss is allowable only to the extent of any net mark-to-market gains on the
Ordinary Shares included in your income for prior taxable years. Your basis in the Ordinary Shares will be adjusted to reflect any such
income or loss amounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
you sell or otherwise dispose of any Ordinary Shares that are subject to a mark-to-market election, any gain on the sale or other disposition
is treated as ordinary income. Any loss incurred on such sale or disposition is treated as an ordinary loss, but only to the extent that
the amount of such loss does not exceed the net mark-to-market gains previously included for such Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you make a valid mark-to-market election and if we subsequently make dividend distributions, the tax rules that apply to distributions
by corporations which are not PFICs would apply to such distributions, except that the lower applicable capital gains rate for qualified
dividend income discussed above under &#8220;&#8212; Taxation of Dividends and Other Distributions on our Ordinary Shares&#8221; generally
would not apply.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
mark-to-market election is available only for &#8220;marketable stock&#8221;, which is stock that is traded, other than in de minimis
quantities, on at least 15 days during each calendar quarter (&#8220;regularly traded&#8221;) on a qualified exchange or other market
(as defined in applicable U.S. Treasury regulations), including the Nasdaq Capital Market. We will be listed on the Nasdaq Capital Market,
but we are uncertain as to whether our Ordinary Shares will be regularly traded. If our Ordinary Shares do not trade regularly on the
Nasdaq Capital Market, the mark-to-market election would not be available to you were we to be or become a PFIC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Purging
election.&#8221; If you do not make a timely &#8220;mark-to-market&#8221; election (as described above), and if we were a PFIC at any
time during the period you hold our Ordinary Shares, then such Ordinary Shares will continue to be treated as stock of a PFIC with respect
to you even if we cease to be a PFIC in a future year, unless you make a &#8220;purging election&#8221; for the year we cease to be a
PFIC. A &#8220;purging election&#8221; creates a deemed sale of such Ordinary Shares at their fair market value on the last day of the
last year in which we are treated as a PFIC. The gain recognized by the purging election will be subject to the special tax and interest
charge rules, described above, that apply to excess distributions. But as long as we are not thereafter a PFIC, dividends distributed
by us (or gains from the sale of our Ordinary Shares) following a purging election will no longer be subject to the rules (described
above) that apply to excess distributions. As a result of the purging election, you will have a new basis (equal to the fair market value
of the Ordinary Shares on the last day of the last year in which we are treated as a PFIC) and a new holding period (which new holding
period will begin the day after such last day) in your Ordinary Shares for tax purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
some cases a U.S. Holder of stock in a PFIC may make a &#8220;qualified electing fund&#8221; election with respect to such PFIC to elect
out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC generally
includes in gross income for a taxable year such holder&#8217;s pro rata share of the corporation&#8217;s earnings and profits for the
taxable year. However, the qualified electing fund election is available only if the PFIC provides the U.S. Holder with certain information
regarding its earnings and profits as required under applicable U.S. Treasury regulations. We do not currently intend to prepare or provide
the information that would enable you to make a qualified electing fund election.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Reporting
requirements.</span></b> If you hold Ordinary Shares in any taxable year in which we are a PFIC, you will in all likelihood be required
to file U.S. Internal Revenue Service Form 8621 for each such year and provide certain annual information regarding such Ordinary Shares,
including information on distributions received on the Ordinary Shares and any gain realized on the disposition of the Ordinary Shares.
You should consult your tax advisor about Form 8621 filing requirements.</span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PFIC rules are complex and uncertain. You are urged to consult your tax advisor regarding the application of the PFIC rules to your investment
in our Ordinary Shares and the elections discussed above, including your ability to make a &#8220;protective election&#8221; if you are
uncertain about our PFIC status, and the PFIC filing requirements</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
payments with respect to our Ordinary Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject
to information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding at a current rate of 24%. Backup withholding
will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification
on U.S. Internal Revenue Service Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish
their exempt status generally must provide such certification on U.S. Internal Revenue Service Form W-9. U.S. Holders are urged to consult
their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability,
and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund
with the U.S. Internal Revenue Service and furnishing any required information. We do not intend to withhold taxes for individual shareholders.
However, transactions effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup
withholding), and such brokers or intermediaries may be required by law to withhold such taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. Holders are required to report information relating to our Ordinary Shares, subject to certain exceptions (including an exception
for Ordinary Shares held in accounts maintained by certain financial institutions), by attaching a complete Internal Revenue Service
Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold Ordinary Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
reporting requirements that apply if we are classified as a PFIC are discussed above under &#8220;Passive Foreign Investment Company
&#8211; Reporting Requirements&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</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>Dividends
    and Paying Agents</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-indent: 0.5in"><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; text-indent: 0.5in">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G.</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>Statement
    by Experts</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-indent: 0.5in"><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; text-indent: 0.5in">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>H.</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>Documents
    on Display</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
previously filed a registration statement on Form F-1 with the SEC to register the sale of our Ordinary Shares in our initial public
offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers and
are required to file reports and other information with the SEC. Specifically, we are required to file annually an annual report on Form
20-F within four months after the end of each fiscal year, which is December 31. All information filed with the SEC can be obtained over
the internet at the SEC&#8217;s website at <i>www.sec.gov</i>. 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; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
annual reports will include a review of operations and annual audited combined and consolidated financial statements prepared in conformity
with U.S. GAAP, and we will make available all notices of shareholders&#8217; meetings and other reports and communications to our shareholders
in accordance with all applicable legislation and regulation. In accordance with the requirements of Nasdaq, we will post this annual
report on Form 20-F on our website at <i>http://www.wangnlee.com.hk</i>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I.</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>Subsidiary
    Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><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; text-indent: 0.5in">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>J.</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>Annual
    Report to Security Holders</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ed_008"></span>ITEM 11.</b></span></td>
  <td style="font: bold 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; 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; 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"><i>Credit
risk - Account receivables and contract assets arising from contracts with customers</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">In
order to minimize the credit risk, the management of the Company has delegated
a team responsible for determination of credit limits and credit approvals. Other monitoring procedures are in place to ensure that follow-up
action is taken to recover overdue debts. Internal credit rating has been given to each category of debtors after considering aging, historical
observed default rates, repayment history and past due status of respective account receivables. Estimated loss rates are based on probability
of default and loss given default with reference to an external credit report and are adjusted for reasonable and supportable forward-looking
information that is available without undue costs or effort while credit-impaired trade balances were assessed individually. In this regard,
the directors consider that the Company&#8217;s credit risk is significantly reduced. The maximum potential loss of account receivables
and contract assets for the year ended December 31, 2022 is $1,068,287 and $1,037,458, 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"><i>Interest
risk - Cash flow interest rate risk</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">The
Company is exposed to cash flow interest rate risk through the changes in interest rates related mainly to the Company&#8217;s variable-rates
line of credit, short-term bank loans and bank balances.</span></p>

<p style="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 currently does not have any interest rate hedging policy in relation to fair value interest rate risk and cash flow interest
rate risk. The directors monitor the Company&#8217;s exposures on an ongoing basis and will consider hedging the interest rate should
the need arises.</span></p>

<p style="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>Foreign
currency risk</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">Foreign
currency risk is the risk that the holding of foreign currency assets will affect the Company&#8217;s financial position as a result
of a change in foreign currency exchange rates.</span></p>

<p style="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&#8217;s monetary assets and liabilities are mainly denominated in HK$, the Company did not have foreign currency denominated
monetary liabilities at the end of reporting period. the Company currently does not have a foreign currency hedging policy to eliminate
the currency exposures. However, the directors monitor the related foreign currency exposure closely and will consider hedging significant
foreign currency exposures should the need arise. The Company, the currency risk of $&#160;&#160;&#160; is considered insignificant as
HK$ is pegged to $&#160;&#160;&#160; and therefore no sensitivity analysis is presented.</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"><i>Economic
and political risks</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">The
Company&#8217;s operations are mainly conducted in HK SAR. Accordingly, the Company&#8217;s business, financial condition, and results
of operations may be influenced by changes in the political, economic, and legal environments in HK SAR.</span></p>

<p style="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&#8217;s operations in HK SAR are subject to special considerations and significant risks not typically associated with companies
in North America and Western Europe. 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 HK SAR, 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, among other things.</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"><i>Environmental
risks</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">The
Company has procured environmental licenses required by the HK SAR government. Historically there was no penalties charged over the environmental
issue during any engagement of construction works. In addition, the Company also obtained a certification of complies with the requirements
of ISO 14001: 2015 Environmental Management System Standard to maintain and proved the quality service with less environmental risk.</span></p>

<p style="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>Inflation
Risk</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">Management
monitors changes in price levels. Historically inflation has not materially impacted the Company&#8217;s audited consolidated financial
statements; however, significant increases in the price of raw materials and labor that cannot be passed to the Company&#8217;s customers
could adversely impact WLHK&#8217;s results of operations.</span></p>
<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>

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

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    <!-- Field: /Page -->

<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"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <td style="font: bold 10pt Times New Roman, Times, Serif; width: 1in"><span id="ed_009"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 12.</b></span></td>
  <td style="font: bold 10pt Times New Roman, Times, Serif"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</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>Debt
    Securities</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><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; text-indent: 0.5in">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</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>Warrants
    and Rights</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><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; text-indent: 0.5in">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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>Other
    Securities</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><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; text-indent: 0.5in">&#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">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</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>American
    Depositary Shares</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; 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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ed_010"></span>PART
II.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span id="ed_011"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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; text-align: justify"><span 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; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span id="ed_012"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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; text-align: justify"><span 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
Modifications to the Rights of Security Holders</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use
of Proceeds</b>&#160;</span></p>

<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>

<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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">The following &#8220;Use of Proceeds&#8221;
information relates to the registration statement on Form F-1 in relation to our initial public offering of 1,600,000 Ordinary Shares,
at a purchase price of US$5.00. Our initial public offering was completed on April 24, 2023. The total expenses incurred for our Company&#8217;s
account in connection with our initial public offering includes US$0.56 million in underwriting discounts and commissions and approximately
US$1.2 million in other costs and expenses. We raised approximately US$6.0 million in net proceeds from the issuance of new shares from
the initial public offering. As of the date of this report, we intend to use the proceeds from our initial public offering as disclosed
in our prospectus dated April 20, 2023.</p>
<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 cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; width: 1in"><span id="ed_013"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 15.</b></span></td>
  <td style="font: bold 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; text-align: justify"><span 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Evaluation
of Disclosure Controls and Procedures</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report does not include a report of management&#8217;s assessment regarding internal control over financial reporting or an attestation
report by our independent registered public accounting firm due to a transition period established by rules of the SEC for newly listed
public companies.</span></p>

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

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the audit of our combined and consolidated financial statements included in this annual report, we and our independent
registered public accounting firm identified one material weakness in our internal control over financial reporting. As defined in the
standards established by the U.S. Public Company Accounting Oversight Board, 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 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; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
material weakness that has been identified relates to lack of sufficient skilled staff with U.S. GAAP knowledge for the purpose of financial
reporting, to ensure proper financial reporting to comply with U.S. GAAP and SEC requirements. Neither we nor our independent registered
public accounting firm undertook a comprehensive assessment of our internal control for purposes of identifying and reporting material
weaknesses and other deficiencies in our internal control over financial reporting. Had we performed a formal assessment of our internal
control over financial reporting or had our independent registered public accounting firm performed an audit of our internal control
over financial reporting, additional deficiencies may have been identified.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><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: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have implemented and plan to implement a number of measures to address the material weakness that has been identified in connection with
the audit of our combined and consolidated financial statements as of and for the year ended December 31, 2022. We have taken measures
and plan to continue to take measures to remediate these deficiencies. We have hired and will continue to hire more accounting personnel
to strengthen the financial reporting function and setting up a financial and system control framework. We are developing and are in
the process of implementing a comprehensive set of period-end financial reporting policies and procedures. We are committed to rectifying
this material weakness within six months from the completion of our initial public offering. We have budgeted $500,000 from the offering
proceeds to improve our internal controls.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; 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; text-align: justify; text-indent: 0.5in">However, we cannot assure you
that all these measures will be sufficient to remediate our material weakness in time, or at all. See &#8220;Item 3. Key Information &#8212;
D. Risk Factors&#8201;&#8212;&#8201; Risks Related to Ownership of Our Ordinary Shares&#8201;&#8212;&#8201;Our internal controls over
financial reporting may not be effective and our independent registered public accounting firm may not be able to certify as to their
effectiveness, which could have a significant and adverse effect on our business and reputation.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a company with less than US$1.235 billion in revenue for the fiscal year of 2022, we qualify as an &#8220;emerging growth company&#8221;
pursuant to the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are
otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under
Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company&#8217;s internal control over financial
reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes
in Internal Control over Financial Reporting</b></span></p>

<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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
has been no change in our internal controls over financial reporting other than the remediation of the material weakness relates to lack
of sufficient skilled staff with U.S. GAAP knowledge for the purpose of financial reporting as described above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 1in"><span id="ed_014"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM</b> <b>16.</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> </b>[Reserved]</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 cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; width: 1in"><span id="ed_015"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16.A.</b></span></td>
  <td style="font: bold 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; text-align: justify"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has determined that Mr. Edmund Chan qualifies as an audit committee financial expert and has the accounting or financial
management expertise as defined under Item 407(d)(5) of Regulation S-K and required under NASDAQ Rule 5605(c)(2).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 1in"><span id="ed_016"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16.B.</b></span></td>
  <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><b>CODE OF ETHICS</b></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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has adopted a code of ethics that applies to all of the directors, officers and employees. We have posted a copy of
our code of business conduct and ethics on our website at <i>http://www.wangnlee.com.hk</i>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span id="ed_017"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
                                            16.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>PRINCIPAL
                                            ACCOUNTANT FEES AND SERVICES</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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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 certain professional services rendered
by WWC P.C., our principal external auditors, for the periods indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2022</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2021</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td colspan="9" style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 68%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit fees<sup>(1)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">170,000</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">60,000</p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All other fees<sup>(2)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><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: left"></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"></td></tr>
  </table>

<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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in; text-align: justify"><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">&#8220;Audit
    fees&#8221; means the aggregate fees billed in each of the fiscal years listed for professional services rendered by our principal
    auditors for the audit of our annual financial statements and assistance with and review of documents filed with the SEC.</span></td></tr>
  </table>
<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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in; text-align: justify"><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">&#8220;All
    other fees&#8221; means the aggregate fees billed in each of the fiscal years listed for professional services rendered by our principal
    auditors associated with certain permitted advisory services.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
policy of our audit committee is to pre-approve all audit and non-audit services provided by WWC P.C., including audit services and other
services as described above, other than those for <i>de minimis</i> services which are approved by the audit committee prior to the completion
of the audit.</span></p>

<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>

<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"></span></p>

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    <div style="break-before: page; margin-top: 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="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<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 cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span id="ed_018"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
                                            16.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>EXEMPTIONS
                                            FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span id="ed_019"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
                                            16.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>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; text-align: justify"><span 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; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span id="ed_020"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
                                            16.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>CHANGE
                                            IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span id="ed_021"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
                                            16.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>CORPORATE
                                            GOVERNANCE</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"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a BVI company listed on the Nasdaq Capital Market, we are subject to the Nasdaq Stock Market Rules. However, the Nasdaq Stock Market
Rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance
practices in the BVI, which is our home country, may differ significantly from the Nasdaq listing standards. We may choose to follow
additional home country practices in the future. As a result, our shareholders may be afforded less protection than they would otherwise
enjoy under the Nasdaq Stock Market&#8217;s corporate governance listing standards applicable to U.S. domestic issuers. See &#8220;Item
3. Key Information &#8212; D. Risk Factors &#8212; Risks Related to Ownership of Our Ordinary Shares &#8212; You may face difficulties
in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated
under British Virgin Islands law.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span id="ed_022"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
                                            16.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>MINE
                                            SAFETY DISCLOSURE</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span id="ed_023"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
                                            16.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>DISCLOSURE
                                            REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; 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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ed_024"></span>PART
III.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span id="ed_025"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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; text-align: justify"><span 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; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span id="ed_026"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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; text-align: justify"><span 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
combined and consolidated financial statements of our Group are included at the end of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><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; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span id="ed_027"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>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"><b>&#160;</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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; vertical-align: top; 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; vertical-align: bottom; text-align: justify"><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">1.1</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"><a href="https://www.sec.gov/Archives/edgar/data/1899658/000149315223009252/ex3-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
    and Restated Memorandum and Articles of Association of WANG &amp; LEE GROUP, Inc. (incorporated herein by reference to Exhibit 3.2
    to the registration statement on Form F-1/A filed on March 28, 2023)</span></a></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">2.1</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"><a href="https://www.sec.gov/Archives/edgar/data/1899658/000149315223009252/ex4-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrant&#8217;s
    Specimen Certificate for Ordinary Shares (incorporated herein by reference to Exhibit 4.1 to the registration statement on Form
    F-1/A filed on March 28, 2023)</span></a></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">4.1</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"><a href="https://www.sec.gov/Archives/edgar/data/1899658/000149315223009252/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment
    Agreement between the Company and its executive officers (incorporated herein by reference to Exhibit 10.1 to the registration
    statement  Form F-1/A filed on March 28, 2023)</span></a></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">4.2</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"><a href="https://www.sec.gov/Archives/edgar/data/1899658/000149315223009252/ex10-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
    Agreement (incorporated herein by reference to Exhibit 10.2 to the registration statement on Form F-1/A filed on March 28,
    2023)</span></a></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">4.3</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1899658/000149315223013415/ex1-1.htm" style="-sec-extract: exhibit">Underwriting Agreement (incorporated herein by reference to Exhibit 1.1 to the Current Report on Form 6-K filed on April 24, 2023)</a></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">8.1*</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="ex8-1.htm">Subsidiary(ies) 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">&#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">11.1</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"><a href="https://www.sec.gov/Archives/edgar/data/1899658/000149315223009252/ex99-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Business Conduct and Ethics of the Registrant (incorporated herein by reference to Exhibit 99.1 to the Form F-1/A filed on March 28, 2023)</span></a></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">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-1.htm">Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex12-2.htm">Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex13-1.htm">Certification by Principal 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">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex13-2.htm">Certification by Principal 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">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Instance Document&#8212;this instance document does not appear in the Interactive Data File because its XBRL tags are embedded
    within the Inline XBRL document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Scheme Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Calculation Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Definition Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Label Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><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: 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">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
    Page Interactive Data File (embedded within the Exhibit 101 Inline XBRL document set)</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>

<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">*
Filed with this Annual Report on Form 20-F.</span></p>

<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">**
Furnished with this Annual Report on Form 20-F.</span></p>

<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>

<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"></span></p>

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    <div style="break-before: page; margin-top: 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="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<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>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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: 0pt; text-indent: 0.5in"><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 its annual report on Form 20-F and that it has duly caused
and authorized the undersigned to sign this annual report on its behalf.</span></p>

<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">
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    <td style="font: 10pt Times New Roman, Times, Serif"></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>WANG
&amp; LEE GROUP, Inc.</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; width: 50%"><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: 3%"><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: 47%"><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">By:</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/ Pui Lung, Ho</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pui Lung, Ho</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</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"><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">&#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/ Yuk Ming, Gary Ma</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yuk Ming, Gary Ma</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Accounting and Financial Officer</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>

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
May 15, 2023</span></span></p>

<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>

<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"></span></p>

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<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"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>WANG
&amp; LEE GROUP, INC.</b></span></p>

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

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

<p style="font: 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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    <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; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PAGE</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; 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"><a href="#ap_001">Report of Independent Registered Public Accounting Firm</a></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">F-2</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">&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL
    STATEMENTS</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"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_002">Audited Consolidated Balance Sheets</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">F-4</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">&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_003">Audited Consolidated Statements of Operations and Comprehensive Loss</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">F-5</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">&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_004">Audited Consolidated Statements of Changes in Shareholders&#8217; Deficit</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">F-6</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">&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_005">Audited Consolidated Statements of Cash Flows</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">F-7</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">&#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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ap_006">Notes to the Audited Consolidated Financial Statements</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">F-8</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>

<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"><img src="form20-f_007.jpg" alt="" /></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">To:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Board of Directors and Shareholders of <br />
    Wang &amp; Lee Group Inc.</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ap_001"></span>Report
of Independent Registered Public Accounting Firm</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"><b>Opinion
on the Financial Statements</b></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: 0; text-align: justify">We have audited the accompanying consolidated balance
sheets of Wang &amp; Lee Group Inc. and its subsidiaries (collectively the &#8220;Company&#8221;) as of December 31, 2022 and 2021, and
the related consolidated statements of operations and comprehensive loss, changes in shareholders&#8217; deficit, and cash flows for each
of the years in the two-year period ended December 31, 2022, and the 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 each of the years in the two-year period ended December 31,
2022, in conformity with accounting principles generally accepted in the United States of America.</p>

<p style="font: 12pt 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"><b>Substantial Doubt about the Company&#8217;s Ability
to Continue as a Going Concern </b></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 accompanying consolidated financial
statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial
statements, the Company has an accumulated deficit and has a working capital deficit, net cash outflows from operating activities
which raises substantial doubt about its ability to continue as a going concern. Management&#8217;s plan in regard to these matters
are described in Note 1. These financial statements do not include any adjustments that might result from the outcome of this
uncertainty.</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"><b>Basis for Opinion</b></p>

<p style="font: 12pt 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">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) (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.</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">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.</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">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.</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"><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: 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: 0; text-align: justify"><b>Critical Audit Matters</b></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 critical audit matters communicated below are
matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the
audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially
challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the
consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate
opinions on the critical audit matters or on the accounts or disclosures to which they relate.</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"><b>Revenue Recognition for Engineering and Construction
Contracts</b></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As described in Note 2 to the consolidated financial
statements, the Company recognizes engineering and construction contract revenue over time, as performance obligations are satisfied,
using the percentage-of-completion method (an input method) based primarily on contract costs incurred to date compared to total estimated
contract costs. Revenue recognition under this method is judgmental, as it requires the Company to prepare estimates of total contract
revenue and total contract costs, including costs to complete in-process contracts.</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">Auditing the Company&#8217;s estimates of total contract
revenue and costs used to recognize revenue on engineering and construction contracts involved significant auditor judgment, as it required
the evaluation of subjective factors, such as assumptions related to estimated material, labor and subcontractor costs. These assumptions
involved significant management judgment, which affects the measurement of revenue recognized by the Company.</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 following are the primary procedures we performed
to address this critical audit matter. To test the Company&#8217;s contract estimates related to revenues recognized on engineering and
construction projects, our audit procedures included selecting a sample of projects and, among other procedures, we obtained and inspected
related contract agreements to test the existence of customer arrangements and understand the scope and pricing of the related projects;
evaluated the reasonableness of the Company&#8217;s estimated costs to complete by obtaining and inspecting supporting documentation for
a sample of cost estimate components; agreed actual costs incurred to supporting documentation; recalculated revenues recognized based
on the project&#8217;s percentage of completion and management&#8217;s estimate of total contract revenue; and compared contract profitability
estimates in the current year to historical estimates and actual performance for the same projects.</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">/s/ WWC, P.C.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_900_edei--AuditorName_c20220101__20221231_zN7nyLRlfOid"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:AuditorName">WWC, P.C</ix:nonNumeric></span>.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">PCAOB ID No.<span id="xdx_901_edei--AuditorFirmId_c20220101__20221231_zhYCymLsmMCc"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:AuditorFirmId">1171</ix:nonNumeric></span>&#160;</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 id="xdx_909_edei--AuditorLocation_c20220101__20221231_z05LUJZT3qSi"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:AuditorLocation">San Mateo, California</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">May 15, 2023</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">We have served as the Company&#8217;s auditor since May 5, 2021.</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-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_008.jpg" alt="" /><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"><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"><b>WANG
&amp; LEE GROUP, INC.</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><span id="ap_002"></span>AUDITED
CONSOLIDATED BALANCE SHEETS</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>AS
OF DECEMBER 31, 2022 AND 2021</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>(Stated
in US Dollars)</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>

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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">&#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">The
accompanying notes are an integral part of these audited consolidated financial statements.</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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<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>WANG
&amp; LEE GROUP, INC.</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><span id="ap_003"></span>AUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS</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>FOR
THE YEAR ENDED DECEMBER 31, 2022 AND 2021</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>(Stated
in US Dollars)</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 cellpadding="0" cellspacing="0" id="xdx_30E_113_zlyKc1KHPbgd" summary="xdx: Statement - Consolidated Statements of Operations and Comprehensive Loss" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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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">&#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">The
accompanying notes are an integral part of these audited 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>


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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>WANG
&amp; LEE GROUP, INC.</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><span id="ap_004"></span>AUDITED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; DEFICIT</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>FOR
THE YEAR ENDED DECEMBER 31, 2022 AND 2021</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>(Stated
in US Dollars)</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>

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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"></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">&#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">The
accompanying notes are an integral part of these audited 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>


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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"><b>WANG
&amp; LEE GROUP, INC.</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><span id="ap_005"></span>AUDITED
CONSOLIDATED STATEMENTS OF CASH FLOW</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>FOR
THE YEAR ENDED DECEMBER 31, 2022 AND 2021</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>(Stated
in US Dollars)</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>

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  <tr id="xdx_408_eus-gaap--RepaymentsOfBankDebt_i01N_di_msNCPBUzRXR_z2s5PhxGckB4" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_ecustom--RepaymentsToRelatedCompany_i01N_di_msNCPBUzRXR_zgmsRjJg32Ea" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_ecustom--AdvanceToHoldingCompany_i01_maNCPBUzRXR_zBDLShrtQhf2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_iT_mtCCERCzu27_zJtzJF97vtS4" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_404_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_zy8umJu4D6v5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_zHaVJLgANIS" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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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_402_ecustom--ListingFee_i01_zSf4l1GQJ9e6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left">Listing fee</td><td>&#160;</td>
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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">&#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">The
accompanying notes are an integral part of these audited consolidated financial statements.</span></p>

<p style="font: 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"><b>WANG
&amp; LEE GROUP, INC.</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><span id="ap_006"></span>NOTES
TO THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS</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>FOR
THE YEAR ENDED DECEMBER 31, 2022 AND 2021</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>(Stated
in US Dollars)</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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_804_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zuMc1TAHRzAb" style="font: 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><span style="text-decoration: underline">NOTE
1 - <span id="xdx_82A_zakaFdKUSsb6">ORGANIZATION AND PRINCIPAL ACTIVITIES</span></span></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">WANG
&amp; LEE GROUP, Inc. (the &#8220;Company&#8221;) was incorporated in the British Virgin Islands (&#8220;BVI&#8221;) on May 20, 2021
as an investment holding company. The Company conducts its primary operations through its indirectly wholly owned subsidiary WANG &amp;
LEE CONTRACTING LIMITED (&#8220;WLHK&#8221;) which is incorporated and domiciled in Hong Kong SAR; WLHK provides contract engineering,
installation and out-fitting of the following products and services: low voltage (220v/phase 1 or 380v/phase 3) electrical systems, mechanical
ventilation and air-conditioning systems (&#8220;MVAC&#8221;), fire safety systems, and water supply and sewage disposal systems.</span></p>

<p style="font: 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 owns WANG &amp; LEE HOLDINGS, Inc. (&#8220;WL Holdings&#8221;) an investment holding company that was incorporated in the BVI
on May 27, 2021. The primary purpose of WL Holding is to hold WLHK. WLHK was incorporated on December 3, 1992, in Hong Kong SAR and provides
the services above to large corporate customers that are primary located in Hong Kong SAR.</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
following is an organization chart of the Company and its subsidiaries:</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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_009.jpg" alt="" /></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><span style="text-decoration: underline">GOING
CONCERN</span></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></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021, the Company has incurred
a net loss of $<span id="xdx_909_eus-gaap--NetIncomeLoss_iN_di_c20210101__20211231_zRaZe0Ga5Ln4" title="Net income loss"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">354,743</ix:nonFraction></span> and had an accumulated deficit $<span id="xdx_903_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20211231_zhgNCUxM2kjk" title="Accumulated deficit"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,624,941</ix:nonFraction></span> and a working capital deficit of $<span id="xdx_90B_ecustom--WorkingCapitalDeficit_iNI_di_c20211231_zicvn8BKsuu6" title="Working capital deficit"><ix:nonFraction name="WLGS:WorkingCapitalDeficit" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">518,589</ix:nonFraction></span>, and its net cash used in operating
activities for the year ended December 31, 2021 was $<span id="xdx_90D_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_di_c20210101__20211231_zvPawp4R2Stb" title="Net cash used in operating activities"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">482,801</ix:nonFraction></span>. These circumstances gave rise to substantial doubt that the Company would
continue as a going concern subsequent to December 31, 2021.</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">As of December 31, 2022, the Company has incurred
a net loss of $<span id="xdx_907_eus-gaap--NetIncomeLoss_iN_di_c20220101__20221231_z1bOEhp0SXO7" title="Net income loss"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">596,881</ix:nonFraction></span> and had an accumulated deficit $2,221,822 and a working capital deficit of $<span id="xdx_906_ecustom--WorkingCapitalDeficit_iNI_di_c20221231_zpNtg72uTYrg" title="Working capital deficit"><ix:nonFraction name="WLGS:WorkingCapitalDeficit" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">1,281,671</ix:nonFraction></span>, and its net cash used in
operating activities for the year ended December 31, 2022 was $<span id="xdx_90D_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_di_c20220101__20221231_z4aVDdrf0Wu7" title="Net cash used in operating activities"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">352,764</ix:nonFraction></span>; accordingly, as of the date of this report, there still exist
substantial doubt that the Company will continue as going concern. Management plans to focus its resources on smaller scale engineering
projects that generate sustainable positive profit margins. Additionally, the Company plans to raise capital via private placement and
public offering in the event that the Company does not have adequate liquidity to meet its current obligations.</p>
<p style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 124; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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><span style="text-decoration: underline">NOTE
1 - ORGANIZATION AND PRINCIPAL ACTIVITIES (CONTINUED)</span></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
accompanying audited consolidated financial statements have been prepared assuming the Company will continue as a going concern, which
contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These audited consolidated
financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities
that might be necessary should the Company be unable to continue as a going concern.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80D_eus-gaap--SignificantAccountingPoliciesTextBlock_zYBHeoNIFlf1" style="font: 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><span style="text-decoration: underline">NOTE
2 - <span id="xdx_820_zUew2TQO75n6">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></span></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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_846_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zFNGQBPTIhfd" style="font: 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"><span id="xdx_863_zgSGG6pkBBa5">Method
of accounting</span></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">The
accompanying audited consolidated financial statements include the accounts of the Company and its subsidiaries (collectively the &#8220;Company&#8221;).
In addition, the financials include WL Holding and WLHK, entities combined with the Company as of December 31, 2022 and 2021 based on
common control. The Company eliminates all significant intercompany balances and transactions in its audited consolidated financial statements.</span></p>

<p style="font: 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">Management
has prepared the accompanying audited consolidated financial statements and these notes in accordance to generally accepted accounting
principles in the United States (&#8220;US GAAP&#8221;). The Company maintains its general ledger and journals with the accrual method
accounting.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_847_eus-gaap--ConsolidationPolicyTextBlock_zKjpdBVUFEZb" style="font: 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"><span id="xdx_860_z6Ik8koIp823">Principles
of consolidation</span></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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:EquityMethodInvestmentsTextBlock"><p id="xdx_896_eus-gaap--EquityMethodInvestmentsTextBlock_zWOd2BH0EKx1" style="font: 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
accompanying audited consolidated financial statements reflect the activities of the Company, and each of the following entities:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B5_zBFqCJOlr125">SCHEDULE OF COMPANY ENTITIES EQUITY METHOD INVESTMENTS</span></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>&#160;</td>
    <td style="text-align: center">Place of</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">Attributable <br /> equity</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">Registered</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; text-align: center">incorporation</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">interest %</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">capital</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 32%; text-align: left">WANG &amp; LEE GROUP, Inc.</td><td style="width: 2%">&#160;</td>
    <td style="width: 26%; text-align: center">BVI</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WangAndLeeGroupIncMember_zelNmbp9wKwb" title="Attributable equity interest"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-12-31_custom_WangAndLeeGroupIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></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"><span id="xdx_909_eus-gaap--AdditionalPaidInCapital_iI_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WangAndLeeGroupIncMember_zkHc55YT62Ak" title="Registered capital"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2022-12-31_custom_WangAndLeeGroupIncMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2</ix:nonFraction></span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">WANG &amp; LEE HOLDINGS, Inc.</td><td>&#160;</td>
    <td style="text-align: center">BVI</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WangAndLeeHoldingsIncMember_zGB4wvvt2yLd" title="Attributable equity interest"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-12-31_custom_WangAndLeeHoldingsIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></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">WANG &amp; LEE CONTRACTING LIMITED</td><td>&#160;</td>
    <td style="text-align: center">Hong Kong SAR (&#8220;HK SAR&#8221;)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WangAndLeeContractingLimitedMember_zJ7iZpy3b9hg" title="Attributable equity interest"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-12-31_custom_WangAndLeeContractingLimitedMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90F_eus-gaap--AdditionalPaidInCapital_iI_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WangAndLeeContractingLimitedMember_zyAJfm6Le8G9" title="Registered capital"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2022-12-31_custom_WangAndLeeContractingLimitedMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">503,225</ix:nonFraction></span></td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AA_zMZjllKG1V3d" style="font: 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">Management
has eliminated all significant inter-company balances and transactions in preparing the accompanying audited consolidated financial statements.</span></p>

<p style="font: 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
May 20, 2021, the Company incorporated in the BVI. On May 27, 2021, the Company incorporated WL Holding, a limited company incorporated
in the BVI.</span></p>

<p style="font: 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>
    <!-- Field: /Page --></ix:exclude>

<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"><b><span style="text-decoration: underline">NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</span></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"><span style="text-decoration: underline">Principles
of consolidation (Continued)</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">On
July 2, 2021, we acquired WLHK. WLHK was owned <span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WangAndLeeGroupIncMember__srt--TitleOfIndividualAxis__custom--SauLeeShirleyKamMember_zwEzcKQQGmr2" title="Equity interest ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-12-31_custom_WangAndLeeGroupIncMember_custom_SauLeeShirleyKamMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">99</ix:nonFraction>%</span> by Sau Lee Shirley Kam and <span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20221231__srt--TitleOfIndividualAxis__custom--PuiLungHoMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WangAndLeeGroupIncMember_z4g1J8kl43Df" title="Equity interest ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-12-31_custom_PuiLungHoMember_custom_WangAndLeeGroupIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction>%</span> by Pui Lung Ho. Pui Lung Ho owns <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WangAndLeeGroupIncMember_zwyqFvnxqHhc" title="Equity interest ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-12-31_custom_WangAndLeeGroupIncMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction>%</span> of the common
stock of WANG &amp; LEE GROUP, Inc. through his ownership of WANG &amp; LEE BROTHERS, Inc. Sau Lee Shirley Kam is mother of Pui Lung
Ho. Since there is a family relationship between Sau Lee Shirley Kam and Pui Lung Ho, the acquisition of WLHK has been accounted for
as a business combination under common control in accordance to ASC-805-30-5, in which the assets and liabilities of WLHK has been presented
at their carrying values at the date of the transaction.</span></p>

<p style="font: 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
accompanying financial statements have been prepared assuming the Company and its subsidiaries WL Holdings and WLHK were wholly owned
by the Company from the beginning of the first period presented.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_84C_eus-gaap--UseOfEstimates_zhy1ZPKcAXFi" style="font: 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"><span id="xdx_86B_zWfsQ48wO20e">Use
of estimates</span></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">The
preparation of the audited consolidated financial statements in conformity with accounting principles generally accepted in the United
States of America (&#8220;U.S. GAAP&#8221;), requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the date of the audited consolidated financial statements
and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information
available when the calculations are made; however, actual results could differ materially from those estimates.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_84E_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zeRhMNzqJvxf" style="font: 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"><span id="xdx_868_z8EdXjNo8WVa">Cash
and cash equivalents</span></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">The
Company considers cash, bank deposit and all highly liquid investments with original maturities of three months or less when purchased
to be cash and cash equivalents. Cash consists primarily of cash in accounts held at a financial institution. Certain of these accounts
are designated as zero balance accounts wherein the balance is swept out nightly to reduce the Company&#8217;s line of credit balance,
if any.</span></p>

<p style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 126; Value: 1 -->
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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</span></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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="WLGS:AdvanceAndPrepaymentsTextBlock"><p id="xdx_84B_ecustom--AdvanceAndPrepaymentsTextBlock_z0CbFhmiM8Ka" style="font: 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"><span id="xdx_86F_z3Oq4NaCplTi">Advance
and prepayments</span></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">The
Company makes a deposit payment to suppliers and vendors for the procurement of materials. Upon physical receipt and inspection of the
materials from suppliers, the applicable amount is reclassified from deposit and prepayments, and advance to contract costs due to those
materials are ordered only when needed by specific projects.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_84E_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zDiwXVMsvFAb" style="font: 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"><span id="xdx_86B_zgxjVHHGeqp6">Plant
and equipment, net</span></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">Plant
and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the
straight-line method. The Company typically applies a salvage value of <span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentSalvageValuePercentage_iI_dp_uPure_c20221231_zy8iN8srpGWj" title="Salvage value in percentage"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentSalvageValuePercentage" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction>%</span>. The estimated useful lives of the plant and equipment are as
follows:</span></p>

<p style="font: 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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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <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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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Motor vehicle</td><td>&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8AC_z7TdpRf6Kw1f" style="font: 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
cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss
are included in the Company&#8217;s results of operations. The costs of maintenance and repairs are recognized as incurred; significant
renewals and betterments are capitalized.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"><p id="xdx_84D_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zVsXbdNFZbXi" style="font: 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"><span id="xdx_867_zmf6DxnI8lCi">Accounting
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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">&#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 annually reviews its long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying
amount of assets may not be recoverable. Impairment may become obsolete from a difference in the industry, introduction of new technologies,
or if the Company has inadequate working capital to utilize the long-lived assets to generate adequate profits. Impairment is present
if the carrying amount of an asset is less than its expected future undiscounted cash flows.</span></p>

<p style="font: 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
an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value
of the asset. Assets to be disposed of are reported lower the carrying amount or fair value fewer costs to selling.</span></p>

<p style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 127; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<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"><b><span style="text-decoration: underline">NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</span></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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_842_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zoY00WAi4Gn4" style="font: 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"><span id="xdx_86F_ziKeIHXLhU1e">Foreign
currency translation</span></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">The
accompanying audited consolidated financial statements are presented in United States dollars (&#8220;$&#8221;). The functional currency
of the Company is the Hong Kong Dollars (&#8220;HK$&#8221;). WLHK&#8217;s assets and liabilities are translated into $ from HK$ at year-end
exchange rates. Its revenues and expenses are translated at the average exchange rate during the period. Capital accounts are translated
at their historical exchange rates when the capital transactions occurred.</span></p>

<p style="font: 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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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: justify">Period average $: HK$ exchange rate</td><td>&#160;</td>
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  <tr id="xdx_402_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_uPure_ztvQT69iNRDg" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Foreign currency exchange rate</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"></td><td style="text-align: left">&#160;</td></tr>
</table>

</ix:nonNumeric><p id="xdx_8AB_zs4WjQWMxEJa" style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="WLGS:AdoptionOfNewAccountingStandardPolicyTextBlock"><p id="xdx_848_ecustom--AdoptionOfNewAccountingStandardPolicyTextBlock_zRBGJDWBR1Vf" style="font: 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"><span id="xdx_862_zkuBOJobRgW">Adoption
of new accounting standard</span></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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
January 1, 2022, the Company adopted ASU No. 2021-04, <i>Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Subtopic
470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity&#8217;s Own Equity (Subtopic
815-40): Issuer&#8217;s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options</i>.
This ASU provides guidance for a modification or an exchange of a freestanding equity-classified written call option that is not within
the scope of another Topic. It specifically addresses measurement, treatment and recognition of a freestanding equity-classified written
call option modification or exchange. The adoption of this standard did not have an impact on the consolidated 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
January 1, 2022, the Company adopted ASU 2021-10, <i>Government Assistance (Topic 832), Disclosures by Business Entities About Government
Assistance</i>, which requires entities to provide disclosures on material government assistance transactions for annual reporting periods.
The disclosures include information around the nature of the assistance, the related accounting policies used to account for government
assistance, the effect of government assistance on the entity&#8217;s financial statements and any significant terms and conditions of
the agreements, including commitments and contingencies. The adoption of this standard did not have an impact on the consolidated financial
statements.</span></p>
<p style="font: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</span></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>

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Recognition</span></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>

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discussed in Note 1, the Company provides a variety of engineering and related professional services to customers located throughout
the HK SAR. The Company enters into agreements with clients that create enforceable rights and obligations and for which it is probable
that the Company will collect the consideration to which it will be entitled as services transfer to the customer. It is customary practice
for the Company to have written agreements with its customers and revenue on oral or implied arrangements is generally not recognized.
The Company recognizes revenue based on the consideration specified in the applicable agreement.</span></p>

<p style="font: 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">Revenue
from contracts with customers is recognized using the following five steps:</span></p>

<p style="font: 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">&#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">Generally,
revenues are recognized when the Company has negotiated the terms of the transaction, which includes determining either the overall price,
or price for each performance obligation in the form of a service or a product, the service or product has been delivered to the customer,
no obligation is outstanding regarding that service or product, and the Company is reasonably assured that funds have been or will be
collected from the customer.</span></p>

<p style="font: 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 recognizes revenue using the percentage-of-completion method, based primarily on contract costs incurred to date compared to
total estimated contract costs. The percentage-of-completion method (an input method) is the most representative depiction of the Company&#8217;s
performance because it directly measures the value of the services or products transferred to the customer. Subcontractor materials,
labor and equipment are included in revenue and cost of revenue when management believes that the Company is acting as a principal rather
than as an agent (e.g., the Company integrates the materials and labor into the deliverables promised to the customer or is otherwise
primarily responsible for fulfillment and acceptability of the materials and labor). In the contracts with customer, there are terms
that allow for the Company to implement variation order without seeking additional approval from their customers within a pre-approved
range set forth in the contract; these variations may be for additional labor or materials necessary to fulfill the contract. The Company
typically integrates the deliverables as part of the general performance obligation of the contract as a whole. Historically, any contract
acquisition costs have been immaterial; in the event that such costs arose, the Company expenses such costs incurred as periodic cost.
Any project mobilization costs such as obtaining government zoning, approvals and permits are included in project costs, and constitute
a part of the overall performance obligation.</span></p>

<p style="font: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE
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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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Revenue
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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">The
Company contracts set forth payment terms that require their customer to make payment within 30 days of billing which is triggered by
the Company reaching the milestone to bill the customer after the Company has received certification that it has discharged its responsibilities
under the terms of the contract.</span></p>

<p style="font: 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">Management
does not believe that its contracts include a significant financing component because the period between delivery or the contracting
services to the customer and the time of payment do not typically exceed one year.</span></p>

<p style="font: 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
service contracts, such as fire safety systems inspection services, the Company recognizes revenue at a point in time when the service
has been rendered to the customer which is evidenced by the Company submitting the annual inspection certificate to the Director of the
Fire Services Department of the Government of the HK SAR.</span></p>

<p style="font: 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 generally provides limited warranties for work that it has performed under its engineering and construction contracts; these
warranty periods are known as the defect liabilities period (&#8220;DLP&#8221;). The DLP typically extends for a duration of one year
from the substantial completion of the project for the customer. Historically, warranty claims have not resulted in significant costs.
Contracts will include a provision whereby the Customer will withhold 5 to 10% of the total contract value until the end of the DLP at
which point the customer will release the retention amounts to 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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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>
    <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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</ix:nonNumeric><p id="xdx_8A7_zNZuXensxyW5" style="font: 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">Contract
related assets and liabilities are classified as current assets and current liabilities. Significant balance sheet accounts related to
the revenue cycle are as follows:</span></p>

<p style="font: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE
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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">Revenue
Recognition (Continued)</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>

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receivables, net</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">Account
receivables, net (contract receivables) include amounts billed under the contract terms. The amounts are stated at their net realizable
value. The Company maintains an allowance for expected credit loss to provide for the estimated number of receivables that will not be
collected. The Company considers several factors in its estimate of the allowance, including knowledge of a client&#8217;s financial
condition, its historical collection experience, and other factors relevant to assessing the collectability of such receivables. Bad
debts are written off against allowances.</span></p>

<p style="font: 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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assets</span></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">Contract
assets are recorded when progress to completion revenue earned on contracts exceeds amounts actually billed under the contract.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="WLGS:ContractWithCustomerLiabilityPolicyTextBlock"><p id="xdx_84B_ecustom--ContractWithCustomerLiabilityPolicyTextBlock_zE8mcnqzBaZf" style="font: 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><span id="xdx_86B_z5AbZZCoHxgk">Contract
liabilities</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">Contract
liabilities are recorded when amounts actually billed under a contract exceeds the progress to completion revenue earned under the contract.</span></p>

<p style="font: 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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income</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">In
the contracts, <span id="xdx_903_ecustom--RetentionRevenuePercentage_pid_dp_uPure_c20220101__20221231__srt--RangeAxis__srt--MinimumMember_zQkZtU4iubye" title="Retention revenue in percentage"><ix:nonFraction name="WLGS:RetentionRevenuePercentage" contextRef="From2022-01-012022-12-31_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>
to <span id="xdx_906_ecustom--RetentionRevenuePercentage_pid_dp_uPure_c20220101__20221231__srt--RangeAxis__srt--MaximumMember_zoLtmBdyNWZ4" title="Retention revenue in percentage"><ix:nonFraction name="WLGS:RetentionRevenuePercentage" contextRef="From2022-01-012022-12-31_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%</span>
of the contract sum (&#8220;Retention Revenue&#8221;) usually assign to be withheld at the end of a project for the limited
warranties of work performed under its engineering and construction contracts to ensure that the Company meets the contract
requirements. Once the defect liabilities period (&#8220;DLP&#8221;) started, the Company recognized retention receivable and
deferred income. The Retention Revenue will be recognized once the DLP is ended and signed off by the customer.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:CreditLossFinancialInstrumentPolicyTextBlock"><p id="xdx_84C_eus-gaap--CreditLossFinancialInstrumentPolicyTextBlock_zIHXJ1XcGKe3" style="font: 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><span id="xdx_868_zIka2NXLBOY8">Expected
credit loss</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">ASU
No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments requires entities
to use a current lifetime expected credit loss methodology to measure impairments of certain financial assets. Using this methodology
will result in earlier recognition of losses than under the current incurred loss approach, which requires waiting to recognize a loss
until it is probable of having been incurred. There are other provisions within the standard that affect how impairments of other financial
assets may be recorded and presented, and that expand disclosures. WLHK adopted the new standard effective January 1, 2019, the first
day of the Company&#8217;s fiscal year and applied to account receivables, contract assets, retention receivables and other financial instruments. The adoption
of this guidance did not materially impact the net earning and financial position and has no impact on the cash flows.</span></p>

<p style="font: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</span></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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:PensionAndOtherPostretirementPlansPolicy"><p id="xdx_844_eus-gaap--PensionAndOtherPostretirementPlansPolicy_zr6o4IS1ZQ74" style="font: 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"><span id="xdx_868_zcnIGmuNN7Uh">Retirement
benefits</span></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">Retirement
benefits in the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred or allocated
to wages as part of cost of services.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_843_eus-gaap--IncomeTaxPolicyTextBlock_zgz03NeBIz7c" style="font: 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"><span id="xdx_867_zore1tu5TUKe">Income
Taxes</span></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">The
Company recognizes deferred income tax assets or liabilities for expected future tax consequences of events recognized in the audited
consolidated financial statements or tax returns. Under this method, deferred income tax assets or liabilities are determined based upon
the difference between the audited consolidated financial statement and income tax bases of assets and liabilities using enacted tax
rates expected to apply when the differences settle or become realized. Valuation allowances are provided when it is more likely than
not that a deferred tax asset is not realizable or recoverable in the future.</span></p>

<p style="font: 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 determines that the tax position is more likely than not to be sustained and records the largest amount of benefit that is more
likely than not to be realized when the tax position is settled. the Company recognizes interest and penalties, if any, related to uncertain
tax positions in income tax expense.</span></p>

<p style="font: 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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instruments</span></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">The
Company&#8217;s financial instruments, including cash and cash equivalents, accounts and other receivables, accounts and other payables,
accrued liabilities, and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC
Topic 820, &#8220;Fair Value Measurements and Disclosures&#8221; requires disclosing the fair value of financial instruments held by
WLHK. ASC Topic 825, &#8220;Financial Instruments&#8221; defines fair value and establishes a three-level valuation hierarchy for disclosures
of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the audited
consolidated balance sheets for cash, accounts receivable, other receivables, prepayments, accounts payable, other payables and short
term loans each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between
the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation
hierarchy are defined as follows:</span></p>

<p style="font: 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">
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    <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">&#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;
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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">Level
    1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets. </span></td></tr>
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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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<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"><b><span style="text-decoration: underline">NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Financial
instruments (Continued)</span></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%; border-collapse: collapse">
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    <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;
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    2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and information
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    full term. </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>
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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">&#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 analyzes all financial instruments with features of both liabilities and equity under ASC 480, &#8220;Distinguishing Liabilities
from Equity&#8221; and ASC 815.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_840_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zBMaLpvkcTEd" style="font: 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"><span id="xdx_868_zb4LEnlDhA76">Recent
accounting pronouncements</span></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"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2021, the FASB issued ASU 2021-08, Business
Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires entities
to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASU 2014-09, <i>Revenue
from Contracts with Customers (Topic 606)</i>. The update will generally result in an entity recognizing contract assets and contract
liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value.
The new standard is effective on a prospective basis for fiscal years beginning after December 15, 2022, with early adoption permitted.
This standard is effective for the Company on January 1, 2023 and the Company does not expect a significant impact to the consolidated
financial statements upon adoption. However, the ultimate impact is dependent upon the size and frequency of future acquisitions.</p>
<p style="font: 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 does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material
effect on the Company&#8217;s audited consolidated balance sheets, statement of operations and comprehensive income and statement of
cash flows.</span></p>

</ix:nonNumeric><p id="xdx_85E_ze9wJbgIXs23" style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 133; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:AccountsAndNontradeReceivableTextBlock"><p id="xdx_80D_eus-gaap--AccountsAndNontradeReceivableTextBlock_zCpWDPszvQR2" style="font: 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><span style="text-decoration: underline">NOTE
3 &#8211; <span id="xdx_821_zHufeA6Ipn75">ACCOUNT RECEIVABLES, NET</span></span></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>

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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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zjZ0xRWYZ8C6">SCHEDULE OF ACCOUNTS RECEIVABLE</span></span></p>

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<tr style="vertical-align: bottom">
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    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A3_zOzFvsOwYwQ" style="font: 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="WLGS:ScheduleOfAllowancesForExpectedCreditLossTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfAllowancesForExpectedCreditLossTableTextBlock_zARaeEXd9UOd" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
movement of allowances for expected credit loss is as follow:</span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_zHefMIfMNZie">&#160;SCHEDULE
OF ALLOWANCES FOR EXPECTED CREDIT LOSS</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#160;</span></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>&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">December 31,</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Balance at beginning of the year</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iNS_di_c20220101__20221231_z8Faoj1cS3e6" title="Allowances for expected credit loss, beginning balance" style="width: 16%; text-align: right">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,173</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iNS_di_c20210101__20211231_zdvt8nQYgmXc" title="Allowances for expected credit loss, beginning balance" style="width: 16%; text-align: right">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,062</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Provision</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--ProvisionForDoubtfulAccounts_c20220101__20221231_zXBOeZVfbOuf" title="Provision" style="text-align: right">(<ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">27,619</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Exchange adjustment</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iNE_di_c20220101__20221231_zSc5mHIJm60l" title="Allowances for expected credit loss, ending balance" style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">35,900</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iNE_di_c20210101__20211231_znNT2aEh5zxe" title="Allowances for expected credit loss, ending balance" style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,173</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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</ix:nonNumeric><p id="xdx_8A0_zQ3uQM5vVHZ" style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="WLGS:ContractAssetsTextBlock"><p id="xdx_806_ecustom--ContractAssetsTextBlock_zsTL6czoJGPe" style="font: 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><span style="text-decoration: underline">NOTE
4 &#8211; <span id="xdx_823_zhP5zOg7GfR3">CONTRACT ASSETS, NET</span></span></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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ContractWithCustomerAssetAndLiabilityTableTextBlock"><p id="xdx_899_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zL5ChkrDRefe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
assets consist of the following:</span></p>

<p style="font: 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 id="xdx_8BE_zmfRBPk8w468" style="display: none">SCHEDULE OF CONTRACT ASSETS</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">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49D_20220101__20221231_zLVt1sIk80Og" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49C_20210101__20211231_zuN7ES9vBgD2" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
<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">December 31,</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Contract assets</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_405_eus-gaap--ContractWithCustomerAssetNetCurrent_iS_ztnWyB1vEWwk" style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: left">Balance at beginning of the year</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ContractWithCustomerAssetNetCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">943,369</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ContractWithCustomerAssetNetCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">305,928</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_404_ecustom--ContractWithCustomerAssetAllowanceAddition_zm2KkGt8Ekyk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Additions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="WLGS:ContractWithCustomerAssetAllowanceAddition" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">797,302</ix:nonFraction></p></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="WLGS:ContractWithCustomerAssetAllowanceAddition" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,609,920</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_ecustom--IncreaseDecreaseInBilling_zhxjqyqivCa4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Changes due to billings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="WLGS:IncreaseDecreaseInBilling" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">804,156</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--AccountsReceivableChangeInMethodCreditLossExpenseReversal_z30fQlbcQx76" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Allowance for expected credit loss and bad debt written-off</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableChangeInMethodCreditLossExpenseReversal" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,486</ix:nonFraction></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:AccountsReceivableChangeInMethodCreditLossExpenseReversal" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">109,013</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40A_ecustom--ContractWithCustomerAssetAllowanceForCreditLossExchangeAdjustment_iN_di_zruTgQo7Z4B4" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Exchange adjustment</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"><ix:nonFraction name="WLGS:ContractWithCustomerAssetAllowanceForCreditLossExchangeAdjustment" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">457</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">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="WLGS:ContractWithCustomerAssetAllowanceForCreditLossExchangeAdjustment" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">636</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_401_eus-gaap--ContractWithCustomerAssetNetCurrent_iE_zGI5UcHjnkrh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Balance at end of year</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ContractWithCustomerAssetNetCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,037,458</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ContractWithCustomerAssetNetCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">943,369</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A8_zTX8tstjoyEj" style="font: 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ContractWithCustomerAssetAllowanceForCreditLossTableTextBlock"><p id="xdx_892_eus-gaap--ContractWithCustomerAssetAllowanceForCreditLossTableTextBlock_zaA7iCk19Pyi" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
movement of allowances for expected credit loss is as follow:<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>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B0_zyQM3rOqGLt">SCHEDULE
OF CONTRACT ASSETS ALLOWANCES FOR EXPECTED CREDIT LOSS</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">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
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    <td colspan="2" id="xdx_49C_20210101__20211231_ztRvUMovFi83" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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  <tr id="xdx_407_eus-gaap--ContractWithCustomerAssetCreditLossExpense_zTpNkQtgxWNl" style="vertical-align: bottom; background-color: White">
    <td>Provision</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ContractWithCustomerAssetCreditLossExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,628</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">Bad debt written-off</td><td>&#160;</td>
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  <tr id="xdx_403_eus-gaap--ContractWithCustomerAssetAccumulatedAllowanceForCreditLoss_iNE_di_z7rlNYuyx39" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Ending balance</td><td>&#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:ContractWithCustomerAssetAccumulatedAllowanceForCreditLoss" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,054</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AC_zL5PLqZmAmnj" style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 134; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; 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 -->18<!-- Field: /Sequence --></td></tr></table></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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="WLGS:RetentionReceivablesTextBlock"><p id="xdx_80E_ecustom--RetentionReceivablesTextBlock_zSiZWqhh1J86" style="font: 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><span style="text-decoration: underline">NOTE
5 &#8211; <span id="xdx_825_zp7B5fI58Jj8">RETENTION RECEIVABLES, NET</span></span></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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="WLGS:ScheduleOfRetentionReceivablesTableTextBlock"><p id="xdx_896_ecustom--ScheduleOfRetentionReceivablesTableTextBlock_z6fDgvzhcX53" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retention
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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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B8_zerPlFhvSo2g">SCHEDULE OF RETENTION RECEIVABLES</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">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_497_20221231_zFASiYXsOMI2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><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">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
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  <tr id="xdx_401_ecustom--RetentionAllowanceForExpectedCreditLossCurrent_iNI_di_msRRCNzZct_zHgTUdSQRpUf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: allowance for expected credit 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">(<ix:nonFraction name="WLGS:RetentionAllowanceForExpectedCreditLossCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</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: xdx2ixbrl0544">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--RetentionReceivablesCurrentNet_iI_mtRRCNzZct_zMzkqWrWchm9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Retention receivables current net</span></td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="WLGS:RetentionReceivablesCurrentNet" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,216</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_ecustom--RetentionReceivablesNoncurrentGross_iI_maRRNNzXDY_z9GTayrWPpHk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Retention receivables &#8211; non-current</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="WLGS:RetentionReceivablesNoncurrentGross" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">150,589</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--RetentionAllowanceForExpectedCreditLossNonCurrent_iNI_di_msRRNNzXDY_zy3YlcsOdJX1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: allowance for expected credit 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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">(<ix:nonFraction name="WLGS:RetentionAllowanceForExpectedCreditLossNonCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,059</ix:nonFraction></p></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_407_ecustom--RetentionReceivablesNoncurrentNet_iI_mtRRNNzXDY_zvuUn3uA5Ep5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Retention receivables non-current net</span></td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="WLGS:RetentionReceivablesNoncurrentNet" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">219,599</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="WLGS:RetentionReceivablesNoncurrentNet" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">150,589</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A8_z0qxWKkotVyh" style="font: 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="WLGS:ScheduleOfRetentionReceivablesAllowancesForExpectedCreditLossTableTextBlock"><p id="xdx_89E_ecustom--ScheduleOfRetentionReceivablesAllowancesForExpectedCreditLossTableTextBlock_z5CuwuoTLUck" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
movement of allowances for expected credit loss is as follow:</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;<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"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zjMaN0L6L0a4">SCHEDULE
OF RETENTION RECEIVABLES ALLOWANCES FOR EXPECTED CREDIT LOSS</span></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">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_494_20220101__20221231_zgh3v7BxtIY2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" id="xdx_49B_20210101__20211231_zEtzkpzIm7oc" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">December 31,</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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    <td style="width: 60%; text-align: left">Balance at beginning of the year</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0560">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(<ix:nonFraction name="WLGS:RetentionAllowanceForExpectedCreditLoss" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,500</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td></tr>
  <tr id="xdx_40C_ecustom--RetentionAllowanceForExpectedCreditLossExpenseReversal_z8h7xjFKtPbl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">(Provision) Reversal of provision</td><td>&#160;</td>
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  <tr id="xdx_408_ecustom--RetentionAllowanceForExpectedCreditLossForeignCurrencyTranslationAdjustment_zOltsxOTQamf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span>Exchange adjustment</span></td><td>&#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">(<ix:nonFraction name="WLGS:RetentionAllowanceForExpectedCreditLossForeignCurrencyTranslationAdjustment" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">9</ix:nonFraction></td><td style="text-align: left">)</td><td>&#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"><ix:nonFraction name="WLGS:RetentionAllowanceForExpectedCreditLossForeignCurrencyTranslationAdjustment" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_ecustom--RetentionAllowanceForExpectedCreditLoss_iE_zEXrIRGnU4bl" style="vertical-align: bottom; background-color: White">
    <td>Ending balance</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(<ix:nonFraction name="WLGS:RetentionAllowanceForExpectedCreditLoss" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,080</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0570">-</span></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zyoxA6rt1jPd" style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80B_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zZrjmPvTRb2" style="font: 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><span style="text-decoration: underline">NOTE
6 &#8211; <span id="xdx_82D_zqkN8Vw2azWe">PLANT AND EQUIPMENT, NET</span></span></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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_891_eus-gaap--PropertyPlantAndEquipmentTextBlock_zP4FARIkmWcd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plant
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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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BF_zyzJ14qx4pA6">SCHEDULE OF PLANT AND EQUIPMENT, NET</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">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A0_zRhNCDAETqbf" style="font: 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">Depreciation
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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">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 135; Value: 1 -->
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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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="WLGS:ContractLiabilitiesTextBlock"><p id="xdx_807_ecustom--ContractLiabilitiesTextBlock_zIPpdLc2RsQ8" style="font: 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><span style="text-decoration: underline">NOTE
7 &#8211; <span id="xdx_829_zD34Ri8s0Th4">CONTRACT LIABILITIES</span></span></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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="WLGS:ScheduleOfContractLiabilitiesTableTextBlock"><p id="xdx_899_ecustom--ScheduleOfContractLiabilitiesTableTextBlock_zQTedBPwwJel" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
liabilities consist of the following:</span></p>

<p style="font: 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="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B3_zbDhW44Dnoda" style="display: none">&#160;SCHEDULE OF CONTRACT LIABILITIES</span></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">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" id="xdx_496_20210101__20211231_zKzlMuizXi36" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--ContractWithCustomerLiabilityCurrent_iS_zi6W73UNycO2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Balance at beginning of year</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">227,371</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2020-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">532,456</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--ContractWithCustomerLiabilityAllowanceAdditions_zgyuE84Y8lu1" style="vertical-align: bottom; background-color: White">
    <td>Additions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="WLGS:ContractWithCustomerLiabilityAllowanceAdditions" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">664,259</ix:nonFraction></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="WLGS:ContractWithCustomerLiabilityAllowanceAdditions" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">106,493</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_iN_di_zUXKY3YeJdzh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Recognized to revenue during the year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityRevenueRecognized" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">26,962</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityRevenueRecognized" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">409,495</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_403_ecustom--ContractWithCustomerLiabilityAllowanceForCreditLossExchangeAdjustment_zQMZgvJ26TS3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Exchange adjustment</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"><ix:nonFraction name="WLGS:ContractWithCustomerLiabilityAllowanceForCreditLossExchangeAdjustment" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,464</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">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="WLGS:ContractWithCustomerLiabilityAllowanceForCreditLossExchangeAdjustment" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,083</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_404_eus-gaap--ContractWithCustomerLiabilityCurrent_iE_zLDR8y0fJtR7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Balance at end of year</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">867,132</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">227,371</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_zTaS5hiTA6Zi" style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:DebtDisclosureTextBlock"><p id="xdx_800_eus-gaap--DebtDisclosureTextBlock_z7pLg0DGIBJe" style="font: 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><span style="text-decoration: underline">NOTE
8 &#8211; <span id="xdx_823_zsx6LhxySQSl">SHORT-TERM AND LONG-TERM BANK LOANS</span></span></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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfShortTermDebtTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfShortTermDebtTextBlock_zPRVHZsBPq4a" style="font: 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>Short-term
and long-term bank loans consist of the following:</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></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>&#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"><span id="xdx_8BC_zR64KMXpTmfb" style="display: none">SCHEDULE OF SHORT TERM DEBT</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"></span></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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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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>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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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>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--LineOfCreditFacilityInterestRateDescription_c20220101__20221231__us-gaap--ShortTermDebtTypeAxis__us-gaap--BankOverdraftsMember__us-gaap--AwardDateAxis__custom--AugustOneTwentyTwentyTwoMember_zgncVSkZMGJg" title="Line of credit facility, interest rate"><ix:nonNumeric contextRef="From2022-01-012022-12-31_us-gaap_BankOverdraftsMember_custom_AugustOneTwentyTwentyTwoMember" name="us-gaap:LineOfCreditFacilityInterestRateDescription">Higher
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: right"><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: left"><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: left"><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: right"><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: left"><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: left"><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: right"><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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A6_zi6sHjFeSI9k" style="font: 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
August 1, 2022, the new credit agreement offers from BEA replaced the credit agreement offers from BEA entered on August
23, 2021.</span></p>

<p style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 136; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; 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 -->20<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b><span style="text-decoration: underline">NOTE
8 &#8211; SHORT-TERM AND LONG-TERM BANK LOANS (CONTINUED)</span></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">As of December 31, 2022 and 2021, invoice financing and revolving loans
were secured by the personal deposit from the director of the Company and a related party, and limited personal guarantee provided by
the director and a related party. The amounts due are based on scheduled repayment dates set out in the banking facilities letters or
loan agreements. All the Company&#8217;s invoice financing and revolving loans carried variable interest at the higher of 1-month Hong
Kong Interbank Offered Rate (the &#8220;HIBOR&#8221;) plus <span id="xdx_905_eus-gaap--ShortTermDebtPercentageBearingVariableInterestRate_iI_dp_c20221231__srt--RangeAxis__srt--MinimumMember__us-gaap--VariableRateAxis__custom--HongKongInterbankOfferedRateHIBORMember_zZmUhg0IBq5e"><ix:nonFraction name="us-gaap:ShortTermDebtPercentageBearingVariableInterestRate" contextRef="AsOf2022-12-31_srt_MinimumMember_custom_HongKongInterbankOfferedRateHIBORMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.5</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
to <span id="xdx_90D_eus-gaap--ShortTermDebtPercentageBearingVariableInterestRate_iI_dp_c20221231__srt--RangeAxis__srt--MaximumMember__us-gaap--VariableRateAxis__custom--HongKongInterbankOfferedRateHIBORMember_znbXmLBZDUik"><ix:nonFraction name="us-gaap:ShortTermDebtPercentageBearingVariableInterestRate" contextRef="AsOf2022-12-31_srt_MaximumMember_custom_HongKongInterbankOfferedRateHIBORMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
per annum or the Prime Rate less <span id="xdx_900_eus-gaap--ShortTermDebtPercentageBearingVariableInterestRate_iI_dp_c20221231__srt--RangeAxis__srt--MinimumMember__us-gaap--VariableRateAxis__us-gaap--PrimeRateMember_zb6cXcDxN802"><ix:nonFraction name="us-gaap:ShortTermDebtPercentageBearingVariableInterestRate" contextRef="AsOf2022-12-31_srt_MinimumMember_us-gaap_PrimeRateMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
to <span id="xdx_90A_eus-gaap--ShortTermDebtPercentageBearingVariableInterestRate_iI_dp_c20221231__srt--RangeAxis__srt--MaximumMember__us-gaap--VariableRateAxis__us-gaap--PrimeRateMember_zah7YbXdziKi"><ix:nonFraction name="us-gaap:ShortTermDebtPercentageBearingVariableInterestRate" contextRef="AsOf2022-12-31_srt_MaximumMember_us-gaap_PrimeRateMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
per annum.</span></p>

<p style="font: 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">As
of December 31, 2022 and 2021, the non-revolving term loan under SME Financing Guarantee Scheme was issued by the HKMC Insurance Limited under the SME Financing Guarantee Scheme
and secured by personal guarantee provided by the director and a related party for HK$<span id="xdx_906_eus-gaap--LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod_uHKD_c20210101__20211231__us-gaap--CreditFacilityAxis__custom--NonRevolvingTermLoanUnderSmeFinancingGuaranteeSchemeMember_zePtFrV6S3O5" title="Line of credit facility, limits"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod" contextRef="From2021-01-012021-12-31_custom_NonRevolvingTermLoanUnderSmeFinancingGuaranteeSchemeMember" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">6,000,000</ix:nonFraction></span>
(equivalent to $<span id="xdx_90D_eus-gaap--LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod_c20210101__20211231__us-gaap--CreditFacilityAxis__custom--NonRevolvingTermLoanUnderSmeFinancingGuaranteeSchemeMember_zzigp0TQ7V57" title="Line of credit facility, limits"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod" contextRef="From2021-01-012021-12-31_custom_NonRevolvingTermLoanUnderSmeFinancingGuaranteeSchemeMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">769,330</ix:nonFraction></span>).
The amounts due are based on scheduled repayment dates set out in the banking facilities letters. The bank loan carrying by <span id="xdx_900_eus-gaap--ShortTermDebtPercentageBearingVariableInterestRate_iI_pid_dp_c20211231__us-gaap--CreditFacilityAxis__custom--NonRevolvingTermLoanUnderSmeFinancingGuaranteeSchemeMember_z0NsLVlnR7c6" title="Interest rate"><ix:nonFraction name="us-gaap:ShortTermDebtPercentageBearingVariableInterestRate" contextRef="AsOf2021-12-31_custom_NonRevolvingTermLoanUnderSmeFinancingGuaranteeSchemeMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.5</ix:nonFraction>%</span>
per annum below the prime lending rate for Hong Kong Dollars quoted by HKMC.</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
effective interest rate of the years 2022 and 2021 for the Company&#8217;s short-term and long-term bank loans ranged from <span id="xdx_900_eus-gaap--ShortTermDebtPercentageBearingVariableInterestRate_iI_pid_dp_c20221231__us-gaap--CreditFacilityAxis__custom--NonRevolvingTermLoanUnderSmeFinancingGuaranteeSchemeMember__srt--RangeAxis__srt--MinimumMember_zx96F2NpV4Jk" title="Interest rate"><span id="xdx_909_eus-gaap--ShortTermDebtPercentageBearingVariableInterestRate_iI_pid_dp_c20211231__us-gaap--CreditFacilityAxis__custom--NonRevolvingTermLoanUnderSmeFinancingGuaranteeSchemeMember__srt--RangeAxis__srt--MinimumMember_z5JHWobHsREc" title="Interest rate"><ix:nonFraction name="us-gaap:ShortTermDebtPercentageBearingVariableInterestRate" contextRef="AsOf2022-12-31_custom_NonRevolvingTermLoanUnderSmeFinancingGuaranteeSchemeMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:ShortTermDebtPercentageBearingVariableInterestRate" contextRef="AsOf2021-12-31_custom_NonRevolvingTermLoanUnderSmeFinancingGuaranteeSchemeMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.75</ix:nonFraction></ix:nonFraction>%</span></span>
to <span id="xdx_90C_eus-gaap--ShortTermDebtPercentageBearingVariableInterestRate_iI_pid_dp_c20221231__us-gaap--CreditFacilityAxis__custom--NonRevolvingTermLoanUnderSmeFinancingGuaranteeSchemeMember__srt--RangeAxis__srt--MaximumMember_zJJTf8o0VsDl" title="Interest rate"><span id="xdx_905_eus-gaap--ShortTermDebtPercentageBearingVariableInterestRate_iI_pid_dp_c20211231__us-gaap--CreditFacilityAxis__custom--NonRevolvingTermLoanUnderSmeFinancingGuaranteeSchemeMember__srt--RangeAxis__srt--MaximumMember_zNyOfUZp7ro7" title="Interest rate"><ix:nonFraction name="us-gaap:ShortTermDebtPercentageBearingVariableInterestRate" contextRef="AsOf2022-12-31_custom_NonRevolvingTermLoanUnderSmeFinancingGuaranteeSchemeMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:ShortTermDebtPercentageBearingVariableInterestRate" contextRef="AsOf2021-12-31_custom_NonRevolvingTermLoanUnderSmeFinancingGuaranteeSchemeMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.53</ix:nonFraction></ix:nonFraction>%</span></span>
per annum. Except the balance of $<span id="xdx_90C_eus-gaap--ShortTermNonBankLoansAndNotesPayable_iI_c20221231__us-gaap--CreditFacilityAxis__custom--NonRevolvingTermLoanUnderSmeFinancingGuaranteeSchemeMember_zDUDOAjhQHx2" title="Repayable amount"><ix:nonFraction name="us-gaap:ShortTermNonBankLoansAndNotesPayable" contextRef="AsOf2022-12-31_custom_NonRevolvingTermLoanUnderSmeFinancingGuaranteeSchemeMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">653,185</ix:nonFraction></span>
(2021: $<span id="xdx_90C_eus-gaap--ShortTermNonBankLoansAndNotesPayable_iI_c20211231__us-gaap--CreditFacilityAxis__custom--NonRevolvingTermLoanUnderSmeFinancingGuaranteeSchemeMember_zNWyAOdDtCT" title="Repayable amount"><ix:nonFraction name="us-gaap:ShortTermNonBankLoansAndNotesPayable" contextRef="AsOf2021-12-31_custom_NonRevolvingTermLoanUnderSmeFinancingGuaranteeSchemeMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">752,859</ix:nonFraction></span>)
of the non-revolving term loan under SME Financing Guarantee Scheme are repayable more than one year, all the Company&#8217;s
short-term and long-term bank loans are repayable on demand or repayable within one year.</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">Interest
expense on the short-term and long-term bank loans totaled $<span id="xdx_907_eus-gaap--InterestExpenseBorrowings_c20220101__20221231_zycpVpTtuuFe" title="Borrowings"><ix:nonFraction name="us-gaap:InterestExpenseBorrowings" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">35,377</ix:nonFraction></span>
and $<span id="xdx_900_eus-gaap--InterestExpenseBorrowings_c20210101__20211231_zAC9eLNPp3C6" title="Borrowings"><ix:nonFraction name="us-gaap:InterestExpenseBorrowings" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,312</ix:nonFraction></span> during
the year ended December 31, 2022 and 2021, respectively.</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">As
of December 31, 2022 and 2021, the Company was granted the general banking facilities stated above with the following
pledges:</span></p>

<p style="font: 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">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Personal
    guarantee limited to HK$<span id="xdx_903_eus-gaap--LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod_pn6n6_uHKD_c20210101__20211231__srt--TitleOfIndividualAxis__srt--DirectorMember_zxVmy1CED3Ci" title="Line of credit facility, limits"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod" contextRef="From2021-01-012021-12-31_srt_DirectorMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="HKD">5</ix:nonFraction></span> million (equivalent to $<span id="xdx_90D_eus-gaap--LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod_c20220101__20221231__srt--TitleOfIndividualAxis__srt--DirectorMember_zJOMkhKiaWWc" title="Line of credit facility, limits"><ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod" contextRef="From2022-01-012022-12-31_srt_DirectorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">641,109</ix:nonFraction></span>) provided by Pui Lung Ho, the director of the Company and Sau Lee Shirley
    Kam, who is a family member of the director of the Company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pledged
deposit amounted approximately to HK$<span id="xdx_909_eus-gaap--CollateralizedFinancings_iI_pn6n6_uHKD_c20221231__srt--TitleOfIndividualAxis__srt--DirectorMember_zK5C2lFcqeUb"><ix:nonFraction name="us-gaap:CollateralizedFinancings" contextRef="AsOf2022-12-31_srt_DirectorMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="HKD">3</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million (equivalent to approximately $<span id="xdx_90F_eus-gaap--CollateralizedFinancings_iI_c20221231__srt--TitleOfIndividualAxis__srt--DirectorMember_zF1ploV31MX6"><ix:nonFraction name="us-gaap:CollateralizedFinancings" contextRef="AsOf2022-12-31_srt_DirectorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">384,665</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)
by Pui Lung Ho, the director of the Company.</span></td></tr>
  </table>
<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>


<ix:exclude><!-- Field: Page; Sequence: 137; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; 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 -->21<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_802_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_z8pInkKvbT37" style="font: 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><span style="text-decoration: underline">NOTE
9 &#8211; <span id="xdx_827_zieLNgeyS0M1">EQUITY</span></span></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
equity of the Company as of December 31, 2022 and 2021 represents <span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20211231_zva5fT0iPoO" title="Common stock shares outstanding"><span id="xdx_903_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20221231_z0q3uQwcQiy9" title="Common stock shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,000,000</ix:nonFraction></ix:nonFraction></span></span> ordinary shares amounting to $<span id="xdx_902_eus-gaap--CommonStockValueOutstanding_iI_c20221231_zI5J0S8etYhe" title="Ordinary shares value"><span id="xdx_90C_eus-gaap--CommonStockValueOutstanding_iI_c20211231_zTiE8pO9LOsh" title="Ordinary shares value"><ix:nonFraction name="us-gaap:CommonStockValueOutstanding" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:CommonStockValueOutstanding" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2</ix:nonFraction></ix:nonFraction></span></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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock"><p id="xdx_802_eus-gaap--PensionAndOtherPostretirementBenefitsDisclosureTextBlock_zyCNgnZY0qfe" style="font: 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><span style="text-decoration: underline">NOTE
10 &#8211; <span id="xdx_82E_zQ45KipU8M1">EMPLOYEE BENEFIT PLANS</span></span></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 has a defined contribution pension scheme for its qualifying employees. The scheme assets are held under a provident fund managed
by an independent fund manager. The Company and its employees are each required to make contributions to the scheme calculated at <span id="xdx_901_eus-gaap--DefinedBenefitPlanFundedPercentage_iI_dp_c20221231_z24SLzCDrSll" title="Employee benefit percentage"><ix:nonFraction name="us-gaap:DefinedBenefitPlanFundedPercentage" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction>%</span>
of the employees&#8217; basic salaries on monthly 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_800_eus-gaap--IncomeTaxDisclosureTextBlock_zVv4M2ncXbea" style="font: 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><span style="text-decoration: underline">NOTE
11 &#8211; <span id="xdx_82B_zFMIHAAqQMYa">PROVISION FOR INCOME TAXES</span></span></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>British
Virgin Islands</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">WANG
&amp; LEE GROUP, Inc. and WANG &amp; LEE HOLDINGS, Inc. are incorporated in the British Virgin Islands and are not subject to tax on
income or capital gains under current British Virgin Islands law. In addition, upon payments of dividends by these entities to their
shareholders, no British Virgin Islands withholding tax will be imposed.,</span></p>

<p style="font: 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>HK
SAR</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
21 March 2018, the HK SAR Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017 (the &#8220;Bill&#8221;) which
introduces the two-tiered profits tax rates regime. The Bill was signed into law on 28 March 2018 and was gazetted on the following day.
Under the two-tiered profits tax rates regime, the first HK$<span id="xdx_905_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_pn6n6_uHKD_c20180320__20180321_zvWF0mrarSof" title="Profit tax rates"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate" contextRef="From2018-03-202018-03-21" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="HKD">2</ix:nonFraction></span> million of profits of the qualifying group entity will be taxed at <span id="xdx_90F_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_c20180320__20180321_z44hH4a2LAX5" title="Profit tax rates"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate" contextRef="From2018-03-202018-03-21" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.25</ix:nonFraction></span>%,
and profits above HK$<span id="xdx_902_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_pn6n6_uHKD_c20180320__20180321__srt--RangeAxis__srt--MaximumMember_zkiC9sNICtae" title="Profit tax rates"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate" contextRef="From2018-03-202018-03-21_srt_MaximumMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="HKD">2</ix:nonFraction></span> million will be taxed at <span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_c20180320__20180321__srt--RangeAxis__srt--MaximumMember_zybZqokaMB7" title="Profit tax rates"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate" contextRef="From2018-03-202018-03-21_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16.5</ix:nonFraction></span>%. The profits of group entities not qualifying for the two-tiered profits tax rates
regime will continue to be taxed at a flat rate of <span id="xdx_902_ecustom--EffectiveIncomeTaxRateReconciliationFlatTaxRate_pid_dp_uPure_c20180320__20180321_zTDsXBreXBM" title="Flat tax rate percent"><ix:nonFraction name="WLGS:EffectiveIncomeTaxRateReconciliationFlatTaxRate" contextRef="From2018-03-202018-03-21" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16.5</ix:nonFraction></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">Accordingly,
starting from the current year, the HK SAR profits tax is calculated at <span id="xdx_908_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_c20180320__20180321_ztoIrUn08b82" title="Profit tax rates"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate" contextRef="From2018-03-202018-03-21" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.25</ix:nonFraction></span>% on the first HK$<span id="xdx_902_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_pn6n6_uHKD_c20180320__20180321_zJNaAMVAv2Kg" title="Profit tax rates"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate" contextRef="From2018-03-202018-03-21" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="HKD">2</ix:nonFraction></span> million of the estimated assessable profits
and at <span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_c20180320__20180321__srt--RangeAxis__srt--MaximumMember_zNeY6ALuC4V4" title="Profit tax rates percent"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate" contextRef="From2018-03-202018-03-21_srt_MaximumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16.5</ix:nonFraction></span>% on the estimated assessable profits above HK$<span id="xdx_907_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_pn6n6_uHKD_c20180320__20180321__srt--RangeAxis__srt--MaximumMember_zfH9iBX2lIn3" title="Profit tax rates"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate" contextRef="From2018-03-202018-03-21_srt_MaximumMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="HKD">2</ix:nonFraction></span> million.</span></p>

<p style="font: 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><p id="xdx_893_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zdje7dBCLIAd" style="font: 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 tables provide the reconciliation of the differences between the statutory and effective tax expenses following as of December
31, 2022 and 2021.</span></p>

<p style="font: 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 id="xdx_8B1_zTfGLK1jsZV" style="display: none">SCHEDULE
OF STATUTORY AND EFFECTIVE TAX EXPENSES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2" id="xdx_496_20220101__20221231_z0FJiHDiq7af" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49E_20210101__20211231_zVRGgfvek5b2" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
<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">December 31,</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 60%; text-align: left">Income before tax</td><td style="width: 2%">&#160;</td>
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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>
    <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_408_eus-gaap--IncomeTaxReconciliationNondeductibleExpense_maITEBzo5C_ztzG0mbXfdPi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Tax effect on non-deductible expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationNondeductibleExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">54,664</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">Tax effect on deductible temporary differences</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationDeductions" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">122</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_401_ecustom--IncomeTaxReconciliationTaxLossNotRecognized_iN_di_msITEBzo5C_zl8slMznImak" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Tax effect on tax loss not recognized</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="WLGS:IncomeTaxReconciliationTaxLossNotRecognized" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">43,943</ix:nonFraction></p></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl0738">-</span></p></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt">Tax effect on utilization of tax losses</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"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="-sec-ix-hidden: xdx2ixbrl0740">-</span></p></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">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInEnactedTaxRate" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">417,862</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_405_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzo5C_zbpkS4CbhCt" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Income tax</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8AD_z833a5pNabx5" style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 138; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; 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 -->22<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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"><b><span style="text-decoration: underline">NOTE
11 &#8211; PROVISION FOR INCOME TAXES (CONTINUED)</span></b></span></p>

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

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

<div><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zB6fZqys3qCc" style="font: 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&#8217;s effective tax rate was as follows as of December 31, 2022 and 2021:</span></p>

<p style="font: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B1_z3uXiiEdFqV6" style="display: none">SCHEDULE OF STATUTORY AND EFFECTIVE TAX RATE</span></span></span></p>

<table cellpadding="0" cellspacing="0" id="xdx_305_133_zFKnPMfodrYh" summary="xdx: Disclosure - SCHEDULE OF STATUTORY AND EFFECTIVE TAX EXPENSES (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_496_20220101__20221231_zAfd3SSvvvF8" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49E_20210101__20211231_zvirB5CPgzwk" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 2.5pt">The Company&#8217;s effective tax rate</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric></div><p id="xdx_8A5_z09L259u92La" style="font: 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>&#160;</span></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ConcentrationRiskDisclosureTextBlock"><p id="xdx_800_eus-gaap--ConcentrationRiskDisclosureTextBlock_ztDkOOe0Xao8" style="font: 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><span style="text-decoration: underline">NOTE
12 &#8211; <span><span id="xdx_827_zvgUy20P4mF7">CONCENTRATIONS OF RISK</span></span></span></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"><b>Contract
Assets Concentrations</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>

<ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_ContractAssetsConcentrationsMember" escape="true" name="us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock"><p id="xdx_89A_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_hus-gaap--ConcentrationRiskByTypeAxis__custom--ContractAssetsConcentrationsMember_zKoR6fM5qf" style="font: 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 information as to each customer that accounted for top 5 of the Company&#8217;s contract assets as of December
31, 2022 and 2021.</span></p>

<p style="font: 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><span id="xdx_8BC_zLpi0JPweTE2" style="display: none">SCHEDULE
OF  CONCENTRATIONS RISK</span></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>C</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomerCMember__us-gaap--ConcentrationRiskByTypeAxis__custom--CustomerAssetsConcentrationsMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--ContractAssetsMember_z76hhMOCxkxf" title="Customer assets" style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax" contextRef="From2022-01-012022-12-31_custom_CustomerCMember_custom_CustomerAssetsConcentrationsMember_custom_ContractAssetsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">207,659</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>D</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomerDMember__us-gaap--ConcentrationRiskByTypeAxis__custom--CustomerAssetsConcentrationsMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--ContractAssetsMember_z27IudWfFS6i" title="Customer assets" style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax" contextRef="From2022-01-012022-12-31_custom_CustomerDMember_custom_CustomerAssetsConcentrationsMember_custom_ContractAssetsMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">205,616</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8A4_zKlpPNermKM2" style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 139; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; 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 -->23<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<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"><b><span style="text-decoration: underline">NOTE
12 &#8211; CONCENTRATIONS OF RISK (CONTINUED)</span></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"><b>Retention
Receivables Concentrations</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>

<ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_RetentionReceivablesConcentrationsMember" escape="true" name="us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock"><p id="xdx_896_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_hus-gaap--ConcentrationRiskByTypeAxis__custom--RetentionReceivablesConcentrationsMember_zFW2oH57d58l" style="font: 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 information as to each customer that accounted for top 5 of the Company&#8217;s retention receivables as of
December 31, 2022 and 2021.</span></p>

<p style="font: 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><span id="xdx_8B5_zVlDmX2vQ2Va" style="display: none">SCHEDULE
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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"><span></span></span></p>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A9_zhmSwFRf6uDj" style="font: 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>Customers
Concentrations</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>

<ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_CustomerConcentrationMember" escape="true" name="us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock"><p id="xdx_89C_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_hus-gaap--ConcentrationRiskByTypeAxis__custom--CustomerConcentrationMember_zQz63Pdrxu91" style="font: 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 information as to each customer that accounted for top 5 of the Company&#8217;s revenues as of December 31,
2022 and 2021.</span></p>

<p style="font: 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><span id="xdx_8B0_zqRsc8C2LDL5" style="display: none">SCHEDULE
OF  CONCENTRATIONS 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"><span></span></span></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">
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount $</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">%</td><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)">
    <td>C</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomerCMember__us-gaap--ConcentrationRiskByTypeAxis__custom--CustomerConcentrationsMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zNeTbSMQ9rYi" title="Revenues" style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax" contextRef="From2022-01-012022-12-31_custom_CustomerCMember_custom_CustomerConcentrationsMember_us-gaap_SalesRevenueNetMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">490,940</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomerCMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__custom--CustomerConcentrationsMember_zTah90vwZKPf" title="Concentration risk percentage" style="text-align: right"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_custom_CustomerCMember_custom_CustomerConcentrationsMember_us-gaap_SalesRevenueNetMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>D</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_c20210101__20211231__srt--MajorCustomersAxis__custom--CustomerDMember__us-gaap--ConcentrationRiskByTypeAxis__custom--CustomerConcentrationsMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_z3RKPBEBtvDf" title="Revenues" style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax" contextRef="From2021-01-012021-12-31_custom_CustomerDMember_custom_CustomerConcentrationsMember_us-gaap_SalesRevenueNetMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,367,752</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--ConcentrationRiskPercentage1_dp_c20210101__20211231__srt--MajorCustomersAxis__custom--CustomerDMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__custom--CustomerConcentrationsMember_z2lkUuktzsH" title="Concentration risk percentage" style="text-align: right"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_custom_CustomerDMember_custom_CustomerConcentrationsMember_us-gaap_SalesRevenueNetMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">33</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>E</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_c20210101__20211231__srt--MajorCustomersAxis__custom--CustomerEMember__us-gaap--ConcentrationRiskByTypeAxis__custom--CustomerConcentrationsMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zuYWyfMbn8n9" title="Revenues" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0893">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--ConcentrationRiskPercentage1_dp_c20210101__20211231__srt--MajorCustomersAxis__custom--CustomerEMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__custom--CustomerConcentrationsMember_zQBcoatQNG65" title="Concentration risk percentage" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0895">-</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">&#160;</td><td id="xdx_984_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_c20210101__20211231__srt--MajorCustomersAxis__custom--CustomerFMember__us-gaap--ConcentrationRiskByTypeAxis__custom--CustomerConcentrationsMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_ziPMKTdJj5R" title="Revenues" style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax" contextRef="From2021-01-012021-12-31_custom_CustomerFMember_custom_CustomerConcentrationsMember_us-gaap_SalesRevenueNetMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">476,884</ix:nonFraction></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: 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 information as to each customer that accounted for top 5 of the Company&#8217;s account receivables as of
December 31, 2022 and 2021.</span></p>

<p style="font: 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></span></span></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">
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount $</td><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)">
    <td>C</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_c20210101__20211231__srt--MajorCustomersAxis__custom--CustomerEMember__us-gaap--ConcentrationRiskByTypeAxis__custom--CustomerConcentrationsMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember_zmEIsU4YWsZ6" title="Revenues" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0957">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <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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</ix:nonNumeric><p id="xdx_8A3_zyouhMbbOuhe" style="font: 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>


<ix:exclude><!-- Field: Page; Sequence: 140; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<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"><b><span style="text-decoration: underline">NOTE
12 &#8211; CONCENTRATIONS OF RISK (CONTINUED)</span></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"><b>Suppliers
Concentrations</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>

<ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_SupplierConcentrationsMember" escape="true" name="us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock"><p id="xdx_89F_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_hus-gaap--ConcentrationRiskByTypeAxis__custom--SupplierConcentrationsMember_z0mW2LO3u9s7" style="font: 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 information as to each supplier that accounted for top 5 of the Company&#8217;s purchase as of December 31,
2022 and 2021.</span></p>

<p style="font: 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><span id="xdx_8BF_zTS17CMNrc84" style="display: none">SCHEDULE
OF  CONCENTRATIONS 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"><span></span></span></p>

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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">%</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">%</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--ConcentrationRiskPercentage1_dp_c20210101__20211231__srt--MajorCustomersAxis__custom--CustomerAMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zzJ3bpPHu0ye" title="Customer assets percentage" style="width: 10%; text-align: right"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_custom_CustomerAMember_us-gaap_SupplierConcentrationRiskMember_us-gaap_SalesRevenueNetMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>B</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td id="xdx_988_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomerBMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zCKiZKaNk9wk" title="Customer assets percentage" style="text-align: right"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_custom_CustomerBMember_us-gaap_SupplierConcentrationRiskMember_us-gaap_SalesRevenueNetMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_c20210101__20211231__srt--MajorCustomersAxis__custom--CustomerBMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zGyJZ8Eev456" title="Revenues" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0999">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ConcentrationRiskPercentage1_dp_c20210101__20211231__srt--MajorCustomersAxis__custom--CustomerBMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zeDZ3RkltBGl" title="Customer assets percentage" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1001">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>C</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomerCMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zCRdFNr4SEpf" title="Revenues" style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax" contextRef="From2022-01-012022-12-31_custom_CustomerCMember_us-gaap_SupplierConcentrationRiskMember_us-gaap_SalesRevenueNetMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">255,586</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--ConcentrationRiskPercentage1_dp_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomerCMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember_zV6fCO9rBMUg" title="Customer assets percentage" style="text-align: right"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_custom_CustomerCMember_us-gaap_SupplierConcentrationRiskMember_us-gaap_SalesRevenueNetMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>G</td><td>&#160;</td>
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  <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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    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_c20220101__20221231__srt--MajorCustomersAxis__custom--CustomerIMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--SupplierConcentrationRiskMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember_zo68LM8Hdnjl" title="Revenues" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1051">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</ix:nonNumeric><p id="xdx_8AE_zrCmwAdKUrc9" style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:RevenueFromContractWithCustomerTextBlock"><p id="xdx_80E_eus-gaap--RevenueFromContractWithCustomerTextBlock_zRFp3qdDJ8Fg" style="font: 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><span style="text-decoration: underline">NOTE
13 &#8211; <span id="xdx_823_zS4qQuEwqNW3">CONTRACT REVENUES AND CONTRACT COSTS</span></span></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&#8217;s main business operations are: (i) low voltage (220v/phase 1 or 380v/phase 3) electrical systems; (ii) mechanical ventilation
and air-conditioning systems (&#8220;MVAC&#8221;); (iii) out-fitting; (iv) water supply and sewage disposal systems installation; and
(v) fire safety systems.</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:DisaggregationOfRevenueTableTextBlock"><p id="xdx_896_eus-gaap--DisaggregationOfRevenueTableTextBlock_z7pZGThpBfT1" style="font: 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 id="xdx_8B0_zlZO4ygouRo" style="display: none">SCHEDULE
OF CONTRACT REVENUES AND CONTRACT COSTS</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">
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  <tr style="vertical-align: bottom">
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    <td style="text-align: left">Water supply and sewage disposal system installation</td><td>&#160;</td>
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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">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8239;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 141; Value: 1 -->
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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>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="WLGS:RiskTextBlock"><p id="xdx_803_ecustom--RiskTextBlock_zvPO7QUCuEfj" style="font: 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><span style="text-decoration: underline">NOTE
14 &#8211; <span id="xdx_82A_zBHUIDHVkNI7">RISKS</span></span></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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    Internal credit rating has been given to each category of debtors after considering aging, historical observed default rates,
    repayment history and past due status of respective account receivables. Estimated loss rates are based on probability of default
    and loss given default with reference to an external credit report and are adjusted for reasonable and supportable forward-looking
    information that is available without undue costs or effort while credit-impaired trade balances were assessed individually. In this
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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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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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">Bank
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <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">
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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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; 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">Deposit
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <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">
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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>


<ix:exclude><!-- Field: Page; Sequence: 142; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; 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 -->26<!-- Field: /Sequence --></td></tr></table></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>

<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><span style="text-decoration: underline">NOTE
14 &#8211; RISKS (CONTINUED)</span></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>

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


<ix:exclude><!-- Field: Page; Sequence: 143; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; 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 -->27<!-- Field: /Sequence --></td></tr></table></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>

<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><span style="text-decoration: underline">NOTE
14 &#8211; RISKS (CONTINUED)</span></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>

<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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
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  </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">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <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">
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  </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">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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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></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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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>

<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">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <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">
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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>


<ix:exclude><!-- Field: Page; Sequence: 144; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; 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 -->28<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page --></ix:exclude>

<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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80E_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zUJVydcDLaf3" style="font: 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><span style="text-decoration: underline">NOTE
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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">&#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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BE_z0Ua8RoFco7f">SCHEDULE OF AMOUNT DUE FROM AND DUE TO RELATED PARTIES</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">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
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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>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Due to related parties consist of the following:</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: rgb(204,238,255)">
    <td style="text-align: justify">&#160;</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 id="xdx_40E_eus-gaap--DueToRelatedPartiesCurrent_iI_hsrt--TitleOfIndividualAxis__srt--DirectorMember_zFsGy4e3FENa" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Pui Lung Ho</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_405_eus-gaap--DueToRelatedPartiesCurrent_iI_zs1z6XOZcGNb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
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    <td style="padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,853,263</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,526,557</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A7_zPxP8AX6JADk" style="font: 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
the year ended December 31, 2022 and 2021, the amounts due to the director, Pui Lung Ho, is $<span id="xdx_901_eus-gaap--DueToRelatedPartiesCurrent_iI_c20221231__srt--TitleOfIndividualAxis__srt--DirectorMember_zlgBE1J6Maff" title="Due to related parties"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrent" contextRef="AsOf2022-12-31_srt_DirectorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,853,263</ix:nonFraction></span> and $<span id="xdx_907_eus-gaap--DueToRelatedPartiesCurrent_iI_c20211231__srt--TitleOfIndividualAxis__srt--DirectorMember_zdKoYDY7JQNa" title="Due to related parties"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrent" contextRef="AsOf2021-12-31_srt_DirectorMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,526,557</ix:nonFraction></span>, respectively,
are unsecured, interest free and repayable on demand.</span></p>

<p style="font: 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"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="WLGS:UncertainityRiskTextBlock"><p id="xdx_809_ecustom--UncertainityRiskTextBlock_zIXs1fFft378" style="font: 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><span style="text-decoration: underline">NOTE
16 &#8211; <span id="xdx_823_z6TMjFFBdrM2">Impact of COVID-19</span></span></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
Coronavirus Disease 2019 (&#8220;COVID-19&#8221;) pandemic has negatively impacted the global economy, disrupted consumer spending and
global supply chains, and created significant volatility and disruption of financial markets. We have experienced some resulting disruptions
to our business operations, and we expect the COVID-19 pandemic could have a material adverse impact on our business and financial performance.</span></p>

<p style="font: 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">Due
to ongoing recession caused by the COVID-19 Pandemic, the Company&#8217;s business is likely to be adversely impacted. The effects of
recession can also increase economic instability with our vendors, developers and subcontractors.</span></p>

<p style="font: 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_80A_eus-gaap--SubsequentEventsTextBlock_zEpoiN2NMYva" style="font: 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><span style="text-decoration: underline">NOTE
17 &#8211; <span id="xdx_822_zyuVBIKlYSU">SUBSEQUENT EVENT</span></span></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 evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There
are two types of subsequent events: (1) recognized, or those that provide additional evidence with respect to conditions that existed
at the dates of the balance sheets, including the estimates inherent in the process of preparing financial statements, and (2) non-recognized,
or those that provide evidence with respect to conditions that did not exist at the date of the balance sheet but arose subsequent to
that date.  The
Company has analyzed its operations subsequent to December 31, 2022 to the date of May 15, 2023, these audited consolidated financial
statements were issued, unless as disclosed below, there are not any material subsequent events that require disclosure in these audited
consolidated financial statements.</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: 0; text-align: justify">On March 20, 2023, the Company completed a private
placement of an aggregate 1,400,000 Ordinary Shares at $0.25 per share to the Selling Shareholders for aggregate gross proceeds of $350,000.</p>
<p style="font: 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
April 20, 2023, the Company completed its initial public offering whereby it sold <span id="xdx_905_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230420__20230420__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zQ1mnCoYVR9c" title="Sale of stock"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2023-04-202023-04-20_us-gaap_SubsequentEventMember_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,600,000</ix:nonFraction></span> Ordinary Shares at a public offering
price of $<span id="xdx_908_eus-gaap--SaleOfStockPricePerShare_iI_c20230420__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zbo8vAXHInQ8" title="Sale of stock, price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2023-04-20_us-gaap_SubsequentEventMember_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.00</ix:nonFraction></span> per share, for proceeds of $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pn6n6_c20230420__20230420__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zucx8s8KuVo6" title="Proceeds from public offering"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2023-04-202023-04-20_us-gaap_SubsequentEventMember_us-gaap_IPOMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">8</ix:nonFraction></span> million.</span></p>
</ix:nonNumeric><p id="xdx_817_zjRARPeWSjU1" style="font: 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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[{"type": "20-F", "sequence": "1", "filename": "form20-f.htm", "secsgml_size_bytes": 2401255}]
{"company-data": {"conformed-name": "WANG & LEE GROUP, Inc.", "cik": "0001899658", "assigned-sic": "1700", "irs-number": "002063700", "state-of-incorporation": "D8", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-41681", "film-number": "23923592"}, "business-address": {"street1": "5/F WING TAI FACTORY BUILDING,", "street2": "3 TAI YIP STREET, KWUN TONG, KOWLOON", "city": "HONG KONG", "state": "K3", "zip": "0000", "phone": "852 2889 1313"}, "mail-address": {"street1": "5/F WING TAI FACTORY BUILDING,", "street2": "3 TAI YIP STREET, KWUN TONG, KOWLOON", "city": "HONG KONG", "state": "K3", "zip": "0000"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (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
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
For
the transition period from _____________ to ____________.
Commission
file number:
001-41681
WANG
& LEE GROUP, Inc.
(Exact
name of Registrant as specified in its charter)
N/A
(Translation
of Registrant's name into English)
British
Virgin Islands
(Jurisdiction
of incorporation or organization)
5-6/F
Wing Tai Factory Building
,
3
Tai Yip Street
,
Kwun
Tong
,
Kowloon,
Hong Kong
(Address
of principal executive offices)
Pui
Lung Ho
5-6/F
Wing Tai Factory Building
,
3
Tai Yip Street
,
Kwun
Tong
,
Kowloon,
Hong Kong
Tel:
+852
2889 1313
, Email:
mgt@wangnlee.com.hk
(Name,
Telephone, Email 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
Name
of Each Exchange On Which Registered
Ordinary
    Shares with no par value
WLGS
The
Nasdaq
Stock Market LLC
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:
As
of May 10, 2023, there were
15,096,331
ordinary shares outstanding, with no par value.
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 whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. ☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
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.
☐
Yes ☐ No
TABLE
OF CONTENTS
INTRODUCTION
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
2
PART I.
ITEM
    1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
4
ITEM
    2.
OFFER STATISTICS AND EXPECTED TIMETABLE
4
ITEM
    3.
KEY INFORMATION
4
ITEM
    4.
INFORMATION ON THE COMPANY
34
ITEM
    4.A.
UNRESOLVED STAFF COMMENTS
64
ITEM
    5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
64
ITEM
    6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
80
ITEM
    7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
88
ITEM
    8.
FINANCIAL INFORMATION
89
ITEM
    9.
THE OFFER AND LISTING
90
ITEM
    10.
ADDITIONAL INFORMATION
90
ITEM
    11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
109
ITEM
    12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
110
PART II.
ITEM
    13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
110
ITEM
    14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
110
ITEM
    15.
CONTROLS AND PROCEDURES
110
ITEM
    16.
[Reserved]
111
ITEM
    16.A.
AUDIT COMMITTEE FINANCIAL EXPERT
111
ITEM
    16.B.
CODE OF ETHICS
111
ITEM
    16.C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
111
ITEM
    16.D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
112
ITEM
    16.E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
112
ITEM
    16.F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
112
ITEM
    16.G.
CORPORATE GOVERNANCE
112
ITEM
    16.H.
MINE SAFETY DISCLOSURE
112
ITEM
    16.I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
112
ITEM
    17.
FINANCIAL STATEMENTS
112
ITEM
    18.
FINANCIAL STATEMENTS
112
ITEM
    19.
EXHIBITS
113
i
Table of Contents
COMMONLY
USED DEFINED TERMS
Unless
otherwise indicated or the context requires otherwise, references in this report to:
●
"Amended
    Memorandum and Articles" are to our memorandum and articles of association to be in effect upon completion of our initial public
    offering in April 2023;
●
"BVI"
    refers to the British Virgin Islands;
●
"BVI
    Act" is to the BVI Business Companies Act (As Revised) as the same may be amended from time to time;
●
"China"
    or the "PRC" are to the People's Republic of China, excluding Taiwan and includes the special administrative regions
    of Hong Kong and Macau for the purposes of this report only. The only instances that "PRC" or "China" does
    not include Hong Kong or Macau is when specific laws and regulations are adopted by the PRC;
●
"HK
    SAR" or "Hong Kong SAR" is to Hong Kong, Special Administrative Region, People's Republic of China;
●
"SEC"
    means the U.S. Securities and Exchange Commission;
●
"shares",
    "Shares" or "Ordinary Shares" are to the ordinary shares of WANG & LEE GROUP, Inc., with no par value;
●
"we,"
    "us," "our company," "our," "the Company" and "W&L" are to WANG &
    LEE GROUP, Inc., a British Virgin Islands business company, and does not include its subsidiaries, WANG & LEE HOLDINGS, Inc.
    and WANG & LEE CONTRACTING LIMITED. Where appropriate, we shall refer to the subsidiaries by their legal names and collectively
    as "our subsidiaries" and clearly identify the entity (including the domicile) in which investors are purchasing an interest;
●
All
    references to "H.K. dollars," or "HK$" are to the legal currency of HK SAR;
●
All
    references to "Renminbi", "RMB" or "yuan" are to the legal currency of the People's Republic of China;
●
All
    references to "U.S. dollars," "dollars," "USD", "US$" or "$" are to the
    legal currency of the United States.
Our
business is conducted by our indirect wholly-owned entity in HK SAR, using HK$, the currency of HK SAR. Our unaudited condensed consolidated
financial statements are presented in United States dollars. In this report, we refer to assets, obligations, commitments and liabilities
in our unaudited condensed consolidated financial statements in United States dollars. These dollar references are based on the exchange
rate of HK$ to United States dollars, determined as of a specific date or for a specific period. Changes in the exchange rate will affect
the amount of our obligations and the value of our assets in terms of United States dollars which may result in an increase or decrease
in the amount of our obligations (expressed in dollars) and the value of our assets, including accounts receivable (expressed in dollars).
1
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This
report contains translations of certain HK$ amounts into U.S. dollar amounts at specified rates solely for the convenience of the reader.
We make no representation that any currency could have been, or could be, converted into another currency, at any particular rate, or
at all. The relevant exchange rates are listed below:
For the year ended December
                                                                                31,
2022
2021
2020
Period Ended HK$: USD exchange
    rate
7.7990
7.7971
7.7525
Period Average HK$: USD exchange rate
7.8298
7.7723
7.7558
Numerical
figures included in this report have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various
tables may not be arithmetic aggregations of the figures that precede them.
For
the sake of clarity, this report follows the English naming convention of first name followed by last name, regardless of whether an
individual's name is Chinese or English. For example, the name of our Chairman will be presented as "Pui Lung Ho,"
even though, in Chinese, Mr. Ho's name is presented as "Ho Pui Lung."
We
have relied on statistics provided by a variety of publicly-available sources regarding China's expectations of growth. We did
not, directly or indirectly, sponsor or participate in the publication of such materials, and these materials are not incorporated in
this report other than to the extent specifically cited in this report. We have sought to provide current information in this report
and believe that the statistics provided in this report remain up-to-date and reliable, and these materials are not incorporated in this
report other than to the extent specifically cited in this report. Except where otherwise stated, all ordinary share accounts provided
herein are on a pre-share-increase basis.
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This
report contains forward-looking statements that involve risks and uncertainties, such as statements related to future events, business
strategy, future performance, future operations, backlog, financial position, estimated revenues and losses, projected costs, prospects,
plans and objectives of management. All statements other than statements of historical fact may be forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of words such as "seek," "anticipate," "plan,"
"continue," "estimate," "expect," "may," "will," "project," "predict,"
"potential," "targeting," "intend," "could," "might," "should,"
"believe" and similar expressions or their negative. Forward-looking statements should not be read as a guarantee of future
performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will
be achieved. Forward-looking statements are based on management's belief, based on currently available information, as to the outcome
and timing of future events. These statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from those expressed in such forward-looking statements. When evaluating
forward-looking statements, you should consider the risk factors and other cautionary statements described in "Risk Factors."
We believe the expectations reflected in the forward-looking statements contained in this report are reasonable, but no assurance can
be given that these expectations will prove to be correct. Forward-looking statements should not be unduly relied upon.
2
Table of Contents
Important
factors that could cause actual results or events to differ materially from those expressed in forward-looking statements include, but
are not limited to:
●
declines
    in public and private infrastructure construction, buildings and reductions in government funding or incentives;
●
risks
    related to our operating strategy;
●
competition
    for projects in our local markets;
●
risks
    associated with our capital-intensive business;
●
government
    requirements and initiatives, including those related to funding for public or infrastructure construction, land usage and environmental,
    health and safety matters;
●
unfavorable
    economic conditions and restrictive financing markets;
●
our
    ability to obtain sufficient bonding capacity to undertake certain projects;
●
our
    ability to accurately estimate the overall risks, requirements or costs when we bid on or negotiate contracts that are ultimately
    awarded to us;
●
the
    cancellation of a significant number of contracts or our disqualification from bidding for new contracts;
●
risks
    related to adverse weather conditions;
●
our
    substantial indebtedness and the restrictions imposed on us by the terms thereof;
●
our
    ability to maintain favorable relationships with third parties that supply us with equipment and essential supplies;
●
our
    ability to retain key personnel and maintain satisfactory labor relations;
●
property
    damage, results of litigation and other claims and insurance coverage issues; and
●
risks
    related to our information technology systems and infrastructure.
These
factors are not necessarily all of the important factors that could cause actual results or events to differ materially from those expressed
in forward-looking statements. Other unknown or unpredictable factors could also cause actual results or events to differ materially
from those expressed in the forward-looking statements. Our future results will depend upon various other risks and uncertainties, including
those described in "Risk Factors." All forward-looking statements attributable to us are qualified in their entirety by this
cautionary statement. Forward-looking statements speak only as of the date hereof. We undertake no obligation to update or revise any
forward-looking statements after the date on which any such statement is made, whether as a result of new information, future events
or otherwise.
3
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PART
I.
ITEM
1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not
applicable.
ITEM
2.
OFFER STATISTICS AND EXPECTED TIMETABLE
Not
applicable.
ITEM
3.
KEY INFORMATION
A. Select
Financial Data
The following
table presents the selected consolidated financial information for our Company. Our historical results do not necessarily indicate results
expected for any future periods. The selected consolidated financial data should be read in conjunction with, and are qualified in their
entirety by reference to, our audited consolidated financial statements and related notes and "Item 5. Operating and Financial Review
and Prospects" below. Our audited consolidated financial statements are prepared and presented in accordance with U.S. GAAP.
The summary consolidated statements of operations and
cash flow
For the years ended December 31,
2022
2021
Net cash (used in) provided by
Operating activities
$
(352,764
)
$
(482,801
)
Investing activities
-
-
Financing activities
422,531
1,018,183
Net increase in cash and cash equivalents
69,767
535,382
Effect of foreign currency translation
2,111
(5,863
)
Net increase in cash and cash equivalents
$
71,878
$
529,519
The
summary consolidated balance sheet as at
December 31,
2022
2021
Total asset
$
3,100,011
$
2,419,592
Total liabilities
4,813,456
3,536,026
Deficit
$
(1,713,445
)
$
(1,116,434
)
Our
management believes that the assumptions underlying our financial statements and the above allocations are reasonable. Our financial
statements, however, may not necessarily reflect our results of operations, financial position and cash flows as if we had operated as
a separate, stand-alone company during the periods presented. You should not view our historical results as an indicator of our future
performance.
The
following table presents our summary consolidated statements of operations and comprehensive income for the fiscal years ended December
31, 2022 and 2021:
For the years ended December 31,
2022
2021
Contract revenue
$
4,169,931
$
4,135,059
Contract costs
(3,384,227
)
(3,275,299
)
GROSS PROFIT
785,704
859,760
General and administrative expenses
(1,427,156
)
(1,220,619
)
Other income (expenses)
44,571
6,116
Provision for income taxes
-
-
Net Loss
(596,881
)
(354,743
)
Foreign currency translation adjustment
(130
)
4,053
Total comprehensive loss
$
(597,011
)
$
(350,690
)
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B.
Capitalization
    and Indebtedness
Not
Applicable.
C.
Reasons
    for the Offer and Use of Proceeds
Not
Applicable.
D.
Risk
    Factors
Significant
Risk Factors
An
investment in our Ordinary Shares involves a number of risks. You should carefully read and consider all of the information contained
in this report (including in "Risk Factors," "Operating and Financial Review and Prospects," and our consolidated
financial statements and the notes thereto) before making an investment decision. These risks could adversely affect our business, financial
condition and results of operations, and cause the trading price of our Ordinary Shares to decline. You could lose part or all of your
investment. In reviewing this report, you should bear in mind that past results are no guarantee of future performance. See "Cautionary
Statement Regarding Forward-Looking Information" for a discussion of forward-looking statements, and the significance of forward-looking
statements in the context of this report.
Risks
Related to Our Business and Industry
A
significant slowdown or decline in economic conditions, particularly in mainland China, could adversely impact our results of operations
.
We
currently operate in HK SAR and the People's Republic of China to a small extent. In fiscal year 2019, we generated 6% of our revenue
from mainland China for referring sub-contractors to a work site in mainland China. Since then, all our revenue has been generated in
HK SAR. A slowdown or decline in economic conditions or uncertainty regarding the economic outlook in mainland China generally, or in
HK SAR particularly, could result in reduced demand for construction projects, which could materially adversely affect our financial
condition, results of operations and liquidity. Demand for construction projects depends on the overall condition of the local economies,
the need for new or replacement infrastructure, the priorities placed on various projects funded by government spending levels. In particular,
low tax revenues, credit rating downgrades, budget deficits and financing constraints, including timing and amount of government funding
and competing governmental priorities, could negatively impact the ability of government agencies to fund existing or new public infrastructure
projects. For example, during the most recent recession, decreases in tax revenues reduced funding for infrastructure projects. In addition,
any instability in the financial and credit markets could negatively impact our customers' ability to pay us on a timely basis,
or at all, for work on projects already in progress. The inability to pay could cause our customers to delay or cancel construction projects
in our contract backlog and/or create difficulties for customers to obtain adequate financing to fund new construction projects, including
through the issuance of municipal bonds.
If
we do not comply with certain laws, we could be suspended or debarred contracting, which could have a material adverse effect on our
business.
Various
statutes to which our operations are subject, such as Factories and Industrial Undertakings Ordinance (Cap. 59 of the Laws of Hong Kong),
Construction Site (Safety) Regulations (Cap. 59I of the Laws of Hong Kong), Factory and Industrial Undertakings (Safety Officers and
Safety Supervisors) Regulations (Cap. 59Z of the Laws of Hong Kong); Factories and Industrial Undertakings (Safety Management) Regulations;
and Occupational Safety and Health Ordinance (Cap. 509), which deal with the health and safety during the construction process and various
other statutes provide for discretionary suspension and/or debarment in certain circumstances. The scope and duration of any suspension
or debarment may vary depending upon the facts of a particular case and the statutory or regulatory grounds for debarment. Any suspension
or debarment from contracting will have a material adverse effect on our financial condition, results of operations or liquidity.
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If
we are unable to accurately estimate the overall risks, revenues or costs on our projects, we may incur contract losses or achieve lower
than anticipated profits.
Pricing
on a fixed unit price contract is based on approved quantities irrespective of our actual costs, and contracts with a fixed total price
require that the work be performed for a single price. We only generate profits on fixed unit price and fixed total price contracts when
our revenues exceed our actual costs, which requires us to accurately estimate our costs, control actual costs, and avoid cost overruns.
If our cost estimates are too low or we do not perform the contract within our cost estimates, then cost overruns may cause us to incur
a loss or cause the contract not to be as profitable as we expected. The costs incurred and profit realized, if any, on our contracts
can vary, sometimes substantially, from our original projections due to a variety of factors, including, but not limited to:
●
the
    failure to include materials or work in a bid, or the failure to estimate the quantities or costs properly needed to complete a fixed
    total price contract;
●
delays
    caused by weather conditions or otherwise failing to meet scheduled acceptance dates;
●
contract
    or project modifications or conditions creating unanticipated costs that are not covered by change orders;
●
the
    availability and skill level of workers;
●
the
    failure by our suppliers, subcontractors, designers, engineers or customers to perform their obligations;
●
fraud,
    theft or other improper activities by our suppliers, subcontractors, designers, engineers, customers or our own personnel;
●
mechanical
    problems with our machinery or equipment;
●
difficulties
    in obtaining required government permits or approvals;
●
changes
    in applicable laws and regulations;
●
uninsured
    claims or demands from third parties for alleged damages arising from the design, construction or use and operation of a project
    of which our work is part; and
●
public
    infrastructure customers seeking to impose contractual risk-shifting provisions that result in our facing increased risks.
These
factors and others may cause us to incur losses, which could have a material adverse effect on our financial condition, results of operations
or liquidity.
We
are required to maintain various approvals, licences and permits to operate many of our businesses, and the loss of, or failure to obtain
or renew, any or all of these approvals, licences and permits could materially and adversely affect our businesses in Hong Kong SAR.
In
accordance with the laws and regulations of Hong Kong SAR, we are required to maintain various approvals, licences and permits in order
to operate our business.
Failure
to comply with these laws and regulations, or the loss of or failure to renew our licences and permits or any change in the government
policies, could lead to temporary or permanent suspension of some of our business operations or the imposition of penalties on us, which
could adversely affect our results of operations and financial condition. As confirmed by our directors, we may engage approved subcontractors
to carry out part of our engineering works to mitigate such risks, thereby ensuring the timely completion of the E&M engineering
projects. We have established long term relationships with our subcontractors for a period up to 30 years.
In
order to tender for government contracts, a contractor is required to be on the appropriate list of approved contractors of the relevant
government departments. If the capability, performance, tendering record or financial standing of a particular contractor is found to
be unsatisfactory by the government, or if a contractor's failure to implement sufficient safety measures and procedures at work
sites has resulted in any personal injuries or fatal accidents, the government may remove a contractor from such list or take other regulatory
actions against the contractor such as revocation, suspension, extending probationary period, downgrading to probationary status, or
demotion to a lower group in respect of all or any work category in which the contractor is listed. In the event of a withdrawal, revocation
or downgrading, there would be a detrimental impact on our operations and prospects.
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In
addition, any changes or alterations in the licensing requirements and/or standards for admission into the list of approved contractors
may require us to make necessary corresponding adjustments to meet any new requirements and/or standards resulting from such changes,
thus requiring us to incur extra costs.
The
cancellation of a significant number of contracts, our disqualification from bidding for new contracts, and the unpredictable timing
of new contracts could have a material adverse effect on our business.
We
could be prohibited from bidding on certain contracts if we fail to maintain the qualifications required by those entities. In addition,
government contracts can typically be canceled at any time with our receiving payment only for the work completed. The cancellation of
an unfinished contract or our disqualification from the bidding process could result in lost revenues and cause our equipment to be idled
for a significant period until other comparable work becomes available. Additionally, the timing of project awards is unpredictable and
outside of our control. Project awards, including expansions of existing projects, often involve complex and lengthy negotiations and
competitive bidding processes.
We
may lose business to competitors that underbid us, and we may be unable to compete favorably in our highly competitive industry.
The
E&M market in HK SAR is deemed to be highly competitive due to a large amount of E&M service providers. In addition, some service
providers may possess longer operating history, better resources, stronger relationships with other industry stakeholders or a more reputed
brand name. Therefore, to capture potential business opportunities and develop relationships with customers, some market participants
may adopt more aggressive pricing approaches, leading to downward market pricing pressure. As a result, an increase in competition may
decrease new project awards to us at acceptable profit margins. In addition, in the event of a downturn in private residential and commercial
construction, the competition for available public government projects could intensify, which could materially and adversely impact our
financial condition, results of operations or liquidity.
Our
business is subject to adverse weather conditions, which can adversely impact our business.
Our
construction operations may occur outdoors. As a result, adverse weather conditions can adversely affect our business operations through
a decline in the demand for our construction/contracting services and alterations and delays in our construction/contracting schedules.
In addition, adverse weather conditions such as extended rainy, cold weather and typhoons could render our contracting operations less
efficient resulting in under-utilization of crews and equipment and lower contract profitability.
Design-build
contracts subject us to the risk of design errors and omissions.
Design-build
contracts are used as a project delivery method that provides the owner with a single point of responsibility for both design and construction.
Therefore, we can have the ability to assume design and engineering responsibilities. However, in the event of a design error or omission
that causes damages, there is a risk we would not be able to absorb the full amount of the liability incurred despite having trial and
omission insurance. In this case, we may be responsible for the liability, resulting in a potentially material adverse effect on our
financial position, results of operations, cash flows and liquidity.
Our
continued success requires us to hire, train and retain qualified personnel and subcontractors in a competitive industry.
The
success of our business depends upon our ability to attract, train and retain qualified, reliable personnel, including, but not limited
to, our executive officers and key management personnel. Additionally, the successful operation of our business depends upon engineers,
project management personnel, other employees and qualified subcontractors who possess the necessary and required experience and expertise
and who will perform their respective services at a reasonable and competitive rate. Competition for these and other experienced personnel
is intense. As a result, it may be difficult to attract and retain qualified individuals with the requisite expertise and in the timeframe
demanded by our clients. For example, in certain geographic areas, we may not be able to satisfy the demand for our services because
of our inability to hire, train, and retain qualified personnel successfully. Also, it could be difficult to replace personnel who hold
government granted eligibility that may be required to obtain certain government projects and/or who have significant government contract
experience.
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As
some of our executives and other key personnel approach retirement age, we must provide for smooth transitions, which may require that
we devote time and resources to identify and integrate new personnel into vacant leadership roles and other key positions. If we are
unable to attract and retain a sufficient number of skilled personnel or effectively implement appropriate succession plans, our ability
to pursue projects and our strategic plan may be adversely affected, the costs of executing both our existing and future projects may
increase and our financial performance may decline.
In
addition, the cost of providing our services, including the extent to which we utilize our workforce, affects our profitability. For
example, the uncertainty of contract award timing can present difficulties matching our workforce size with our contracts. If an expected
contract award is delayed or not received, we could incur costs resulting from excess staff or redundancy of facilities that could have
a material adverse impact on our business, financial conditions and results of operations.
We
depend on third parties for equipment and supplies essential to operate our business.
We
rely on third parties to sell or lease equipment to us and provide us with supplies, including materials for installation such as air-conditioners,
and other construction materials (such as cables, lighting fitting and generator set), necessary for our operations. We cannot assure
you that our favorable working relationships with our suppliers will continue in the future. In addition, there have historically been
periods of supply shortages in our industry.
The
inability to purchase or lease necessary equipment for our operations could severely impact our business. For example, if we lose our
supply contracts and receive insufficient supplies from third parties to meet our customers' needs, or if our suppliers experience
price increases or disruptions to their business, such as labor disputes, supply shortages or distribution problems, our business, financial
condition, results of operations, liquidity and cash flows could be materially and adversely affected.
Failure
of our subcontractors to perform as expected could have a negative impact on our results.
On
occasion, we rely on third-party subcontractors to perform some of the work on many of our contracts, but we are ultimately responsible
for the successful completion of their work. Although we seek to require bonding or other forms of guarantees from all of our subcontractors,
we are not always able to obtain such bonds or guarantees. In situations where we are unable to obtain a bond or guarantee, we may be
responsible for the failures on the part of our subcontractors to perform as anticipated, resulting in a potentially adverse impact on
our cash flows and liquidity. In addition, if the project's total costs exceed our original estimates, we could experience reduced
profits or a loss for that project, which could have an adverse impact on our financial position, results of operations, cash flows,
and liquidity.
The
construction services industry is highly schedule driven, and our failure to meet the schedule requirements of our contracts could adversely
affect our reputation and/or expose us to financial liability.
In
some instances, including in the case of many of our fixed unit price contracts, we guarantee that we will complete a project by a certain
date. Any failure to meet contractual schedule or completion requirements set forth in our contracts could subject us to responsibility
for costs resulting from the delay, generally in the form of contractually agreed-upon liquidated damages, liability for our customer's
actual costs arising out of our delay, reduced profits or a loss on that project, damage to our reputation and a material adverse impact
to our financial position, results of operations, cash flows and liquidity.
8
Table of Contents
Force
majeure events, such as natural disasters and terrorists' actions, and unexpected equipment failures could negatively impact our
business, which may affect our financial condition, results of operations or cash flows.
Force
majeure events, such as terrorist attacks or natural disasters, have impacted, and could continue to negatively impact, the economy and
the markets in which we operate. As an example, from time to time we face unexpected severe weather conditions, evacuation of personnel
and curtailment of services, increased labor and material costs or shortages, inability to deliver materials, equipment and personnel
to work sites in accordance with contract schedules and loss of productivity. We seek to include language in our private client contracts
that grants us certain relief from force majeure events. We regularly review and attempt to mitigate force majeure events in both public
and private client contracts. However, the extra costs incurred as a result of these events may not be reimbursed by our clients, and
we remain obligated to perform our services after most extraordinary events subject to relief that may be available pursuant to a force
majeure clause.
These
force majeure events may affect our operations or those of our customers or suppliers and could impact our revenues, our production capability
and our ability to complete contracts in a timely manner.
Inability
to obtain or maintain adequate insurance coverage could adversely affect our results of operations.
As
part of our overall risk management strategy and pursuant to requirements to maintain specific coverage contained in our financing agreements
and a majority of our contracts, we have obtained and maintain insurance coverage. Although we have been able to obtain reasonably priced
insurance coverage to meet our requirements in the past, there is no assurance that we will be able to do so in the future. For example,
catastrophic events can result in decreased coverage limits, more limited coverage, and increased premium costs or deductibles. If we
are unable to obtain adequate insurance coverage, we may not be able to procure certain contracts, which could materially adversely affect
our financial position, results of operations, cash flows or liquidity.
Environmental,
health and safety laws and regulations and any changes to, or liabilities arising under, such laws and regulations could have a material
adverse effect on our financial condition, results of operations and liquidity.
Our
operations are subject to stringent and complex laws and regulations governing the discharge of materials into the environment, health
and safety aspects of our operations or otherwise relating to environmental protection. These laws and regulations may impose numerous
obligations applicable to our operations, including: the acquisition of a permit or other approval before conducting regulated activities;
the restriction of the types, quantities and concentration of materials that can be released into the environment; the limitation or
prohibition of activities on certain lands lying within wilderness, wetlands, and other protected areas; the application of specific
health and safety criteria addressing worker protection; and the imposition of substantial liabilities for pollution resulting from our
operations. Numerous government authorities have the power to enforce compliance with these laws and regulations and the permits issued
under them. Such enforcement actions often involve difficult and costly compliance measures or corrective actions. Failure to comply
with these laws and regulations may result in the assessment of sanctions, including administrative, civil, or criminal penalties, natural
resource damages, the imposition of investigatory or remedial obligations, and the issuance of orders limiting or prohibiting some or
all of our operations. In addition, we may experience delays in obtaining, or be unable to obtain, required permits, which may delay
or interrupt our operations and limit our growth and revenue.
Certain
environmental laws impose strict liability (i.e., no showing of "fault" is required) or joint and several liability for costs
required to remediate and restore sites where hazardous substances, hydrocarbons or solid wastes have been stored or released. We may
be required to remediate contaminated properties currently or formerly owned or operated by us or third-party facilities that received
waste generated by our operations regardless of whether such contamination resulted from the conduct of others or from the consequences
of our own actions that were in compliance with all applicable laws at the time those actions were taken. Furthermore, the existence
of contamination at properties we own, lease or operate could result in increased operational costs or restrictions on our ability to
use those properties as intended.
In
certain instances, citizen groups also have the ability to bring legal proceedings against us if we do not comply with environmental
laws or challenge our ability to receive environmental permits that we need to operate. In addition, claims for damages to persons or
property, including natural resources, may result from our operations' environmental, health, and safety impacts. Our insurance
may not cover all environmental risks and costs or may not provide sufficient coverage if an environmental claim is made against us.
Moreover, public interest in protecting the environment has increased dramatically in recent years. The trend of more expansive and stringent
environmental legislation and regulations applied to our industry could continue, resulting in increased costs of doing business and
consequently affecting profitability.
9
Table of Contents
Our
operations are subject to special hazards that may cause personal injury or property damage, subjecting us to liabilities and possible
losses which may not be covered by insurance.
Operating
hazards inherent in our business, some of which may be outside our control, can cause personal injury and loss of life, damage to or
destruction of property, plant and equipment and environmental damage. We maintain insurance coverage in amounts and against the risks
we believe are consistent with industry practice, but this insurance may be inadequate or unavailable to cover all losses or liabilities
we may incur in our operations. Our insurance policies are subject to varying levels of deductibles. Losses up to our deductible amounts
are accrued based upon our estimates of the ultimate liability for claims incurred and an estimate of claims incurred but not reported.
However, liabilities subject to insurance are difficult to estimate due to unknown factors, including the severity of an injury, the
determination of our liability in proportion to other parties, the number of unreported incidents, and our safety programs' effectiveness.
If we were to experience insurance claims or costs above our estimates, we may be required to use working capital to satisfy these claims
rather than using working capital to maintain or expand our operations.
We
may need to raise additional capital in the future for working capital, capital expenditures and/or acquisitions, and we may not be able
to do so on favorable terms or at all, which would impair our ability to operate our business or achieve our growth objectives.
Our
ongoing ability to generate cash is important for funding our continuing operations, making acquisitions and servicing our indebtedness.
To the extent that existing cash balances and cash flow from operations, together with borrowing capacity are insufficient to make investments
or acquisitions or provide needed working capital, we may require additional financing from other sources. Our ability to obtain such
additional financing in the future will depend in part upon prevailing capital market conditions and conditions in our business and our
operating results. Those factors may affect our efforts to arrange additional financing on terms acceptable to us. Furthermore, if global
economic, political or other market conditions adversely affect the financial institutions that provide credit to us, it is possible
that our ability to draw upon credit facilities may be impacted. If adequate funds are not available, or are not available on acceptable
terms, we may not be able to make future investments, take advantage of acquisitions or other opportunities, or respond to competitive
challenges, resulting in loss of market share, each of which could have a material adverse impact on our financial position, results
of operations, cash flows and liquidity.
Failure
to maintain safe work sites could result in significant losses, which could materially affect our business and reputation.
Because
our employees and others are often in close proximity with mechanized equipment, moving vehicles, chemical substances and dangerous manufacturing
processes, our construction and maintenance sites are potentially dangerous workplaces. Therefore, safety is a primary focus of our business
and is critical to our reputation and performance. Many of our clients require that we meet certain safety criteria to be eligible to
bid on contracts, and some of our contract fees or profits are subject to satisfying safety criteria. Unsafe work conditions can also
increase employee turnover, which increases project costs and our overall operating costs. If we fail to implement safety procedures
or implement ineffective safety procedures, our employees could be injured, and we could be exposed to investigations and possible litigation.
Our failure to maintain adequate safety standards through our safety programs could also result in reduced profitability or the loss
of projects or clients, and could have a material adverse impact on our financial position, results of operations, cash flows or liquidity.
Our
earnings are affected by the application of accounting standards and our critical accounting policies, which involve subjective judgments
and estimates by our management. Our actual results could differ from the estimates and assumptions used to prepare our financial statements.
The
accounting standards we use in preparing our financial statements are often complex and require that we make significant estimates and
assumptions in interpreting and applying those standards. These estimates and assumptions affect the reported values of assets, liabilities,
revenues and expenses, and the disclosure of contingent liabilities. We make critical estimates and assumptions involving accounting
matters, including our revenue recognition, accounts receivable including retainage, valuation of long-lived assets, and income taxes.
These estimates and assumptions involve matters that are inherently uncertain and require our subjective and complex judgments. If we
used different estimates and assumptions or used different ways to determine these estimates, our financial results could differ.
10
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Our
actual business and financial results could differ from our estimates of such results, which could have a material negative impact on
our financial condition and reported results of operations.
The
percentage-of-completion method of accounting for contract revenues involves significant estimates that may result in material adjustments,
which could result in a charge against our earnings.
We
recognize revenue using the percentage-of-completion method, based primarily on contract costs incurred to date compared to total estimated
contract costs. The percentage-of-completion method (an input method) is the most representative depiction of our performance because
it directly measures the value of the services or products transferred to the customer. Subcontractor materials, labor and equipment
included in revenue and cost of revenue when management believes that we are acting as a principal rather than as an agent (e.g., we
integrate the materials and labor into the deliverables promised to the customer or is otherwise primarily responsible for fulfillment
and acceptability of the materials and labor). In the contracts, other than the Original Contract Sum, there is a Variation Order Sum
(provisional amounts) included in the same contract in which we are allowed to perform extra work or billed extra materials to fulfill
the contracts. We generally accounted for the performance obligation of this Variation Order together with the performance obligation
of the original contract as a single deliverable (a single performance obligation). Pre-contract costs are expensed as incurred unless
they are expected to be recovered from the client. Project mobilization costs are generally charged to project costs as incurred when
they are an integrated part of the performance obligation being transferred to the customer.
Accounting
for our contract-related revenues and costs and other expenses requires management to make a variety of significant estimates and assumptions.
Although we believe we have the experience and processes to formulate appropriate assumptions and produce reasonably dependable estimates,
these assumptions and estimates may change significantly in the future and could result in the reversal of previously recognized revenues
and profit. Accordingly, such changes could have a material adverse effect on our financial position and results of operations.
We
are a holding company whose principal source of operating cash is the income received from our subsidiaries.
We
are dependent on the income generated by our subsidiaries in order to make distributions and dividends on the shares. The amount of distributions
and dividends, if any, which may be paid to us from our operating subsidiaries will depend on many factors, including such subsidiaries'
results of operations and financial condition, limits on dividends under applicable law, its constitutional documents, documents governing
any indebtedness, and other factors which may be outside our control. If our operating subsidiaries do not generate sufficient cash flow,
we may be unable to make distributions and dividends on the shares.
Our
significant shareholders have considerable influence over our corporate matters.
Pui Lung Ho beneficially owns
and controls 8,000,000 Ordinary Shares that correspond to 53.33% of our issued and outstanding Ordinary Shares. Mr. Ho holds a controlling
interest in us and consequently, holds considerable influence over corporate matters requiring shareholder approval, including without
limitation, electing directors and approving material mergers, acquisitions or other business combination transactions. This concentrated
control will limit your ability to influence corporate matters and could also discourage others from pursuing any potential merger, takeover
or other change of control transactions, which could have the effect of depriving the holders of our Ordinary Shares of the opportunity
to sell their shares at a premium over the prevailing market price
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Our
significant shareholders may have potential conflicts of interest with us, which may materially and adversely affect our business and
financial condition.
Because
our significant shareholders have, either collectively or individually, considerable influence over our corporate matters, their interests
may differ from the interests of our company as a whole. These shareholders could, for example, appoint directors and management without
the requisite experience, relations or knowledge to steer our Company properly because of their affiliations or loyalty, and such actions
may materially and adversely affect our business and financial condition. Currently, we do not have any arrangements to address potential
conflicts of interest between these shareholders and our Company. If we cannot resolve any conflict of interest or dispute between us
and the shareholders, we would have to rely on legal proceedings, which could disrupt our business and subject us to substantial uncertainty
as to the outcome of any such legal proceedings.
If
we fail to promote and maintain our brand effectively and cost-efficiently, our business and results of operations may be harmed.
We
believe that developing and maintaining awareness of our brand effectively is critical to attracting new and retaining existing customers.
Successful promotion of our brand and our ability to attract customers depend largely on the effectiveness of our marketing efforts and
the success of the channels we use to promote our services. Our future marketing efforts will likely require us to incur significant
additional expenses. These efforts may not result in increased revenues in the immediate future or at all and, even if they do, any increases
in revenues may not offset the expenses incurred. If we fail to successfully promote and maintain our brand while incurring substantial
expenses, our results of operations and financial condition would be adversely affected, which may impair our ability to grow our business.
We
may not be able to prevent others from unauthorized use of our intellectual property, which could harm our business and competitive position.
We
regard our trademarks, copyrights, domain names, know-how, proprietary technologies and similar intellectual property as critical to
our success, and we rely on a combination of intellectual property laws and contractual arrangements, including confidentiality, invention
assignment and non-compete agreements with our employees and others to protect our proprietary rights. We own certain intellectual properties. Despite these measures, any of our intellectual property rights
could be challenged, invalidated, circumvented or misappropriated, or such intellectual property may not be sufficient to provide us
with competitive advantages. In addition, because of the rapid pace of technological change in our industry, parts of our business rely
on technologies developed or licensed by third parties, and we may not be able to obtain or continue to obtain licenses and technologies
from these third parties on reasonable terms, or at all.
It
is often difficult to register, maintain and enforce intellectual property rights in China. Statutory laws and regulations are subject
to judicial interpretation and enforcement and may not be applied consistently due to the lack of clear guidance on statutory interpretation.
Counterparties may breach confidentiality, invention assignment and non-compete agreements, and there may not be adequate remedies available
to us for any such breach. Accordingly, we may not be able to effectively protect our intellectual property rights or to enforce our
contractual rights in China. Preventing any unauthorized use of our intellectual property is difficult and costly and the steps we take
may be inadequate to prevent the misappropriation of our intellectual property. In the event that we resort to litigation to enforce
our intellectual property rights, such litigation could result in substantial costs and a diversion of our managerial and financial resources.
We cannot assure that we will prevail in such litigation. In addition, our trade secrets may be leaked or otherwise become available
to, or be independently discovered by, our competitors. To the extent that our employees or consultants use intellectual property owned
by others in their work for us, disputes may arise as to the rights in related know-how and inventions. Any failure in protecting or
enforcing our intellectual property rights could have a material adverse effect on our business, financial condition and results of operations.
We
may be subject to intellectual property infringement claims, which may be expensive to defend and may disrupt our business and operations.
We
cannot be certain that our operations or any aspects of our business do not or will not infringe upon or otherwise violate
trademarks, patents, copyrights, know-how or other intellectual property rights held by third parties, especially since we do not
manage or control the intellectual property rights of any of our suppliers. We may be from time to time in the future subject to
legal proceedings and claims relating to the intellectual property rights of others. In addition, there may be third-party
trademarks, patents, copyrights, know-how or other intellectual property rights that are infringed by our products, services or
other aspects of our business without our awareness. Holders of such intellectual property rights may seek to enforce such
intellectual property rights against us in HK SAR, China, the United States or other jurisdictions. If any third-party infringement
claims are brought against us, we may be forced to divert management's time and other resources from our business and
operations to defend against these claims, regardless of their merits.
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Additionally,
the application and interpretation of China's intellectual property right laws and the procedures and standards for granting trademarks,
patents, copyrights, know-how or other intellectual property rights in China are still evolving and are uncertain, and we cannot assure
you that PRC courts or regulatory authorities would agree with our analysis. If we were found to have violated the intellectual property
rights of others, we may be subject to liability for our infringement activities or may be prohibited from using such intellectual property,
and we may incur licensing fees or be forced to develop alternatives of our own. As a result, our business and results of operations
may be materially and adversely affected.
We
may incur losses or experience disruption of our operations as a result of unforeseen or catastrophic events, including the emergence
of an epidemic, pandemic, social unrest, terrorist attacks, or natural disasters.
Our
business could be materially and adversely affected by catastrophic events or other business continuity problems, such as natural or
man-made disasters, pandemics, social unrest, war, riots, terrorist attacks, or other public safety concerns. If we were to experience
a natural or man-made disaster, disruption due to social or political unrest, or disruption involving electronic communications or other
services used by us or third parties with which we conduct business, the continuity of our operations will partially depend on the availability
of our people and office facilities and the proper functioning of our computer, software, telecommunications, transaction processing,
and other related systems. A disaster or a disruption in the infrastructure that supports our businesses, a disruption involving electronic
communications or other services used by us or third parties with whom we conduct business, or a disruption that directly affects our
business exposure and operations in HK SAR, could have a material adverse impact on our ability to continue to operate our business without
interruption. Our business could also be adversely affected if our employees are affected by epidemics, pandemics, natural or man-made
disasters, disruptions due to social or political unrest or disruption involving electronic communications. In addition, our results
of operations could be adversely affected to the extent that any epidemic or pandemic harms the Chinese or global economy in general.
The incidence and severity of disasters, epidemics or pandemics or other business continuity problems are unpredictable, and our inability
to timely and successfully recover could materially disrupt our businesses and cause material financial loss, regulatory actions, reputational
harm, or legal liability.
In
addition, although the recent outbreak of COVID-19 has caused, and may continue to cause, companies in China and the rest of the world,
including us and certain of our business partners, to implement temporary adjustment of work schedules and travel plans, mandating employees
to work from home and collaborate remotely. As a result, we may experience lower efficiency and productivity, internally and externally,
which may adversely affect our service quality. Moreover, our business operations depend on our professional staff and the continued
services of these individuals. If any of our employees is suspected of having contracted COVID-19, we may be required to apply quarantines
or suspend our operations. The extent to which this outbreak impacts our results of operations will depend on future developments, which
are highly uncertain and unpredictable, including new information which may emerge concerning the severity of this outbreak and future
actions we take, if any, to contain this outbreak or treat its impact, among others.
Given
the ever-evolving nature of the COVID-19 pandemic, and because substantially all of our business operations and our workforce are concentrated
in China, we believe there is a risk that our business, results of operations, and financial condition will be adversely affected.
The
impact of COVID-19 on our business, financial condition, and results of operations includes, but are not limited to, the following:
●
The
    closure of our offices and suspension of construction / contracting operations;
●
The
    suspension of all in-person consultations, marketing, and advertising activities; and
●
Our
    results of operations were negatively affected by the COVID-19 pandemic in the first half year of 2020 and 2022. Under the disease
    prevention measures and arrangement announced by the HK SAR Government, on-site works were suspended for around 3 months from February
    through April 2020. During the first half year in 2022, a high amount of people got infected, which led to a shortage of labor in
    both office support and at the construction sites.
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Although
the effects of COVID-19 have abated in 2023, and global regulators have generally relaxed various pandemic control rules, there remains
some uncertainty surrounding the spread of COVID-19, and any business disruption and related financial impact coronavirus continues to
remain uncertain.
Fluctuations
in exchange rates could have a material adverse effect on our results of operations and the price of the Ordinary Shares.
Our
revenues and expenses will be denominated predominantly in Hong Kong dollars. The value of the Hong Kong dollar against the U.S. dollar
may fluctuate and may be affected by, among other things, changes in political and economic conditions. Although the exchange rate between
the Hong Kong dollar to the U.S. dollar has been pegged since 1983, we cannot assure you that the Hong Kong dollar will remain pegged
to the U.S. dollar.
Any
significant fluctuations in the exchange rates between Hong Kong dollars to U.S. dollars may have a material adverse effect on our revenues
and financial condition. For example, to the extent that we are required to convert U.S. dollars we receive from our initial public offering
into Hong Kong dollars for our operations, fluctuations in the exchange rates between Hong Kong dollars against the U.S. dollar would
have an adverse effect on the amounts we receive from the conversion. We have not used any forward contracts, futures, swaps or currency
borrowings to hedge our exposure to foreign currency risk.
Increases
in labor costs and an ageing labor force may adversely affect our business and results of operations.
In
recent years, the economy in HK SAR and globally has experienced general increases in inflation and labor costs. As a result, average
wages in HK SAR and certain other regions are expected to increase. In addition, we are required by HK SAR laws and regulations to pay
various statutory employee benefits, including mandatory provident fund to designated government agencies for the benefit of our employees.
The relevant government agencies may examine whether an employer has made adequate payments to the statutory employee benefits. Those
employers who fail to make adequate payments may be subject to fines and other penalties. As a result, we expect that our labor costs,
including wages and employee benefits, will continue to increase.
According
to the Census and Statistics Department of Hong Kong, most of the prices of raw materials and workers' wages have moderately increased
over the past six years. In particular, the ageing workforce in the local construction industry has been one of the significant issues
and the market demand for experienced workers has remained strong. However, the shortage in skillful workers for both general and special
trades in the construction may result in higher expenditure for fitting-out works service providers to retain high-caliber workers in
order to ensure timely delivery of fitting-out projects. As a result, recruiting a pool of sufficient labor force while maintaining the
business operations economically has become one of the market challenges for fitting-out works contractors.
Unless
we are able to hire able and skilled workers and control our labor costs or pass on these increasing labor costs, our financial condition,
and results of operations may be adversely affected.
Our
business is susceptible to government policies and macroeconomic conditions.
The
market growth of construction industry in HK SAR highly correlates to government policies and macroeconomic environment. Particularly,
during economic downturns, due to limited financial budgets, property developers and tenants are more conservative to invest capital
resources to renovate their living spaces and select high-end products, such as furniture and marbles imported from overseas. On the
other hand, government policies, such as urban renewal and development program and land sales, may affect the availability of land for
property developers to construct and subsequently the demand for fitting-out works in HK SAR may deteriorate. In fact, according to Lands
Department, the area of land sales has dropped from approximately 342.6 thousand square meters in 2014 to approximately 149.6 thousand
square meters in 2019. As a result, the issue of overreliance on government policies and cyclical nature of construction works may adversely
impact the development of fitting-out works market in HK SAR.
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We
may not be able to meet higher customers' expectation.
Attributable
to an increasing domestic household income, more people in HK SAR are willing to invest extra to pursue a better living environment and
enhance their living standards. As a result, fitting-out service providers may confront with higher customers' requirements as
they may prefer the application of high-quality building materials to create a decent aesthetic decoration around their living spaces.
Moreover, as the cost of owning and renting a unit is relatively high in HK SAR, property owners and generally have higher demand for
the quality of fitting-out works. Thus, competent service providers are required to demonstrate a variety of capabilities, such as project
management and craftsmanship, in order to meet the enhanced requirements from customers and outperform their competitors among this highly
competitive market environment. If we are unable to meet such enhanced expectations, our business will be adversely affected.
Our
financial statements have been prepared on a going concern basis and we must raise additional capital beforehand to fund our operations
in order to continue as a going concern. If we are unable to do so or on terms commercially acceptable to us and we are unable to improve
our liquidity position, we may be required to realize our assets and discharge our liabilities other than in the normal course of business
which could cause investors to suffer the loss of all or a substantial portion of their investment.
As
of December 31, 2022, 2021 and 2020, we
had an accumulated deficit of $2,221,822, $1,624,941 and $1,270,198, and working capital deficit of $1,281,671, $518,589 and $894,295 respectively.
As the Company has an accumulated deficit and has a working capital deficit, net cash outflows from operating activities, our auditor,
WWC, P.C. had raised substantial doubt about our ability to continue as going concern.
Management
plans to focus its resources on smaller scale engineering projects that generate sustainable positive profit margins. Additionally, the
Company plans to raise capital via private placement or public offering in the event that the Company does not have adequate liquidity
to meet its current obligations. If we are unable to improve our liquidity position, we may not be able to continue as a going concern,
and therefore, be required to realize our assets and discharge our liabilities other than in the normal course of business which could
cause investors to suffer the loss of all or a substantial portion of their investment.
Risks
Related to Doing Business in Hong Kong SAR
Changes
in political, social and economic policies in any of China, the U.S. or Europe may materially and adversely affect our business, financial
condition, results of operations and prospects.
Our
business operations are primarily conducted in China. Accordingly, we are affected by the economic, political and legal environment in
China.
In
particular, China's economy differs from the economies of most developed countries in many respects, including the fact that it:
●
has
    a high level of government involvement;
●
is
    in the early stages of development of a market-oriented economy;
●
has
    experienced rapid growth; and
●
has
    a tightly controlled foreign exchange policy.
China's
economy has been transitioning from a planned economy towards a more market-oriented economy. However, a substantial portion of productive
assets in China remain state-owned and the PRC government exercises a high degree of control over these assets. In addition, the PRC
government continues to play a significant role in regulating industrial development by imposing industrial policies. For the past three
decades, the PRC government has implemented economic reform measures to emphasize the utilization of market forces in economic development.
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China's
economy has grown significantly in recent years; however, there can be no assurance that such growth will continue. The PRC government
exercises control over China's economic growth through the allocation of resources, controlling payment of foreign currency-denominated
obligations, setting monetary policy and providing preferential treatment to particular industries or companies. Some of these measures
benefit the overall economy of China, but may also have a negative effect on our business. For example, our financial condition and results
of operations may be adversely affected by government control over capital investments or changes in tax regulations that are applicable
to us. As such, our future success is, to some extent, dependent on the economic conditions in China, and any significant downturn in
market conditions may materially and adversely affect our business prospects, financial condition, results of operations and prospects.
HK
SAR and China's legal systems are evolving and have inherent uncertainties that could limit the legal protection available to you.
We
have virtually all of our operations in HK SAR. In fiscal year 2019, we generated 6% of our revenue from mainland China for referring
sub-contractors to a work site in mainland China. Since then, all our revenue has been generated in HK SAR. The HK SAR legal system embodies
uncertainties which could limit the legal protections available to you and us.
As
one of the conditions for the handover of the sovereignty of HK SAR to China, China had to accept some conditions such as HK SAR's
Basic Law before its return. The Basic Law ensured HK SAR will retain its own currency (the Hong Kong Dollar), legal system, parliamentary
system and people's rights and freedom for fifty years from 1997. This agreement had given HK SAR the freedom to function in a
high degree of autonomy. The Special Administrative Region of Hong Kong is responsible for its own domestic affairs including, but not
limited to, the judiciary and courts of last resort, immigration and customs, public finance, currencies and extradition. Hong Kong continues
using the English common law system.
Some
international observers and human rights organizations have expressed doubts about the future of the relative political freedoms enjoyed
in HK SAR and the PRC's pledge to allow a high degree of autonomy in HK SAR. They considered, for example, that the proposals in
Article 23 of the Basic Law in 2003 (which was withdrawn due to mass opposition) might have undermined autonomy. On June 10, 2014, Beijing
released a new report asserting its authority over the territory. This ignited criticism from many people in HK SAR, who said that the
Communist leadership was reneging on its pledges to abide by the "one country, two systems" policy that allows for a democratic,
autonomous HK SAR under Beijing's rule.
If
the PRC were to, in fact, renege on its agreement to allow HK SAR to function autonomously, this could potentially impact HK SAR's
common law legal system and may in turn bring about uncertainty in, for example, the enforcement of our contractual rights. This could,
in turn, materially and adversely affect our business and operation. Additionally, intellectual property rights and confidentiality protections
in HK SAR may not be as effective as in the United States or other countries. Accordingly, we cannot predict the effect of future developments
in the HK SAR legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof,
or the preemption of local regulations by national laws. These uncertainties could limit the legal protections available to us, including
our ability to enforce our agreements with our customers.
By
contrast, China's legal system is a civil law system based on written statutes. Unlike common law systems, it is a system in which
prior court decisions have limited value as precedents. Since 1979, the PRC government has promulgated laws and regulations governing
economic matters in general, such as foreign investment, corporate organization and governance, commerce, taxation and trade. However,
China has not developed a fully integrated legal system. As a result, recently-enacted laws and regulations may not sufficiently cover
all aspects of economic activities in China. In particular, because these laws and regulations are relatively new and the limited volume
of published cases and their non-binding nature, interpretation and enforcement of these newer laws and regulations involve greater uncertainties
than those in jurisdictions available to you. In addition, China's legal system is based in part on government policies and administrative
rules and many have retroactive effects. As a result, we cannot predict the effect of future developments in China's legal system,
including the promulgation of new laws, changes to existing laws, or the interpretation or enforcement thereof, or the pre-emption of
local regulations by national laws.
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Uncertainties
in the interpretation and enforcement of Chinese laws and regulations, which could change at any time with little advance notice, could
limit the legal protections available to us.
The
PRC legal system is based on written statutes and prior court decisions have limited value as precedents. Since these laws and regulations
are relatively new and the PRC legal system continues to rapidly evolve, the interpretations of many laws, regulations and rules, which
could change at any time with little advance notice, are not always uniform and enforcement of these laws, regulations and rules involves
uncertainties.
We
may have to resort to administrative and court proceedings to enforce our legal rights from time to time. However, since PRC administrative
and court authorities have significant discretion in interpreting and implementing statutory and contractual terms, it may be more difficult
to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy than in more developed legal
systems. Furthermore, the PRC legal system is based partly on government policies and internal rules (some of which are not published
in a timely manner or at all) that may have a retroactive effect. As a result, we may not be aware of our violation of these policies
and rules until sometime after the violation. Such uncertainties, including uncertainty over the scope and effect of our contractual,
property (including intellectual property) and procedural rights, could materially and adversely affect our business and impede our ability
to continue our operations.
We
may be subject to a variety of laws and other obligations regarding cybersecurity and data protection, and any failure to comply with
applicable laws and obligations could have a material and adverse effect on our business, financial condition and results of operations.
We
may become subject to a variety of laws and regulations in the PRC regarding privacy, data security, cybersecurity, and data protection.
These laws and regulations are continuously evolving and developing. The scope and interpretation of the laws that are or may be applicable
to us are often uncertain and may be conflicting, particularly with respect to foreign laws. In particular, there are numerous laws and
regulations regarding privacy and the collection, sharing, use, processing, disclosure, and protection of personal information and other
user data. Such laws and regulations often vary in scope, may be subject to differing interpretations, and may be inconsistent among
different jurisdictions.
We
expect to obtain information about various aspects of our operations as well as regarding our employees and third parties. We also maintain
information about various aspects of our operations as well as regarding our employees. The integrity and protection of our customer,
employee and company data is critical to our business. Our customers and employees expect that we will adequately protect their personal
information. We are required by applicable laws to keep strictly confidential the personal information that we collect, and to take adequate
security measures to safeguard such information.
The
PRC Criminal Law, as amended by Amendment 7 (effective on February 28, 2009) and Amendment 9 (effective on November 1, 2015), prohibits
institutions, companies and their employees from selling or otherwise illegally disclosing a citizen's personal information obtained
during the course of performing duties or providing services or obtaining such information through theft or other illegal ways. On November
7, 2016, the Standing Committee of the PRC National People's Congress issued the Cyber Security Law of the PRC, or Cyber Security
Law, which became effective on June 1, 2017.
Pursuant
to the Cyber Security Law, network operators must not, without users' consent, collect their personal information, and may only
collect users' personal information necessary to provide their services. Providers are also obliged to provide security maintenance
for their products and services and shall comply with provisions regarding the protection of personal information as stipulated under
the relevant laws and regulations.
The
Civil Code of the PRC (issued by the PRC National People's Congress on May 28, 2020 and effective from January 1, 2021) provides
main legal basis for privacy and personal information infringement claims under the Chinese civil laws. PRC regulators, including the
Cyberspace Administration of China, MIIT, and the Ministry of Public Security have been increasingly focused on regulation in the areas
of data security and data protection.
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The
PRC regulatory requirements regarding cybersecurity are constantly evolving. For instance, various regulatory bodies in China, including
the Cyberspace Administration of China, the Ministry of Public Security and the SAMR, have enforced data privacy and protection laws
and regulations with varying and evolving standards and interpretations. In April 2020, the Chinese government promulgated Cybersecurity
Review Measures, which came into effect on June 1, 2020. According to the Cybersecurity Review Measures, operators of critical information
infrastructure must pass a cybersecurity review when purchasing network products and services which do or may affect national security.
In
November 2016, the Standing Committee of China's National People's Congress passed China's first Cybersecurity Law
("CSL"), which became effective in June 2017. The CSL is the first PRC law that systematically lays out the regulatory requirements
on cybersecurity and data protection, subjecting many previously under-regulated or unregulated activities in cyberspace to government
scrutiny. The legal consequences of violation of the CSL include penalties of warning, confiscation of illegal income, suspension of
related business, winding up for rectification, shutting down the websites, and revocation of business license or relevant permits. In
April 2020, the Cyberspace Administration of China and certain other PRC regulatory authorities promulgated the Cybersecurity Review
Measures, which became effective in June 2020. Pursuant to the Cybersecurity Review Measures, operators of critical information infrastructure
must pass a cybersecurity review when purchasing network products and services which do or may affect national security. On November
14, 2021, the Cyberspace Administration of China ("CAC") issued a revised draft of the Measures for Cybersecurity Review
for public comments ("Draft Measures"), which required that, in addition to "operator of critical information infrastructure,"
any "data processor" carrying out data processing activities that affect or may affect national security should also be subject
to cybersecurity review, and further elaborated the factors to be considered when assessing the national security risks of the relevant
activities, including, among others, (i) the risk of core data, important data or a large amount of personal information being stolen,
leaked, destroyed, and illegally used or exited the country; and (ii) the risk of critical information infrastructure, core data, important
data or a large amount of personal information being affected, controlled, or maliciously used by foreign governments after listing abroad.
The Cyberspace Administration of China has said that under the proposed rules companies holding data on more than 1,000,000 users must
now apply for cybersecurity approval when seeking listings in other nations because of the risk that such data and personal information
could be "affected, controlled, and maliciously exploited by foreign governments," The cybersecurity review will also investigate
the potential national security risks from overseas IPOs. We do not know what regulations will be adopted or how such regulations will
affect us and our listing on Nasdaq. In the event that the Cyberspace Administration of China determines that we are subject to these
regulations, we may be subject to fines and penalties. On June 10, 2021, the Standing Committee of the NPC promulgated the PRC Data Security
Law, which will take effect on September 1, 2021. The Data Security Law also sets forth the data security protection obligations for
entities and individuals handling personal data, including that no entity or individual may acquire such data by stealing or other illegal
means, and the collection and use of such data should not exceed the necessary limits The costs of compliance with, and other burdens
imposed by, CSL and any other cybersecurity and related laws may limit the use and adoption of our products and services and could have
an adverse impact on our business. Further, if the enacted version of the Measures for Cybersecurity Review mandates clearance of cybersecurity
review and other specific actions to be completed by companies like us, we face uncertainties as to whether such clearance can be timely
obtained, or at all.
On
January 4, 2022, thirteen PRC regulatory agencies, namely, the CAC, the NDRC, the Ministry of Industry and Information Technology, the
Ministry of Public Security, the Ministry of State Security, the Ministry of Finance, MOFCOM, SAMR, CSRC, the People's Bank of
China, the National Radio and Television Administration, National Administration of State Secrets Protection and the National Cryptography
Administration, jointly adopted and published the Measures for Cybersecurity Review (2021), which became effective on February 15, 2022.
The Measures for Cybersecurity Review (2021) required that, among others, in addition to "operator of critical information infrastructure"
any "operator of network platform" holding personal information of more than one million users which seeks to list in a foreign
stock exchange should also be subject to cybersecurity review.
We
do not expect to be subject to the cybersecurity review by the CAC, given that: (i) using our products
and services do not require providing users' personal information; (ii) we possess minimum amount, if not none of personal information
in our business operations; (iii) data processed in our business does not have a bearing on national security and thus may not be classified
as core or important data by the authorities and (iv) our operations are in HK SAR, a Special Autonomous Region apart from mainland PRC.
However, there remains uncertainty as to how the Draft Measures will be interpreted or implemented and whether the PRC regulatory agencies,
including the CAC, may adopt new laws, regulations, rules, or detailed implementation and interpretation related to the Draft Measures.
If any such new laws, regulations, rules, or implementation and interpretation comes into effect, we will take all reasonable measures
and actions to comply and to minimize the adverse effect of such laws on us.
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We
cannot assure you that PRC regulatory agencies, including the CAC, would take the same view as we do, and there is no assurance that
we can fully or timely comply with such laws. In the event that we are subject to any mandatory cybersecurity review and other specific
actions required by the CAC, we face uncertainty as to whether any clearance or other required actions can be timely completed, or at
all. Given such uncertainty, we may be further required to suspend our relevant business, shut down our website, or face other penalties,
which could materially and adversely affect our business, financial condition, and results of operations.
We
believe that we have been in compliance with the data privacy and personal information requirements of the CAC. Neither the CAC nor any
other PRC regulatory agency or administration has contacted the Company in connection with the Company's or its subsidiaries'
operations. The Company is currently not required to obtain regulatory approval from the CAC nor any other PRC authorities for its and
its subsidiaries' operations in HK SAR. Further, the PRC laws or regulations related to data security are not enforceable in HK
SAR.
We
may be subject to a variety of laws and other obligations regarding data protection in HK SAR. The Personal Data (Privacy) Ordinance
(Chapter 486 of the Laws of Hong Kong) (the "PDPO") came into force on 20 December 1996. The PDPO states that any person
who controls the collection, holding, processing or use of personal data (the "data user") shall not do any act, or engage
in a practice, that contravenes any of the data protection principles set out in Schedule 1 to the PDPO (the "Data Protection Principles")
unless the act or practice, as the case may be, is required or permitted under the PDPO. Personal data means any data (a) relating directly
or indirectly to a living individual; (b) from which it is practicable for the identity of the individual to be directly or indirectly
ascertained; and (c) in a form in which access to or processing of the data is practicable.
The
Data Protection Principles set out that (1) personal data must be collected in a lawful and fair way, for a purpose directly related
to a function or activity of the data user. Data subjects must be notified of the purpose for which the data is to be used and the classes
of persons to whom the data may be transferred. Data collected should be adequate but not excessive; (2) personal data must be accurate
and should not be kept for a period longer than necessary for the fulfillment of the purpose for which the data is or is to be used;
(3) personal data must be used for the purpose for which the data is collected or for a directly related purpose unless voluntary and
explicit consent with a new purpose is obtained from the data subject; (4) a data user shall take practicable steps to safeguard any
personal data held against unauthorized or accidental access, processing, erasure, loss or use; (5) a data user shall take practicable
steps to ensure that its policies and practices in relation to personal data, the kind of personal data it holds and the main purposes
for which the personal data is or is to be used for are made known to the public; and (6) a data shall be entitled to request access
to personal data and must be allowed to correct the personal data if it is inaccurate.
Moreover,
the Personal Data (Privacy) (Amendment) Ordinance 2021 (the "PDPAO") came into effect on 8 October 2021. It amends the PDPO,
particularly to: (i) criminalize doxing, i.e. unconsented disclosure of personal information of targeted individuals and groups; (ii)
introduce a cessation notice regime to tackle doxing with extra-territorial reach; and (iii) substantially expand the investigation and
enforcement powers of the Privacy Commissioner for Personal Data, in contexts beyond doxing.
Our
directors are of the view that we are not likely to be in breach of the PDPO and the PDPAO, for the following reasons: (i) using our
products and services do not require providing users' personal information and (ii) we possess minimum amount, if not none of the
personal information in our business operations. Nonetheless, we are subject to laws and regulations relating to the collection, storage,
use, processing, transmission, retention, security and transfer of personal information and other data. The interpretation and application
of laws, regulations and standards on data protection and privacy are still uncertain and evolving. We cannot assure you that the governmental
authorities will not interpret or implement the laws or regulations in ways that negatively affect us. We may be subject to investigations
and inspections by government authorities regarding our compliance with laws and regulations on data privacy, and we cannot assure you
that our practices will always fully comply with all applicable rules and regulatory requirements. In addition, laws, regulations and
standards on data protection and privacy continue to develop and may vary from jurisdiction to jurisdiction. Complying with emerging
and changing international requirements may cause us to incur substantial costs or require us to change our business practices.
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The
Opinions recently issued by the General Office of the Central Committee of the Communist Party of China and the General Office of the
State Council and the New Overseas Listing Rules promulgated by the CSRC may subject us to additional compliance requirements in the
future.
On
February 17, 2023, with the approval of the State Council, the CSRC released the Trial Measures and five supporting guidelines, which
will come into effect on March 31, 2023. According to the Trial Measures, (1) domestic companies that seek to offer or list securities
overseas, both directly and indirectly, should fulfill the filing procedures and report relevant information to the CSRC; if a domestic
company fails to complete the filing procedures or conceals any material fact or falsifies any major content in its filing documents,
such domestic company may be subject to administrative penalties, such as order to rectify, warnings, fines, and its controlling shareholders,
actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties,
such as warnings and fines; (2) if the issuer meets both of the following conditions, the overseas offering and listing shall be determined
as an indirect overseas offering and listing by a domestic company: (i) any of the total assets, net assets, revenues or profits of the
domestic operating entities of the issuer in the most recent accounting year accounts for more than 50% of the corresponding figure in
the issuer's audited consolidated financial statements for the same period; (ii) its major operational activities are carried out
in China or its main places of business are located in China, or the senior managers in charge of operation and management of the issuer
are mostly Chinese citizens or are domiciled in China; and (3) where a domestic company seeks to indirectly offer and list securities
in an overseas market, the issuer shall designate a major domestic operating entity responsible for all filing procedures with the CSRC,
and where an issuer makes an application for an initial public offering in an overseas market, the issuer shall submit filings with the
CSRC within three business days after such application is submitted. On the same day, the CSRC also held a press conference for the release
of the Trial Measures and issued the Notice on Administration for the Filing of Overseas Offering and Listing by Domestic Companies,
which, among others, clarifies that (1) on or prior to the effective date of the Trial Measures, domestic companies that have already
submitted valid applications for overseas offering and listing but have not obtained approval from overseas regulatory authorities or
stock exchanges may reasonably arrange the timing for submitting their filing applications with the CSRC, and must complete the filing
before the completion of their overseas offering and listing; (2) a six-month transition period will be granted to domestic companies
which, prior to the effective date of the Trial Measures, have already obtained the approval from overseas regulatory authorities or
stock exchanges, but have not completed the indirect overseas listing; if domestic companies fail to complete the overseas listing within
such six-month transition period, they shall file with the CSRC according to the requirements; and (3) the CSRC will solicit opinions
from relevant regulatory authorities and complete the filing of the overseas listing of companies with contractual arrangements which
duly meet the compliance requirements, and support the development and growth of these companies.
On
February 24, 2023, the CSRC revised the Archives Rules issued in 2009. The revised Archives Rules came into effect on March 31,
2023. In the overseas listing activities of domestic companies, domestic companies, as well as securities companies and securities service
institutions providing relevant securities services thereof, should establish a sound system of confidentiality and archival work, shall
not disclose state secrets, or harm the state and public interests. Where a domestic company provides or publicly discloses to the relevant
securities companies, securities service institutions, overseas regulatory authorities and other entities and individuals, or provides
or publicly discloses through its overseas listing entity, any document or material involving any state secret or any work secret of
any governmental agency, it shall report to the competent authority for approval in accordance with the law, and submit to the secrecy
administration department for filing. Securities companies and securities service organizations shall comply with the confidentiality
and archive management requirements, and keep the documents and materials properly. Securities companies and securities service institutions
that provide domestic enterprises with relevant securities services for overseas issuance and listing of securities shall keep the working
papers they compile (such as the records of working plan and procedure, evidence and supporting materials related to the services which
are obtained and prepared by the aforementioned service providers) within the territory of the PRC. If such working papers need to be
taken abroad, approval shall be obtained in accordance with relevant provisions.
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The
Trial Measures, and the revised Archives Rules, do not presently subject us to additional compliance requirements as we
are not a "domestic company" and they have no general application in HK SAR because of the Basic Law. However, we cannot
assure you that they will not apply to us in the future. If they do eventually apply to us, we cannot assure you that we will be able
to get the clearance of filing procedures under the Trial Measures on a timely basis, or at all. Any failure by us to fully comply with
new regulatory requirements, including but limited to the failure to complete the filing procedures with the CSRC if required, may significantly
limit or completely hinder our ability to offer or continue to offer our Ordinary Shares, cause significant disruption to our business
operations, and severely damage our reputation, which would materially and adversely affect our financial condition and results of operations
and cause our Ordinary Shares to significantly decline in value or become worthless.
We
operate in a competitive industry and a highly competitive market. We may be subject to a variety of laws and other obligations regarding
competition law in the HK SAR, and any failure to comply with applicable laws and obligations could have a material and adverse effect
on our business, financial condition and results of operations.
We face significant competition
in the E&M market due to a large amount of E&M service providers. We may be subject to the Competition Ordinance (Chapter 619
of the Laws of Hong Kong) ("Competition Ordinance"), which came into force on 14 December 2015. It lays down three forms of
behavior and imposes three rules which are intended to prevent and discourage anti-competitive conduct: (i) the first conduct rule prohibits
agreements between undertakings that have the object or effect of preventing, restricting and distorting competition in HK SAR; (ii) the
second conduct rule prohibits undertakings with a substantial degree of market power in a market from abusing that power by engaging in
conduct that has the object or effect of preventing, restricting and distorting competition in HK SAR; and (iii) the merger rule prohibits
mergers that have or are likely to have the effect of substantially lessening competition in HK SAR. Currently, the merger rule only applies
to the telecommunications section and is not applicable to our business.
Our
directors confirm that we have not adopted any anti-competitive conduct described in the Competition Ordinance and will continue to act
in compliance with the Competition Ordinance. However, there may be uncertainties on the full effect of the rules in respect of compliance,
infringement, and its effect on our business, in particular when tendering is one of our major means of securing contracts. We may face
difficulties and may need to incur legal costs in ensuring our compliance with the rules. We may also inadvertently infringe the Competition
Ordinance and under such circumstances, we may be subject to fines and/or other penalties, incur substantial legal costs and may result
in business disruption and/or negative media coverage, which could adversely affect our business, results of operations and reputation.
The
recent spate of government interference by the PRC government into business activities of U.S. listed Chinese companies may negatively
impact our operations, value of our securities and/or significantly limit or completely hinder our ability to offer future securities
to investors and cause the value of such securities to significantly decline or be worthless.
Recently,
the Chinese government announced that it would step up supervision of Chinese firms listed offshore. Under the new measures, China will
improve regulation of cross-border data flows and security, crack down on illegal activity in the securities market and punish fraudulent
securities issuance, market manipulation and insider trading. China will also check sources of funding for securities investment and
control leverage ratios. The Cyberspace Administration of China ("CAC") has also opened a cybersecurity probe into several
U.S.-listed tech giants focusing on anti-monopoly, financial technology regulation and more recently, with the passage of the Data Security
Law, how companies collect, store, process and transfer data. If we are subject to such a probe or if we are required to comply with
stepped-up supervisory requirements, valuable time from our management and money may be expended in complying and/or responding to the
probe and requirements, thus diverting valuable resources and attention away from our operations. This may, in turn, negatively impact
our operations.
Further,
given the Chinese government's significant oversight and discretion over the conduct of our business operations in HK SAR and China,
the Chinese government may intervene or influence our operations at any time, which could result in a material change in our operations
and consequently, the value of our Ordinary Shares. The Chinese government could also significantly limit or completely hinder our ability
to offer future securities to investors and cause the value of such securities to significantly decline or be worthless.
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It
may be difficult for overseas shareholders and/or regulators to conduct investigation or collect evidence within China.
Shareholder
claims or regulatory investigation common in the United States are generally difficult to pursue as a matter of law or practicality in
China. For example, there are significant legal and other obstacles to providing information needed for regulatory investigations or
litigation initiated outside China in China. Although the authorities in China may establish a regulatory cooperation mechanism with
the securities regulatory authorities of another country or region to implement cross-border supervision and administration, such cooperation
with the securities regulatory authorities in the Unities States may not be efficient in the absence of mutual and practical cooperation
mechanism. Furthermore, according to Article 177 of the PRC Securities Law, or Article 177, which became effective in March 2020, no
overseas securities regulator is allowed to directly conduct investigation or evidence collection activities within the territory of
the PRC. While detailed interpretation of or implementation rules under Article 177 have yet to be promulgated, the inability for an
overseas securities regulator, such as the Department of Justice, the SEC, the PCAOB and other authorities, to directly conduct investigation
or evidence collection activities within China may further increase difficulties faced by you in protecting your interests.
Our
principal business operation is conducted in HK SAR. In the event that the U.S. regulators carry out investigation on us and there is
a need to conduct investigation or collect evidence within the territory of the PRC, the U.S. regulators may not be able to carry out
such investigation or evidence collection directly in the PRC under the PRC laws. However, U.S. regulators may consider cross-border
cooperation with securities regulatory authority of the PRC by way of judicial assistance, diplomatic channels or regulatory cooperation
mechanism established with the securities regulatory authority of the PRC.
Failure
to comply with laws and regulations applicable to our business in China could subject us to fines and penalties and could also cause
us to lose customers or otherwise harm our business.
Our
business may be subject to regulation by various governmental agencies in China, including agencies responsible for monitoring and enforcing
compliance with various legal obligations, such as value-added telecommunication laws and regulations, privacy and data protection-related
laws and regulations, intellectual property laws, employment and labor laws, workplace safety, environmental laws, consumer protection
laws, governmental trade laws, import and export controls, anti-corruption and anti-bribery laws, and tax laws and regulations. These
regulatory requirements may be more stringent in certain jurisdictions than in China. These laws and regulations may impose added costs
on our business. Noncompliance with applicable regulations or requirements could subject us to:
●
investigations,
    enforcement actions, and sanctions;
●
mandatory
    changes to our network and products;
●
disgorgement
    of profits, fines, and damages;
●
civil
    and criminal penalties or injunctions;
●
claims
    for damages by our customers or channel partners;
●
termination
    of contracts;
●
loss
    of intellectual property rights;
●
failure
    to obtain, maintain or renew certain licenses, approvals, permits, registrations or filings
●
necessary
    to conduct our operations; and
●
temporary
    or permanent debarment from sales to public service organizations.
If
any governmental sanctions are imposed, or if we do not prevail in any possible civil or criminal litigation, our business, results of
operations, and financial condition could be adversely affected. In addition, responding to any action will likely result in a significant
diversion of our management's attention and resources and an increase in professional fees. Enforcement actions and sanctions could
materially harm our business, results of operations, and financial condition.
Additionally,
companies in the technology industry have recently experienced increased regulatory scrutiny. Any reviews by regulatory agencies or legislatures
may result in similar substantial regulatory fines, changes to our business practices, and other penalties, which could negatively affect
our business and results of operations.
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Changes
in social, political, and regulatory conditions or in laws and policies governing a wide range of topics may cause us to change our business
practices. Further, our expansion into a variety of new fields also could raise a number of new regulatory issues. These factors could
negatively affect our business and results of operations in material ways.
Moreover,
we are exposed to the risk of misconduct, errors and failure to functions by our management, employees and parties that we collaborate
with, who may from time to time be subject to litigation and regulatory investigations and proceedings or otherwise face potential liability
and penalties in relation to noncompliance with applicable laws and regulations, which could harm our reputation and business.
Our
Ordinary Shares may be delisted under the Holding Foreign Companies Accountable Act ("HFCA Act") if the PCAOB is unable
to inspect our auditors for two consecutive years beginning in 2021. The delisting of our shares, or the threat of their being
delisted, may materially and adversely affect the value of your investment.
On April
21, 2020, SEC Chairman Jay Clayton and PCAOB Chairman William D. Duhnke III, along with other senior SEC staff, released a joint statement
highlighting the risks associated with investing in companies based in or have substantial operations in emerging markets including China.
The joint statement emphasized the risks associated with lack of access for the PCAOB to inspect auditors and audit work papers in China
and higher risks of fraud in emerging markets.
On May 18,
2020, Nasdaq filed three proposals with the SEC to (i) apply minimum offering size requirement for companies primarily operating in "Restrictive
Market", (ii) adopt a new requirement relating to the qualification of management or board of director for Restrictive Market companies,
and (iii) apply additional and more stringent criteria to an applicant or listed company based on the qualifications of the company's
auditors.
On May 20,
2020, the U.S. Senate passed the HFCA Act requiring a foreign company to certify it is not owned or controlled by a foreign government
if the PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. If the PCAOB
is unable to inspect the company's auditors for three consecutive years, the issuer's securities are prohibited to trade on
a national securities exchange or in the over the counter trading market in the U.S. On December 2, 2020, the U.S. House of Representatives
approved the HFCA Act. On December 18, 2020, the HFCA Act was signed into law.
On March
24, 2021, the SEC announced that it had adopted interim final amendments to implement congressionally mandated submission and disclosure
requirements of the Act. The interim final amendments will apply to registrants that the SEC identifies as having filed an annual report
on Forms 10-K, 20-F, 40-F or N-CSR with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction
and that the PCAOB has determined it is unable to inspect or investigate completely because of a position taken by an authority in that
jurisdiction. The SEC will implement a process for identifying such a registrant and any such identified registrant will be required to
submit documentation to the SEC establishing that it is not owned or controlled by a governmental entity in that foreign jurisdiction,
and will also require disclosure in the registrant's annual report regarding the audit arrangements of, and governmental influence
on, such a registrant.
On June
22, 2021, the U.S. Senate passed Accelerating Holding Foreign Companies Accountable Act, and on December 29, 2022, legislation entitled
"Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by President
Biden, which contained, among other things, an identical provision to the Accelerating Holding Foreign Companies Accountable Act and amended
the HFCA Act by requiring 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, thus reducing the time period for triggering the prohibition
on trading.
On December
2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCA Act. The rules
apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting
firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken
by an authority in foreign jurisdictions. The final amendments are effective on January 10, 2022. The SEC will begin to identify and list
Commission-Identified Issuers on its website shortly after registrants begin filing their annual reports for 2021.
On December
16, 2021, PCAOB announced the PCAOB HFCA Act determinations (the "PCAOB determinations") relating to the PCAOB's inability
to inspect or investigate completely registered public accounting firms headquartered in mainland China of the PRC or Hong Kong, a Special
Administrative Region and dependency of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong.
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On August
26, 2022, the PCAOB announced that it had signed a Statement of Protocol (the "SOP") with the China Securities Regulatory
Commission and the Ministry of Finance of China. The SOP, together with two protocol agreements governing inspections and investigations
(together, the "SOP Agreement"), establishes a specific, accountable framework to make possible complete inspections and investigations
by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law. The SOP Agreement remains unpublished and
is subject to further explanation and implementation. Pursuant to the fact sheet with respect to the SOP Agreement disclosed by the SEC,
the PCAOB shall have sole discretion to select any audit firms for inspection or investigation and the PCAOB inspectors and investigators
shall have a right to see all audit documentation without redaction.
On December
15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting
firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC
authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to
issue a new determination.
The lack
of access to the PCAOB inspection in China prevents the PCAOB from fully evaluating audits and quality control procedures of the auditors
based in China. As a result, the investors may be deprived of the benefits of such PCAOB inspections. The inability of the PCAOB to conduct
inspections of auditors in China makes it more difficult to evaluate the effectiveness of these accounting firms' audit procedures
or quality control procedures as compared to auditors outside of China that are subject to the PCAOB inspections, which could cause existing
and potential investors in our stock to lose confidence in our audit procedures and reported financial information and the quality of
our financial statements.
Our auditor,
WWC P.C., the independent registered public accounting firm that issues the audit report included elsewhere in this annual report, as
an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the
United States pursuant to which the PCAOB conducts regular inspections to assess our auditor's compliance with the applicable professional
standards. Our auditor is headquartered in San Mateo, CA, and is subject to inspection by the PCAOB on a regular basis with the last inspection
in November 2021. Therefore, we believe that, as of the date of this annual report, our auditor is not subject to the PCAOB determinations.
However,
the recent developments would add uncertainties and we cannot assure you whether the SEC, the PCAOB, Nasdaq, or other regulatory authorities
would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and
quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates
to the audit of our financial statements. It remains unclear what further actions the SEC, the PCAOB or Nasdaq will take to address these
issues and what impact those actions will have on U.S. companies that have significant operations in the PRC and have securities listed
on a U.S. stock exchange (including a national securities exchange or over-the-counter stock market). In addition, any additional actions,
proceedings, or new rules resulting from these efforts to increase U.S. regulatory access to audit information could create some uncertainty
for investors, the market price of our ordinary shares could be adversely affected, and we could be delisted if we and our auditor are
unable to meet the PCAOB inspection requirement or being required to engage a new audit firm, which would require significant expense
and management time.
Furthermore,
according to Article 177 of the PRC Securities Law, the securities regulatory authority of the State Council may establish a regulatory
cooperation mechanism with securities regulatory authorities of another country or region for the implementation of cross-border supervision
and administration. Article 177 further provides that overseas securities regulatory authorities shall not engage in activities pertaining
to investigations or evidence collection directly conducted within the territories of the PRC, and that no Chinese entities or individuals
shall provide documents and information in connection with securities business activities to any organizations and/or persons aboard without
the prior consent of the securities regulatory authority of the State Council and the competent departments of the State Council. As of
the date hereof, we are not aware of any implementing rules or regulations which have been published regarding application of Article
177. Our Ordinary Shares could be delisted and prohibited from being traded on the Nasdaq Capital Market or any other U.S. stock market
under the HFCA Act if it is determined in the future that our auditor is unable to be fully inspected or investigated by the PCAOB. Article
177 is a recently promulgated provision and, as the date hereof, there have not been implementing rules or regulations regarding the application
of Article 177, it remains unclear as to how it will be interpreted, implemented or applied by the CSRC or other relevant government authorities.
As such, there are uncertainties as to the procedures and requisite timing for the U.S. securities regulatory agencies to conduct investigations
and collect evidence within the territory of the PRC.
If trading in our Ordinary Shares
is prohibited under the HFCA ACT in the future because the PCAOB determines that it cannot inspect or fully investigate our auditor at
such future time, Nasdaq may determine to delist our Ordinary Shares. If our Ordinary Shares are unable to be listed on another securities
exchange by then, such a delisting would substantially impair your ability to sell or purchase our Ordinary Shares when you wish to do
so, and the risk and uncertainty associated with a potential delisting would have a negative impact on the price of our Ordinary Shares.
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Nasdaq
may apply additional and more stringent criteria for our continued listing.
Nasdaq
Listing Rule 5101 provides Nasdaq with broad discretionary authority over the initial and continued listing of securities in Nasdaq and
Nasdaq may use such discretion to deny initial listing, apply additional or more stringent criteria for the initial or continued listing
of particular securities, or suspend or delist particular securities based on any event, condition, or circumstance that exists or occurs
that makes initial or continued listing of the securities on Nasdaq inadvisable or unwarranted in the opinion of Nasdaq, even though
the securities meet all enumerated criteria for initial or continued listing on Nasdaq. In addition, Nasdaq has used its discretion to
deny initial or continued listing or to apply additional and more stringent criteria in the instances, including but not limited to where
the company engaged an auditor that has not been subject to an inspection by PCAOB, an auditor that PCAOB cannot inspect, or an auditor
that has not demonstrated sufficient resources, geographic reach, or experience to adequately perform the company's audit; (ii)
where a company planned a small public offering, which would result in insiders holding a large portion of the company's listed
securities. Nasdaq was concerned that an offering size was insufficient to establish the company's initial valuation, and there
would not be sufficient liquidity to support a public market for the company; and (iii) where the company did not demonstrate sufficient
nexus to the U.S. capital market, including having no U.S. shareholders, operations, or members of the board of directors or management.
For the any aforementioned concerns, we may be subject to the additional and more stringent criteria of Nasdaq for our continued listing.
Risks
Related to Ownership of Our Ordinary Shares
We
will incur additional costs as a result of becoming a public company, which could negatively impact our net income and liquidity.
As
a public company, we will incur significant legal, accounting and other expenses that we did not incur as a private company. In addition,
Sarbanes-Oxley and rules and regulations implemented by the Securities and Exchange Commission and the Nasdaq require significantly heightened
corporate governance practices for public companies. As a result, we expect these rules and regulations to increase our legal, accounting
and financial compliance costs and make many corporate activities more time-consuming and costly.
We
do not expect to incur materially greater costs as a result of becoming a public company than those incurred by similarly sized U.S.
public companies. If we fail to comply with these rules and regulations, we could become the subject of a governmental enforcement action,
investors may lose confidence in us and the market price of our Ordinary Shares could decline.
As
a public company, we incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley
Act of 2002 and rules subsequently implemented by the Securities and Exchange Commission and the Nasdaq impose various requirements on
the corporate governance practices of public companies. As a company with less than US$1.07 billion in net revenues for our last fiscal
year, we qualify as an "emerging growth company" pursuant to the JOBS Act. An emerging growth company may take advantage
of specified reduced reporting and other generally applicable requirements that are otherwise applicable generally to public companies.
These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the
assessment of the emerging growth company's internal control over financial reporting and permission to delay adopting new or revised
accounting standards until such time as those standards apply to private companies.
We
expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming
and costly. After we are no longer an "emerging growth company," we expect to incur significant expenses and devote substantial
management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and the other rules
and regulations of the Securities and Exchange Commission. We also expect that operating as a public company will make it more difficult
and expensive for us to obtain director and officer liability insurance. We may be required to accept reduced policy limits and coverage
or incur substantially higher costs to obtain the same or similar coverage. In addition, we will incur additional costs associated with
our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors
or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we
cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.
In
the past, shareholders of a public company often brought securities class action suits against the company following periods of instability
in the market price of that company's securities. If we were involved in a class action suit, it could divert a significant amount
of our management's attention and other resources from our business and operations, which could harm our results of operations
and require us to incur significant expenses to defend the suit. Any such class action suit, whether or not successful, could harm our
reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be
required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.
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The
obligation to disclose information publicly may put us at a disadvantage to competitors that are private companies.
As
a publicly listed company, we will be required to file periodic reports with the Securities and Exchange Commission upon the occurrence
of matters that are material to our company and shareholders. In some cases, we will need to disclose material agreements or results
of financial operations that we would not be required to disclose if we were a private company. Our competitors may have access to this
information, which would otherwise be confidential. This may give them advantages in competing with our company. Similarly, as a U.S.-listed
public company, we will be governed by U.S. laws that our competitors, mostly private Chinese companies, are not required to follow.
To the extent compliance with U.S. laws increases our expenses or decreases our competitiveness against such companies, our public listing
could affect our results of operations.
We
are a "foreign private issuer" and a British Virgin Islands company and our disclosure obligations differ from those of U.S.
domestic reporting companies. As a result, we may not provide you the same information as U.S. domestic reporting companies or we may
provide information at different times, which may make it more difficult for you to evaluate our performance and prospects.
We
are a foreign private issuer and, as a result, we are not subject to the same requirements as U.S. domestic issuers. Under the Exchange
Act, we will be subject to reporting obligations that, to some extent, are more lenient and less frequent than those of U.S. domestic
reporting companies. For example, we will not be required to issue quarterly reports or proxy statements. In addition, we will not be
required to disclose detailed individual executive compensation information. Furthermore, our directors and executive officers will not
be required to report equity holdings under Section 16 of the Exchange Act and will not be subject to the insider short swing profit
disclosure and recovery regime.
As
a foreign private issuer, we will also be exempt from the requirements of Regulation FD (Fair Disclosure) which, generally, are meant
to ensure that select groups of investors are not privy to specific information about an issuer before other investors. However, we will
still be subject to the anti-fraud and anti-manipulation rules of the SEC, such as Rule 10b-5 under the Exchange Act. Since many of the
disclosure obligations imposed on us as a foreign private issuer differ from those imposed on U.S. domestic reporting companies, you
should not expect to receive the same information about us and at the same time as the information provided by U.S. domestic reporting
companies.
The
information we are required to file with or furnish to the SEC will be less extensive and less timely as compared to that required to
be filed with the SEC by U.S. domestic issuers.
As
a British Virgin Islands company listed on the Nasdaq Capital Market, we are subject to the Nasdaq Capital Market corporate governance
listing standards. However, Nasdaq Capital Market rules permit a foreign private issuer like us to follow the corporate governance practices
of its home country. Certain corporate governance practices in the British Virgin Islands, which is deemed our home country, may differ
significantly from the Nasdaq Capital Market corporate governance listing standards. For example:
●
our
    independent directors do not need to hold regularly scheduled meetings in executive session (rather, all board members may attend
    all meetings of the board of directors);
●
the
    compensation of our executive officers is recommended but not determined by an independent committee of the board or by the independent
    members of the board of directors; and our Chief Executive Officer is not prevented from being present in the deliberations concerning
    his compensation;
●
related
    party transactions are not required to be reviewed and we are not required
to solicit member approval of stock plans, including: those in which our officers or directors may participate; share issuances that will
result in a change in control; the issuance of our shares in related party acquisitions or other acquisitions in which we may issue 20%
or more of our outstanding shares; or, below market issuances of 20% or more of our outstanding shares to any person; and
●
we
    are not required to hold an in-person annual meeting to elect directors and transact other business customarily conducted at an annual
    meeting (rather, we complete these actions by written consent of holders of a majority of our voting securities).
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Although
we do not currently plan to utilize the home country exemption for corporate governance matters, to the extent that we choose to do so
in the future, our shareholders may be afforded less protection than they otherwise would under the Nasdaq Capital Market corporate governance
listing standards applicable to 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.
We
are an "emerging growth company," and we cannot be certain if the reduced reporting requirements applicable to emerging growth
companies will make our Ordinary Shares less attractive to investors.
We
are an "emerging growth company," as defined in the Jumpstart Our Business Startups Act, or the JOBS Act. For as long as
we continue to be an emerging growth company, we may take advantage of exemptions from various reporting requirements that are applicable
to other public companies that are not emerging growth companies, including not being required to comply with the auditor attestation
requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic
reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and
shareholder approval of any golden parachute payments not previously approved. We could be an emerging growth company for up to five
years, although we could lose that status sooner if our revenues exceed $1 billion, if we issue more than $1 billion in non-convertible
debt in a three-year period, or if the market value of our shares held by non-affiliates exceeds $700 million as of any December 31 before
that time, in which case we would no longer be an emerging growth company as of the following December 31. We cannot predict if investors
will find our Ordinary Shares less attractive because we may rely on these exemptions. If some investors find our shares less attractive
as a result, there may be a less active trading market for our shares and our stock price may be more volatile.
Under
the JOBS Act, emerging growth companies can also delay adopting new or revised accounting standards until such time as those standards
apply to private companies. We have irrevocably elected not to avail our company of this exemption from new or revised accounting standards.
Therefore, we will be subject to the same new or revised accounting standards as other public companies that are not emerging growth
companies.
We
are a "controlled company" defined under the Nasdaq Stock Market Rules. Although we do not intend to rely on the "controlled
company" exemption under the Nasdaq listing rules, we could elect to rely on this exemption in the future and you will not have
the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.
Our Chairman and Chief Executive
Officer, Mr. Pui Lung Ho owns a majority of our Ordinary Shares and we are a controlled company pursuant to "controlled company"
defined under the Nasdaq Stock Market Rules. Accordingly, we will be a controlled company under the applicable Nasdaq listing standards.
For so long as we are a controlled company under that definition, we are permitted to elect to rely, and may rely, on certain exemptions
from corporate governance rules, including:
●
an
    exemption from the rule that a majority of our board of directors must be independent directors;
●
an
    exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent
    directors; and
●
an
    exemption from the rule that our director nominees must be selected or recommended solely by independent directors.
As
a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance
requirements.
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Although
we do not intend to rely on the "controlled company" exemption under the Nasdaq listing rules, we could elect to rely on
this exemption in the future. If we elected to rely on the "controlled company" exemption, a majority of the members of our
board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not
consist entirely of independent directors upon closing of our initial public offering. Our status as a controlled company could cause
our Ordinary Shares to look less attractive to certain investors or otherwise harm our trading price. As a result, the investors will
not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Please
see "Risk Factors – Our significant shareholders have considerable influence over our corporate matters."
The
requirements of being a public company may strain our resources and divert management's attention.
As
a public company, we will be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange
Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, the listing requirements of the securities exchange on which we list, and other applicable
securities rules and regulations. Despite recent reforms made possible by the JOBS Act, compliance with these rules and regulations will
nonetheless increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase
demand on our systems and resources, particularly after we are no longer an "emerging growth company." The Exchange Act requires,
among other things, that we file annual, and current reports with respect to our business and operating results.
As
a result of disclosure of information in this report and in filings required of a public company, our business and financial condition
will become more visible, which we believe may result in threatened or actual litigation, including by competitors and other third parties.
If such claims are successful, our business and operating results could be harmed, and even if the claims do not result in litigation
or are resolved in our favor, these claims, and the time and resources necessary to resolve them, could divert the resources of our management
and adversely affect our business, brand and reputation and results of operations.
We
also expect that being a public company and these new rules and regulations will make it more expensive for us to obtain director and
officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage.
These factors could also make it more difficult for us to attract and retain qualified members of our board of directors, particularly
to serve on our audit committee and compensation committee, and qualified executive officers.
The
market price of our Ordinary Shares may be volatile or may decline regardless of our operating performance, and you may not be able to
resell your shares at or above the initial public offering price.
The initial public
offering price for our Ordinary Shares were determined through negotiations between the underwriter and us and may vary from the
market price of our Ordinary Shares following our initial public offering. If you purchased our Ordinary Shares in our initial
public offering, you may not be able to resell those Ordinary Shares at or above the initial public offering price. We cannot assure
you that our Ordinary Shares' initial public offering price, or the market price following our initial public offering, will
equal or exceed prices in privately negotiated transactions of our Ordinary Shares that have occurred from time to time prior to our
initial public offering. The market price of our Ordinary Shares may fluctuate significantly in response to numerous factors, many
of which are beyond our control, including:
●
actual
    or anticipated fluctuations in our revenue and other operating results;
●
the
    financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;
●
actions
    of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow
    our company, or our failure to meet these estimates or the expectations of investors;
●
announcements
    by us or our competitors of significant products or features, technical innovations, acquisitions, strategic partnerships, joint
    ventures, or capital commitments;
●
price
    and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;
●
lawsuits
    threatened or filed against us; and
●
other
    events or factors, including those resulting from war or incidents of terrorism, or responses to these events.
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In
addition, the trading price of our Ordinary Shares is likely to be volatile and could fluctuate widely due to factors beyond our control.
This may happen because of broad market and industry factors, akin to the performance and fluctuation of the market prices of other companies
with business operations located mainly in HK SAR or the People's Republic of China that have listed their securities in the United
States. A number of Chinese companies have listed or are in the process of listing their securities on U.S. stock markets. The securities
of some of these companies have experienced significant volatility, including price declines in connection with their initial public
offerings. The trading performances of these Chinese companies' securities after their offerings may affect the perception and
attitudes of investors toward Chinese companies listed in the United States in general and consequently may impact the trading performance
of our shares, regardless of our actual operating performance.
Future
issuances or sales, or perceived issuances or sales, of substantial amounts of Ordinary Shares in the public market could materially
and adversely affect the prevailing market price of the Ordinary Shares and our ability to raise capital in the future.
The
market price of our Ordinary Shares could decline as a result of future sales of substantial amounts of shares or other securities relating
to the shares in the public market, including by the Company's substantial shareholders, or the issuance of new shares by the Company,
or the perception that such sales or issuances may occur. Future sales, or perceived sales, of substantial amounts of the shares could
also materially and adversely affect our ability to raise capital in the future at a time and at a price favorable to us, and our shareholders
will experience dilution in their holdings upon our issuance or sale of additional securities in the future. In addition, these factors
could make it more difficult for us to raise funds through future offerings of our Ordinary Shares. A few shareholders hold a significant
portion of our Ordinary Shares and these are "restricted securities" as defined in Rule 144. These Ordinary Shares may be
sold in the future without registration under the Securities Act to the extent permitted by Rule 144 or other exemptions under the Securities
Act.
We
have broad discretion in the use of the net proceeds from our initial public offering and may not use them effectively.
To
the extent we determine that the proposed uses of the net proceeds from our recent initial public offering  are no longer in the best interests of our Company, we cannot specify with any certainty the particular uses of such net
proceeds that we will receive from our initial public offering. Our management will have broad discretion in the application of such
net proceeds, including working capital, possible acquisitions, and other general corporate purposes, and we may spend or invest
these proceeds in a way with which our shareholders disagree. The failure by our management to apply these funds effectively could
harm our business and financial condition. Pending their use, we may invest the net proceeds from our initial public offering in a
manner that does not produce income or that loses value.
Future
financing may cause a dilution in your shareholding or place restrictions on our operations.
We
may need to raise additional funds in the future to finance further expansion of our capacity and business relating to our existing operations,
acquisitions or strategic partnerships. If additional funds are raised through the issuance of new equity or equity-linked securities
of the Company other than on a pro rata basis to existing shareholders, the percentage ownership of such shareholders in the Company
may be reduced, and such new securities may confer rights and privileges that take priority over those conferred by the shares. Alternatively,
if we meet such funding requirements by way of additional debt financing, we may have restrictions placed on us through such debt financing
arrangements which may:
●
further
    limit our ability to pay dividends or require us to seek consents for the payment of dividends;
●
increase
    our vulnerability to general adverse economic and industry conditions;
●
require
    us to dedicate a substantial portion of our cash flows from operations to service our debt, thereby reducing the availability of
    our cash flow to fund capital expenditure, working capital requirements and other general corporate needs; and
●
limit
    our flexibility in planning for, or reacting to, changes in our business and our industry.
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There
may not be an active, liquid trading market for our Ordinary Shares.
Prior
to our recently completed initial public offering, there was no active trading market for our Ordinary Shares. An active trading
market for our Ordinary Shares may not develop or be sustained. You may not be able to sell your Ordinary Shares at the market
price, if at all, if trading in our Ordinary Shares is not active.
Our
internal controls over financial reporting may not be effective and our independent registered public accounting firm may not be able
to certify as to their effectiveness, which could have a significant and adverse effect on our business and reputation.
Prior
to our initial public offering, we were a private company with limited accounting personnel and other resources to address our internal
controls and procedures. Accordingly, we will be in a continuing process of developing, establishing, and maintaining internal controls
and procedures that will allow our management to report on, and our independent registered public accounting firm to attest to, our internal
controls over financial reporting if and when required to do so under Section 404 of the Sarbanes-Oxley Act of 2002. Although our independent
registered public accounting firm is not required to attest to the effectiveness of our internal control over financial reporting pursuant
to Section 404(b) of the Sarbanes-Oxley Act until the date we are no longer an emerging growth company, our management will be required
to report on our internal controls over financial reporting under Section 404.
In
order to address and resolve the foregoing material weakness, we will implement measures designed to improve our internal control over
financial reporting to remediate this material weakness, including hiring outside financial personnel with requisite training and experience
in the preparation of financial statements in compliance with applicable Securities and Exchange Commission requirements within six months
from the completion of our initial public offering. We have budgeted $500,000 from the offering proceeds to improve our internal controls.
You
may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing original actions in British
Virgin Islands or HK SAR based on U.S. or other foreign laws against us, our management or the experts named in the prospectus
Although
we are a BVI incorporated company, we conduct substantially all of our operations in HK SAR and substantially all of our assets are located
in HK SAR. In addition, a majority of our directors and executive officers reside within HK SAR, and most of the assets of these persons
are located within HK SAR. As a result, it may be difficult for you to effect service of process within the United States upon us or
these individuals, or to bring an action against us or against these individuals in the United States in the event that you believe your
rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this
kind, the laws of the British Virgin Islands and of the HK SAR may render you unable to enforce a judgment against our assets or the
assets of our directors and officers.
HK
SAR is a Special Administrative Region of the People's Republic of China. A foreign judgment can be registered and enforced in
HK SAR either under the Foreign Judgments (Reciprocal Enforcement) Ordinance (Cap. 319) (the "Ordinance") or at common law.
Registration of a foreign judgment under the Ordinance can be made by an ex parte application with the local court but this avenue is
limited to judgments entered in designated jurisdictions, which currently include: Australia, Austria, Belgium, Bermuda, Brunei, France,
Germany, India, Israel, Italy, Malaysia, The Netherlands, New Zealand, and Singapore and Sri Lanka. An action to enforce a foreign judgment
at common law is a comparatively cumbersome process. It is, in essence, an independent suit in HK SAR and the judgment creditor must
follow normally applicable service procedures. Judgments entered in the United States and the United Kingdom can be enforced in HK SAR
only at common law. To be eligible for common-law recognition, the judgment must (1) be for a definite sum of money; (2) be final and
conclusive; and (3) have been entered by a court with competent jurisdiction over the defendant. With respect to finality, a HK SAR court
will generally refrain from enforcing a judgment during the pendency of an appeal. This raises the possibility of undue delay and asset
dissipation. With respect to the requirement of competent jurisdiction of the foreign judgment seeking to be enforced in HK SAR, it is
governed by private international law as interpreted in HK SAR, not the law of the foreign forum. Jurisdiction can generally be asserted
on the basis of the defendant's physical presence in the foreign forum, appearance in the underlying legal proceeding or prior
contractual consent to jurisdiction. Under the common law and the Ordinance, only limited defenses on the grounds such as fraud, due
process and HK SAR public policy can be raised against a duly registered foreign judgment. There is no mechanism for reconsideration
of the merits of the underlying foreign litigation.
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You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
we are incorporated under British Virgin Islands law.
We
are incorporated in the British Virgin Islands and conduct substantially all of our operations in HK SAR through our wholly-owned HK
SAR subsidiary. Most of our directors and substantially all of our executive officers reside outside the United States and a substantial
portion of their assets are located outside of the United States. As a result, it may be difficult for our shareholders to effect service
on these persons or bring an action against us or against these individuals in the British Virgin Islands or in HK SAR in the event that
they believe that their rights have been infringed under the securities laws of the United States or otherwise. Even if shareholders
are successful in bringing an action of this kind, the laws of the British Virgin Islands and HK SAR may render them unable to enforce
a judgment against our assets or the assets of our directors and officers. There is no statutory recognition in the British Virgin Islands
of judgments obtained in the United States or HK SAR, although the courts of the British Virgin Islands will in certain circumstances
recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.
Our
corporate affairs will be governed by our Amended Memorandum and Articles, the BVI Act and the common law of the British Virgin Islands.
The rights of shareholders to take legal action against our directors, actions by minority shareholders and the fiduciary responsibilities
of our directors under British Virgin Islands law are to a large extent governed by the common law of the British Virgin Islands and
by the BVI Act. The common law of the British Virgin Islands is derived in part from comparatively limited judicial precedent in the
British Virgin Islands as well as from English common law, which has persuasive, but not binding, authority on a court in the British
Virgin Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under British Virgin Islands law are
not as clearly established as they would be under statutes or judicial precedents in some jurisdictions in the United States. In particular,
the British Virgin Islands has a less developed body of securities laws as compared to the United States, and some states (such as Delaware)
have more fully developed and judicially interpreted bodies of corporate law. As a result of the foregoing, holders of our Ordinary Shares
may have more difficulty in protecting their interests through actions against our management, directors or major shareholders than they
would as shareholders of a U.S. company and whose management, directors and/or major shareholders were also incorporated, resident, or
otherwise established in a United States jurisdiction.
A
member of the Company is entitled, on giving written notice to the Company, to inspect (a) the memorandum and articles of association
of the Company; (b) the register of members; (c) the register of directors; and (d) the minutes of meetings and resolutions of members
and of those classes of members of which he is a member; and to make copies of or take extracts from the documents and records. Subject
to the memorandum and articles of association, the directors may, if they are satisfied that it would be contrary to the Company's
interests to allow a member to inspect any document, or part of a document, specified in (b), (c) and (d) above, refuse to permit the
member to inspect the document or limit the inspection of the document, including limiting the making of copies or the taking of extracts
from the records. Where a company fails or refuses to permit a member to inspect a document or permits a member to inspect a document
subject to limitations, that member may apply to the BVI High Court for an order that he should be permitted to inspect the document
or to inspect the document without limitation. This may make it more difficult for you to obtain the information needed to establish
any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.
Certain
corporate governance practices in the British Virgin Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions such as the United States. To the extent we choose to follow home country practice with respect to
corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations
applicable to U.S. domestic issuers.
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As
a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken
by management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated
in the United States.
As
a result of the foregoing, our public shareholders may have more difficulty in protecting their interests through actions against us,
our management, our directors or our major shareholders than would shareholders of a corporation incorporated in a jurisdiction in the
United States.
We
are a foreign private issuer within the meaning of the rules under the Securities Exchange Act of 1934 (the Exchange Act"), and
as such we are exempt from certain provisions applicable to U.S. domestic public companies.
Because
we qualify as 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:
●
the
    rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q or current reports on Form 8-K;
●
the
    sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered
    under the Exchange Act;
●
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;
●
the
    selective disclosure rules by issuers of material nonpublic information under Regulation FD; and
●
certain
    audit committee independence requirements in Rule 10A-3 of the Exchange Act.
It
may be difficult to enforce a judgment of U.S. courts for civil liabilities under U.S. federal securities laws against us, our directors
or officers in the British Virgin Islands.
There
is no statutory enforcement in the British Virgin Islands of judgments obtained in the U.S., however, the courts of the British Virgin
Islands 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, provided that:
●
the
    U.S. court issuing the judgment had jurisdiction in the matter and the company either submitted to such jurisdiction or was resident
    or carrying on business within such jurisdiction and was duly served with process;
●
the
    judgment is final and for a liquidated sum;
●
the
    judgment given by the U.S. court was not in respect of penalties, taxes, fines or similar fiscal or revenue obligations of the company;
●
in
    obtaining judgment there was no fraud on the part of the person in whose favor judgment was given or on the part of the court;
●
recognition
    or enforcement of the judgment in the British Virgin Islands would not be contrary to public policy; and
●
the
    proceedings pursuant to which judgment was obtained were not contrary to natural justice.
The
    British Virgin Islands courts are unlikely:
●
to
    recognize or enforce against the Company, judgments of courts of the U.S. predicated upon the civil liability provisions of the securities
    laws of the U.S.; and
●
to
    impose liabilities against the Company, predicated upon the certain civil liability provisions of the securities laws of the U.S.
    so far as the liabilities imposed by those provisions are penal in nature.
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We
employ a mail forwarding service, which may delay or disrupt our ability to receive mail in a timely manner.
Mail
addressed to the Company and received at its registered office will be forwarded unopened to the forwarding address supplied by Company
to be dealt with. None of the Company, its directors, officers, advisors or service providers (including the organization which provides
registered office services in the BVI) will bear any responsibility for any delay howsoever caused in mail reaching the forwarding address.
We
could become a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year, which
could subject United States investors in our shares to significant adverse United States income tax consequences.
We
will be a "passive foreign investment company," or "PFIC," if, in any particular taxable year, either (a) 75%
or more of our gross income for such year consists of certain types of "passive" income or (b) 50% or more of the average
quarterly value of our assets (as determined on the basis of fair market value) during such year produce or are held for the production
of passive income (the "asset test"). In determining whether we are a PFIC, we are permitted to take into account the assets
and income of Wang & Lee Contracting Limited because we own 100% of its stock. However, even if we take into account the assets and
income of Wang & Lee Contracting Limited, we may still be considered a PFIC in 2023 and possibly later years, depending on a number
of factors, including the composition of our income and assets, how quickly we use our liquid assets, including the cash raised pursuant
to our initial public offering (if we determine not to, or are unable to, deploy significant amounts of cash for active purposes our
risk of being a PFIC will substantially increase), the market price of our Ordinary Shares, and fluctuations in that price. Because there
are uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close of
each taxable year, there can be no assurance that we will not be a PFIC for 2023 or any future taxable year.
If
we are a PFIC in any taxable year, a U.S. holder may incur significantly increased United States income tax on gain recognized on the
sale or other disposition of the Ordinary Shares and on the receipt of distributions on the Ordinary Shares to the extent such gain or
distribution is treated as an "excess distribution" under the United States federal income tax rules. A U.S. holder may also
be subject to burdensome reporting requirements. Further, if we are a PFIC for any year during which a U.S. holder holds our Ordinary
Shares, we generally will continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which such
U.S. holder holds our Ordinary Shares.
Because
we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of the 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 the Ordinary Shares as a source for any future dividend income.
Our
board of directors has complete discretion as to whether to distribute dividends. In addition, our shareholders may by ordinary resolution
declare a dividend, but no dividend may exceed the amount recommended by our board of directors. In either case, all dividends are subject
to certain restrictions under British Virgin Islands law and provided that in no circumstances may a dividend be paid if this would result
in our Company being unable to pay its debts as they fall due or having the value of the Company's liabilities exceed the value
of the Company's assets. Even if we decide to declare and pay dividends, the timing, amount and form of future dividends, if any,
will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount
of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed
relevant by our board of directors. Accordingly, the return on your investment in the Ordinary Shares will likely depend entirely upon
any future price appreciation of the Ordinary Shares. There is no guarantee that the 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 the Ordinary Shares
and you may even lose your entire investment in the Ordinary Shares.
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We
are subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that have increased
both our costs and the risk of non-compliance.
We
are subject to rules and regulations by various governing bodies, including, for example, the Securities and Exchange Commission, which
are charged with the protection of investors and the oversight of companies whose securities are publicly traded, and to new and evolving
regulatory measures under applicable law, including the laws of the British Virgin Islands. Our efforts to comply with new and changing
laws and regulations have resulted in and are likely to continue to result in, increased general and administrative expenses and a diversion
of management time and attention from revenue-generating activities to compliance activities.
Moreover,
because these laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time
as new guidance becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs
necessitated by ongoing revisions to our disclosure and governance practices. If we fail to address and comply with these regulations
and any subsequent changes, we may be subject to penalty and our business may be harmed.
We
may experience extreme stock price volatility, including any stock-run up, unrelated to our actual or expected operating performance,
financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Ordinary
Shares.
In
addition to the risks addressed above, our Ordinary Shares may be subject to extreme volatility that is seemingly unrelated to the underlying
performance of our business. In particular, our Ordinary Shares may be subject to rapid and substantial price volatility, low volumes
of trades and large spreads in bid and ask prices, given that we will have relatively small public floats after our initial public offering.
Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance, financial condition or
prospects.
Holders of our Ordinary
Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume
trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our
Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Ordinary Shares.
Furthermore, the potential extreme volatility may confuse the public investors of the value of our shares, distort the market
perception of our share price and our Company's financial performance and public image, negatively affect the long-term
liquidity of our Ordinary Shares, regardless of our actual or expected operating performance. If we encounter such volatility,
including any rapid stock price increases and declines seemingly unrelated to our actual or expected operating performance and
financial condition or prospects, it will likely make it difficult and confusing for prospective investors to assess the rapidly
changing value of our Ordinary Shares and understand the value thereof.
ITEM
4.
INFORMATION
                                            ON THE COMPANY
A.
History
and Development of the Company
Our
Corporate Structure
We
are a British Virgin Islands company incorporated on May 20, 2021, as a holding company of our business, which is primarily operated
through our indirectly wholly-owned HK SAR subsidiary, WANG & LEE CONTRACTING LIMITED. We do not use variable interest entities in
our corporate structure.
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Wang
& Lee Engineering Limited was founded in 1981 and we mainly conducted electrical work until December 3, 1992. By 1990, we had provided
services for many shops, factories and residential buildings and began providing other installation work. WANG & LEE CONTRACTING
LIMITED, formerly known as WANG & LEE ENGINEERING (M/E) LIMITED was incorporated in HK SAR on December 3, 1992. It changed its name
to WANG & LEE CONTRACTING LIMITED on May 2, 1995, to reflect the expanded scope of work it now provides. Wang & Lee Engineering
Limited was wound up in 2003.
Prior
to our initial public offering,
WANG & LEE GROUP
, Inc. is 100% owned by another British
Virgin Islands company,
WANG & LEE BROTHERS
, Inc. which holds all 8,000,000 of its
issued and outstanding Ordinary Shares.
WANG & LEE BROTHERS, INC
, is in turn 100%
owned by Mr. Pui Lung Ho, our Chief Executive Officer and Chairman.
Prior
to the corporate reorganization which took place for the purposes of the initial public offering, WANG & LEE CONTRACTING LIMITED
was owned by two individuals, Sau Lee Shirley Kam and Pui Lung Ho who held 3,899,999 shares and one share, respectively. On July 2, 2021,
they transferred all their shares in WANG & LEE CONTRACTING LIMITED to WANG & LEE HOLDINGS, Inc.
On April 20, 2023, we announced
the pricing of our initial public offering of 1,600,000 Ordinary Shares at $5.00 per share and commencement of trading of our Ordinary
Shares on the Nasdaq Capital Market under the symbol, "WLGS". On April 24, 2023, we announced the closing our initial public
offering with gross proceeds of $8,000,000.
The corporate structure chart below sets out our structure of our group
of companies:
*WANG
& LEE GROUP, Inc. is the holding company and registrant.
**
WANG & LEE CONTRACTING Limited is our operating company.
B.
Business
    Overview
Overview
35
Table of Contents
We
are, WANG & LEE CONTRACTING LIMITED, a construction prime and subcontractor engaging in the installation of Electrical & Mechanical
Systems ("E&M"), which include low voltage (220v/phase 1 or 380v/phase 3) electrical systems, mechanical ventilation
and air-conditioning systems, fire service systems, water supply and sewage disposal system installation and fitting out for the public
and private sectors. WANG & LEE CONTRACTING LIMITED has mainly undertaken projects that are related to the supply, installation and
maintenance of the following systems:
●
Low
    voltage (220v/phase 1 or 380v/phase 3) electrical systems to power building equipment and services, such as lighting, air-conditioning
    and elevator etc.;
●
mechanical
    ventilation and air-conditioning systems ("MVAC"); and
●
fitting
    out for commercial buildings and offices; and
●
other
    E&M systems such as fire services, which includes fire prevention, detection, suppression and extinguishing systems and plumbing
    and drainage systems.
WANG
& LEE CONTRACTING LIMITED is also able to provide design and contracting services to all trades in the construction industry. Its
clients range from small startups to large companies.
Nowadays,
buildings are going certifiably green. As we have become more conscious of the effect our installation and works have on the environment
and on us directly, organizations have developed voluntary methods of rating the environmental impact and efficiency of buildings, and
other similar structures. Assessments take place both during design and after completion. Existing structures or commercial interior
spaces can also be rated. Our team provides every effort to be environmentally conscious with a focus on designs that promote energy
and water efficiency, indoor environment quality, and the responsible discharge of wastes.
WANG
& LEE CONTRACTING LIMITED has been providing construction contracting services in HK SAR for almost 40 years and have been awarded:
●
ISO9001:2015
    Quality Management System Standard for Design, Supply and Installation of Low Voltage Electrical, Mechanical Ventilation and Air-conditioning
    Systems (as defined in Electricity Ordinance Chapter 406";
●
ISO
    14001:2015 Environmental Management System Standard for Design, Supply and Installation of Low Voltage Electrical, Mechanical Ventilation
    and Air-conditioning Systems (as defined in Electricity Ordinance Chapter 406";
●
ISO
    45001:2018 Occupational Health and Safety Management System Standard for Design, Supply and Installation of Low Voltage Electrical,
    Mechanical Ventilation and Air-conditioning Systems (as defined in Electricity Ordinance Chapter 406";
●
H.K.E.M.S.D.
    Registered Electrical Contractor;
●
H.K.F.S.D.
    Registered Fire Service Installation Contractor;
●
H.K.
    Building Authority Registered Class II, III Type A, B, D, E, F, G Minor Works Contractors;
●
H.K.
    Water Authority Grade 1 Plumber's license.
Additionally,
WANG & LEE CONTRACTING LIMITED a registered Class 1 Fire Service Installation Contractor with the Fire Services Department, Specialist
Contractor in Ventilation Works under the Building Ordinance (Cap 123) Section 8A, registered Minor Works Contractor (Company) for Classes
II and III (covering under alteration and addition works, repair works, drainage works, works relating to structures for amenities, finishes
works and demolition works) under the Building Ordinance (Cap 123) Section 8A and registered Electrical Contractor under the Electricity
(Registration) Regulations (Cap 406 Sub Leg.).
36
Table of Contents
All
of WANG & LEE CONTRACTING LIMITED's projects were predominantly in the private sector for fiscal years 2022, 2021 and 2020.
WANG & LEE CONTRACTING LIMITED provides a wide range of large sitework construction services to private construction customers, including
commercial and residential developers and local businesses. WANG & LEE CONTRACTING LIMITED's recent projects include two well-known
theme parks in HK SAR – Ocean Park and Hong Kong Disneyland where it carried out various low voltage electrical work for the theme
parks, such as installation of emergency power supply system, lighting, etc. WANG & LEE CONTRACTING LIMITED competes for private
construction projects primarily on the basis of the breadth of its service capabilities and its reputation for quality. We believe we
are well-positioned to capitalize on the strong momentum after the COVID-19 pandemic restrictions were lifted in commercial and residential
private construction sectors driven by population and economic expansion in HK SAR and mainland China.
WANG
& LEE CONTRACTING LIMITED's primary market is in the E&M market in HKSAR (the "market" or "local market")
which, in turn is broken down into low voltage electrical system, MVAC, fire services, plumbing and fitting out works. Supported by its
local market presence and knowledge, as well as scale advantages attributable to its vertical integration, geographic reach and strong
financial profile, we believe WANG & LEE CONTRACTING LIMITED is a significant player in each of E&M the markets in HK SAR that
it serves. For all but the very largest projects, it competes primarily against HK SAR local firms that have similar qualifications and
experience. By virtue of this locally driven competitive dynamic, competition in our industry is characterized by relative market share,
which we define as the percentage of jobs we win in a local market compared to the jobs we bid in a local market. WANG & LEE CONTRACTING
LIMITED's average a bid/win rate of 26-40% compared to the highest average bid/win rate of one of its competitors of 48% (Source:
https://www.emsd.gov.hk/minisites/voice/en/special_issue2015/p2.html).
Our
Services
As a construction contractor, WANG & LEE CONTRACTING LIMITED's
principal business has been in the provision of E&M engineering services. For each of the years ended December 31, 2022, 2021 and
2020, the total revenue derived from E&M engineering services was HK$32,649,726 (US$4,169,931), HK$32,138,725 (US$4,135,059) and HK$31,598,957
(US$4,074,258) respectively. Depending on our customers' needs and requests, it may provide integrated E&M engineering services
covering design, supply, installation and maintenance for MVAC system, low voltage electrical system, fire services system, and plumbing
and drainage system on a project-to-project basis.
WANG
& LEE CONTRACTING LIMITED mainly undertakes projects that are related to the supply, installation and maintenance of the following
systems depending on our customers' needs and engagement:
(i)
Low
    voltage (220v phase 1 or 380v phase 3) electrical systems to power building equipment and services, such as lighting, air-conditioning
    and elevator etc.;
(ii)
MVAC
    systems, which refer to mechanical ventilation and air-conditioning systems;
(iii)
fitting
    out for commercial buildings and offices; and
(iv)
other
    E&M systems such as:
●
fire
    services, which includes fire prevention, detection, suppression, and extinguishing systems; and
●
plumbing
    and drainage systems.
The
low voltage (220v/phase 1 or 380v/phase 3) electrical system monitors and controls, power supply to buildings to ensure other systems
can function properly (including but not limited to lighting, MVAC systems and other systems). It normally comprises the main power supply,
submain distribution system and final circuit system, lighting system, earthing and bonding system, lightning protection system, emergency
generator power supply system with system pipework, electrical cable, and wiring works.
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Table of Contents
A
MVAC system mainly covers the following functions:
●
Mechanical
    ventilation: regulating the inflow and outflow of air within buildings/spaces by channeling treated air into the building while extracting
    exhaust air out; and
●
Air-conditioning:
    controlling and maintaining the temperature and humidity of air within buildings/spaces.
It
normally comprises mechanical ventilation fan and air-conditioning equipment including chiller, air handling unit, fan coil unit, water
pumps, cooling tower, air-conditioner with system pipework, ductworks, electrical and control works.
Fitting
out services for commercial buildings or offices, which are usually associated with E&M design, includes installing fixtures and
furniture.
Apart
from the low voltage electrical system, the MVAC system and fitting out services as mentioned above, we also engage in the provision
of other E&M engineering services, including the supply, installation and maintenance of the following systems:
●
Fire
    services system, which refers to fire prevention, detection, suppression and extinguishing systems. Fire services system normally
    comprises a fire services control panel, fire detector and alarm system, sprinkler, fire hydrant and hose reel, smoke control, portable
    hand operated appliances and gas extinguishing systems, emergency lighting, audio and visual advisory system.
●
Plumbing
    and drainage system – the plumbing system of a building provides clean and stable water supply for occupants, including fresh
    water for drinking, cooking and washing purposes and seawater/fresh water for flushing system, and the functioning of the fire service
    system. The drainage system of the building provides the removal of waste water and rainwater through the drainage system into the
    city's sewage system. A typical plumbing and drainage system of a building comprises pipework, valves, pumps and tanks.
The
following table sets forth a breakdown of our revenue by different E&M engineering services for the years ended December 31, 2022,
2021 and 2020.
For
    the years ended December 31,
2022
2021
2020
Revenue
%
    of Total Revenue
Revenue
%
    of Total Revenue
Revenue
%
    of Total Revenue
Low
    Voltage Electrical System
$
1,028,162
25
$
2,628,625
64
$
2,293,206
56
MVAC
    System
502,556
12
299,985
7
862,290
21
Fitting
    Out
1,998,726
48
1,103,692
27
806,588
20
All
projects in our fiscal years 2022, 2021 and 2020, are privately funded projects. WANG & LEE CONTRACTING LIMITED provides a wide range
of large sitework construction services to private construction customers, including commercial and residential developers and local
businesses. WANG & LEE CONTRACTING LIMITED competes for private construction projects primarily on the basis of the breadth of its
service capabilities and its reputation for quality. As a result, we believe we are well-positioned to capitalize on the strong momentum
in commercial and residential private construction sectors driven by population and economic expansion in HK SAR.
All
of WANG & LEE CONTRACTING LIMITED's projects are for offices, factories, hotels, hospitals, schools and educational institutes,
theme parks and shopping malls and residential flats for construction companies, property developers, operators of a private hospitals
and the government.
The
following tables set forth the breakdown of our revenue by types of projects and by sectors for each of the years ended December 31,
2022, 2021 and 2020.
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Table of Contents
For the years ended December 31,
2022
2021
2020
Revenue
% of Total Revenue
Revenue
% of Total Revenue
Revenue
% of Total Revenue
Residential
$
1,062,855
25
$
1,640,852
40
$
267,704
7
Non-residential
3,107,082
75
2,494,207
60
3,806,554
93
For the years ended December 31,
2022
2021
2020
Revenue
% of Total Revenue
Revenue
% of Total Revenue
Revenue
% of Total Revenue
Private
$
4,049,348
97
$
4,135,059
100
$
4,066,875
99
Public
120,589
3
-
-
7,383
1
Operational
workflow
For
illustration purposes, a simplified workflow of our typical E&M engineering operations is outlined as follows:
Our
customers usually send us tender invitation letters or ask us to submit direct quotations for new projects. In deciding whether to proceed
with specific tenders or not, we have to evaluate the manageability and profitability of such projects with reference to our resources,
capacity and capability. Therefore, to maintain stability and profitability of our business operations, we tender a mixture of projects
covering different project sizes and project types.
WANG
& LEE CONTRACTING LIMITED is mainly a subcontractor. WANG & LEE CONTRACTING LIMITED served as the prime contractor on approximately
72%, 8% and 11% of its projects and as a subcontractor on the remaining 28%, 92% and 89% for the fiscal years 2022, 2021 and 2020, respectively.
WANG & LEE CONTRACTING LIMITED will be directly engaged by its customers and responsible for liaising with the main contractor and
other subcontractors subsequently engaged. WANG & LEE CONTRACTING LIMITED may also act as domestic subcontractor as engaged by other
main contractors. In other cases, WANG & LEE CONTRACTING LIMITED enters into direct contract as main contractor with its customers.
Once
we confirm our interest in submitting a tender, the potential customer will send us a tender invitation letter, which will request us
to provide further information including, among others, project information, estimated project size, required contract commencement and
completion date. Before we formally submit our tender, we may have a chance to conduct site visit if needed. We will then prepare for
our tender submission. Our tender team will be responsible for the tender submission and the bidding process. Our tender team will prepare
our tender submission. In terms of our pricing policy, our tender team will consider each project on a case-by-case basis taking into
account of various factors such as (i) the specifications of the project; (ii) the estimated project cost which mostly includes (a) the
subcontracting fees (if any), (b) equipment and material costs, (c) direct labor costs; (d) tender records of similar projects; and
our current capacity and resources. Related market information, such as price fluctuations for equipment and materials and resources
at the relevant time, are also considered. Our tender team will obtain preliminary quotation for equipment and materials from potential
subcontractors and suppliers in respect of the engineering design at this stage in order to ascertain the costs expected to be incurred
in purchasing such equipment and materials when we prepare the tender documents. All of our subcontractors go through stringent selection
procedures to ensure that the products/services they provide meet the specification requirements of our customers. We also take into
account of the manageability and profitability of such projects with reference to our resources, capacity and capability. We strive to
maintain a balance between making a competitive bidding price against our competitors and maintaining a reasonable profit margin for
each project. We may sometimes be invited to provide a quotation for a potential project from a customer directly. If we are interested
to proceed with the project, our tender team will prepare the quotation documents. The steps for preparing the quotation documents are
same as the ones as mentioned in the paragraph above regarding tender submission.
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Table of Contents
In
general, it takes approximately two to five weeks for us to prepare and submit the tender.
After
we have submitted our tender documents, we will attend an interview conducted by the customers. If the customer decides to award a contract
to us, they will arrange for a letter of award or letter of acceptance to be signed by us. The customers will sign a formal contract
with us subsequently.
A
project team will be formed once we are awarded a contract, which usually comprises a project manager, a project in-charge, and a certain
number of technical staff depending on the specific requirements imposed by the customers. The project manager is responsible for the
overall management and supervision of the project and will be the chief liaison with our customers. The rest of the project team is responsible
for project execution which include arranging subcontractors and suppliers, sourcing of equipment and materials, and performing relevant
tasks as required in the contracts.
In
the beginning of the project implementation stage, our project team will prepare a budget, also known as a cost sheet, stating the estimated
costs to be incurred. We will record the actual costs incurred in our accounting system. The project manager will carry out cost analysis
and make comparisons to actual costs incurred with the budget. According to the contract requirement if necessary, we will take out all
the relevant insurance and bond for the project.
We
will commence our work in accordance with the master program provided by our customer and will utilize the time period between the award
of project and commencement of site works, usually five to six months' time, for our preparation. The project team will prepare
a budget/cost sheet with particulars of the estimated costs to be incurred. A detailed project plan will also be prepared by the project
team and be submitted to the consultant designated by the customer for his approval. The project plan normally contains a project organization
chart with resumes of key staff, preliminary installation program, equipment and material submission schedule, sample submission schedule
and drawing submission schedule, which indicate all the work to be completed in accordance with the work plan and the program as contained
in the tender documents.
We
purchase major equipment and materials from our suppliers for the provision of our services. Before we place purchase orders, we will
arrange to obtain the quotations previously provided from our suppliers and we may obtain price reduction for the products to be purchased
from them. The suppliers usually deliver equipment and materials to the work sites directly or may arrange to ship equipment and materials,
such as air-conditioners and chillers to container terminals in HK SAR and we will deliver such equipment and materials to the work sites.
We store these equipment and materials at the work site, subject to the storage area available to avoid disruption. Our subcontractors,
should we choose to use them typically provide certain minor materials and components, such as tiny metal and spare parts, with the costs
included in their subcontracting charges. To ensure the quality of the equipment and materials sourced by both the subcontractors and
us, our engineers are responsible for conducting quality control on materials used in projects.
We
may not commence site works immediately after we are awarded with a project. The customer will issue a master program setting out the
implementation period and order of the stages of the project. We will commence site work in accordance with such master program usually
five to six months after we have been awarded with the project. We will utilize the time period between the awarding of the project and
the commencement of site works for preparations such as preparing the budget and project plan, conducting a site inspection, making arrangements
with and supervising our subcontractors and suppliers and sourcing of equipment and materials.
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Table of Contents
During
the implementation stage, the project manager will conduct a site inspection from time to time to inspect the work progress and work
quality. We will assign a designated project team member to supervise our subcontractors in order to ensure that all work performed are
up to standard as required in the relevant contract. The subcontractors are required to report to us on a regular basis.
The
project team and the customers will regularly have site progress meetings to report and follow up on relevant issues. Based on the amount
of work completed, we make interim payment applications to our customers which set out the amount and value of work done on a monthly
basis.
In
some cases, customers may have modifications on the respective contractual terms including the scope of works, completion date and pricing.
We may agree with our customers to carry out those works in title of variation orders with time and cost implication. We may prepare
a quotation according to each variation order but the quoted sum is tentative only until it is further evaluated and confirmed by the
customer.
Once
the contract installation works are completed, we will perform the relevant system testing and prepare a report for customers'
acceptance together with corresponding operating and maintenance manual and as-fitted drawings. If the customer is satisfied with our
work, the customer will issue a practical completion certificate and release our performance guarantee, if any, together with part of
the retention money. If we expect any delay in completion, the main contractor will issue a notification of delay to the customer. After
the completion of the project, all the notifications of delay will be sent to the architect of the customer for assessment to determine
the number of days extended and thereafter determine whether any liquidated damages will be payable to the customer. During the years
ended December 31, 2022, 2021, and 2020, we had no record of payment of any liquidated damages to our customers.
In
general, it takes approximately one month to 24 months to complete a project.
After
the practical completion, there is generally a year defect liability period. During this period, we are required to make good on any
defect in the systems we provided and installed and other defective works at our own costs. The remaining amount of the retention money
will be released usually within 14 days after the issue of the certificate of completion of making good defects.
Teams
We
operate via a highly efficient, robust and cross-functional structure that allows for a healthy and progressive growth in size, skill
and quality.
The
following organizational chart shows the relationship between WANG & LEE CONTRACTING LIMITED's various divisions and departments.
All chart components contribute as required to the overall effort of engineering and construction of any specific project. We assign
a dedicated team to each project. This team is composed of a group of skilled individuals assigned from various divisions on a full-time
basis as required. Team members perform their respective duties in accordance with a set planned schedule and budget.
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Pricing
strategies
We
adopt a cost-plus pricing model in setting our tender prices for all projects. On a case-by-case basis, we take into account of various
factors, including but not limited to: (i) the project's specifications; (ii) the estimated project cost which mainly comprises
(a) subcontracting fees, (b) equipment and material costs, and (c) direct labor costs, with reference to preliminary quotations from
our subcontractors and suppliers; (iii) tender records and experience for projects of similar nature, scope and complexity; and (iv)
our capacity and resources at the relevant time. We would also make reference to market information such as expected fluctuations in
equipment and material costs, mainly MVAC system, in arriving at our final tender price.
Our
projects are in general labor intensive. Despite the fact that we could engage subcontractors to carry out certain site works and complete
certain tasks as required in the contracts with our customers, substantial involvement by our project teams in the project implementation
phase is required. For instance, our project teams need to prepare budget and project plan, conduct site inspections, make arrangements
with and supervise our subcontractors and suppliers, source equipment and materials, and take up relevant tasks as required in the contracts.
Any material deviation in the actual time and resources spent from initial estimation may result in significant cost overruns, which may
in turn adversely affect our financial results. As such, in order to avoid exceeding our capacity and having an adverse impact on our
financial performance resulting from excessive tendering, we may decline tender invitations.
Equipment
and material costs deployed in projects are also crucial factor which, may impact our financial performance. In the preparation of tenders
to our customers, we obtain preliminary quotations from our suppliers to ensure the equipment and material costs to be deployed in projects
are accurately assessed. After projects are awarded to us, our engineers will make sure that the equipment and materials to be ordered
from suppliers can match the projects' specifications. With a view to further improving our profit margin from projects, we also
strive to pursue better offers and terms than those set out in the preliminary quotations from the relevant suppliers. Particularly,
for projects which allow us to have flexibility in the selection of suppliers, we source specifications-matching equipment and materials
deployed at the most competitive pricing terms. In addition, suppliers may offer price reductions, taking into account factors including
purchase quantity, exchange rates, cost of materials, market competition and whether the supplier is desirous of providing the equipment
and materials in specific projects. Consequently, these projects usually give rise to higher gross profit margins.
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Table of Contents
Apart
from the above, we have also implemented the following measures to manage our risk of cost overruns:
(i)
a
    detailed estimation of time and costs expected to be incurred in a project is prepared by our engineers and will be reviewed by the
    management before submission to our customers;
(ii)
a
    fixed scope of work will be agreed upon with customers, based on which our tender is prepared. We accept customers'
    requests for variation in the scope of work on the basis that a variation order has to be agreed upon. Our engineers will prepare
    budgets with expected time and costs on such requests for material variation orders and would not proceed prior to obtaining the
    approvals from our relevant project managers; and
(iii)
the
    project team will obtain preliminary quotations from potential subcontractors and suppliers in respect of various engineering designs
    in order to ascertain the costs expected to be incurred, thereby forming the cost assessment basis for our tenders. We have not experienced
    material irrecoverable cost overruns for the projects carried out in fiscal years 2022, 2021 and 2020.
Safety
and Quality
WANG
& LEE CONTRACTING LIMITED implements a safety monitoring system to ensure that all employees and related parties maintain a high
standard of safety. In addition to that, safety trainings are provided and a safety committee will always be formed for each project.
The safety committee will perform scheduled inspections, risk assessment, hold safety meetings, and other safety-related tasks.
To
emphasize our commitment to safety, safety is taken into consideration from the design stage. We scrutinize every aspect of the project
so that it can be completed in a safe manner at every stage. While the project is in process, strict management and installation controls
are implemented to ensure that a high standard of safety is held. After the completion of the project, maintenance services are offered
for the safety of the users.
We are committed to a quality
assurance policy complying with ISO-9001 and ensuring that this policy is understood, implemented, and maintained throughout the group
of companies. Our scope of certification includes design, supply and installation of low voltage electrical mechanical ventilation and
air-conditioning systems. In addition to that, every section of projects is required to go through quality and control inspections by
our professional team. We believe that the high quality and safety assurance we provide to our clients will give them the peace of mind
that they deserve.
Environment
We
have become more conscious of the effect our installation and works have on the environment and on us directly. Organizations such as
Hansecontrol Dongguan Technology Consulting Services Limited, JNE Consulting Limited, and Hok International (Asia/Pacific) Limited have
developed voluntary methods of rating the environmental impact and efficiency of buildings, and other similar structures. Assessments
take place both during design and after completion. Existing structures or commercial interior spaces can also be rated.
If
requested, our team will advise on energy efficiency, water efficiency, land use, pollution, waste and indoor environmental quality and
impact.
Competitive
Strengths
We
believe that the following strengths have contributed to our success and are differentiating factors that set us apart from our peers.
●
Customer
    and Revenue Diversification
. WANG & LEE CONTRACTING LIMITED performs new construction services over
a wide geographic footprint for both public and private clients. Its private projects accounted for 97%, 100%, 99% of our fiscal year
2022, 2021 and 2020 revenues respectively. While its undertakes large projects, it can perform many smaller to medium projects with varied
complexity and there durations at the same time. In fiscal year 2022, 2021 and 2020, 11%, 12% and 15% respectively of its projects were
small to medium projects under HK$1 million (US$127,717) with an average duration of approximately 3 months. We believe this strategy,
coupled with our disciplined bidding process, yields revenue diversification and enables us to better manage our business through market
cycles.
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●
Consistent
    History of Managing Construction Projects and Contract Risk
.
WANG & LEE CONTRACTING LIMITED's long and successful
    track record of over 40 years in each of the markets that it serves demonstrates an understanding of the various risks associated
    with construction contractor projects. On top of the years of experience, licenses and registrations are also a key factor of recognition
    in the market. WANG & LEE CONTRACTING LIMITED serves as the prime contractor on approximately 72%, 8% and 11% of its projects
    and as a subcontractor on the remaining 28%, 92% and 89% for the fiscal years 2022, 2021 and 2020, respectively. When serving as
     the prime contractor, it utilizes subcontractors to perform approximately 3% of the total project. The vast majority of its projects
    are fixed unit price contracts, pursuant to which a portion of its revenues is tied to the volume of various project components.
    It combines its experience, local market knowledge and fully integrated management information systems to effectively bid, execute
    and manage projects. It captures project costs such as labor and equipment expenses on a daily basis. its managers review daily project
    reports to determine whether actual project costs are tracking to budget.
●
Experienced
    Management Team
. Our executive officers are seasoned leaders with complementary skill sets and a track record of financial
    success spanning over 40 years and multiple business cycles.
●
Commitment
    to deliver quality works and services with stringent quality, safety and environmental assurance
. WANG & LEE CONTRACTING
    LIMITED is committed to provide high quality works and services. It has adopted stringent quality assurance measures that comprise
    monitoring, verifying, and validating the works and materials. Its quality management system has been accredited with ISO 9001 certificate
    by Accredited Certification International Limited ("ACI Limited"). Furthermore, it has also set up an environmental management
    system to promote awareness of environmental protection and prevent pollution of the environment resulting inform its works. Its
    environmental management system was accredited by ISO 14001 certification with ACI Limited. Furthermore, it has set up a comprehensive
    occupational health and safety management system to promote safe working practices among all employees and to prevent the occurrence
    of accidents through promoting safety awareness at the front line level. Its occupational health and safety management system has
    been certified to be in compliance with ISO 45001 by ACI Limited.
●
Long-term
    relationship with customers, suppliers and subcontractors.
WANG & LEE CONTRACTING LIMITED has established long term relationships
    with its customers for a period up to 25 years, suppliers for a period up to 30 years and subcontractors for a period up to 30 years.
    Maintaining good customer relationships provides more opportunities to tender and also demonstrates its ability to provide high-quality
    work on time and budget. In addition, it has also maintained a good relationship with equipment and material suppliers as well as
    subcontractors. WANG & LEE CONTRACTING LIMITED is the authorized dealer of an American air-conditioning equipment manufacturer
    (the "air-conditioning equipment manufacturer"). Establishing a good relationship with suppliers enables it to have more
    flexibility in negotiating prices, resources allocation and project execution compared with competitors. Maintaining a good relationship
    with subcontractors will help reduce the risk of shortage or delay in the delivery of contract works, and ensure timely installation
    works. We consider partnering with these suppliers and subcontractors to be one of the key success factors for us to deliver high
    quality work to our customers.
Customers
We
usually receive invitations from customers to submit tenders for potential projects. Our customers range from private individuals to
office, factories, shopping mall and hotel owners, operators for hospitals, schools and educational institutes, theme parks, shopping
malls and construction companies, property developers and even the HK SAR government.
For the years ended December 31,
2022, 2021 and 2020, we made 145, 178 and 156 submissions to our potential customers respectively, and our success rate was approximately
40%, 26% and 20% in each of the respective years, respectively.
The
revenue generated by our five largest customers in aggregate accounted for approximately 88%, 88% and 81% of the total revenue for the
years ended December 31, 2022, 2021 and 2020 respectively.
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In
fiscal year 2022, three customers accounted for more than 10% of our annual
revenue - one for 49%, one for 15% and the last one for 12%. In fiscal year 2021, three customers accounted for more than 10% of our annual
revenue, one for 33%, one for 32% and the last one for 12%. In fiscal year 2020, two customers accounted for more than 10% of our annual
revenue – one for 39% and the other for 18%. Because of we work on a project basis, we do not have any long-term contracts with
any one client.
Suppliers
Depending
on our customers' needs and requests, we may provide integrated E&M engineering services covering sourcing for supplies. WANG
& LEE CONTRACTING LIMITED is the authorized dealer of an American air-conditioning equipment manufacturer (the "air-conditioning
equipment manufacturer") and enjoy the most preferable pricings. Establishing a good relationship with suppliers enables us to
have more flexibility in negotiating prices, resources allocation and project execution compared with competitors. We typically enter
into one-year non-exclusive dealership agreements with our suppliers and may renew dealership agreements upon the expiration of these
dealership agreements. We are only allowed to sell the products within the designated territories as specified in the dealership agreement.
We
work with our suppliers and manufacturers to plan ahead for its purchase and delivery of products to enable that they have sufficient
stock to fulfil the current orders. We have generally not encountered any substantial delay or shortage in the supply of products.
Our
five largest suppliers accounted for approximately 48%, 43% and 30% of the total actual costs for the years ended December 31, 2022,
2021 and 2020 respectively.
Seasonality
We
do not experience any seasonality in our business.
Subcontractors
On
occasion, WANG & LEE CONTRACTING LIMITED may engage subcontractors to carry out part of its work. WANG & LEE CONTRACTING LIMITED
has not entered into any long-term agreement with its subcontractors and has historically not experienced any material difficulties or
delays in completing its project due to failure to identify and engage suitable subcontractors.
WANG
& LEE CONTRACTING LIMITED has a stringent process in selecting its subcontractors for its work. It has an internal approved list
of subcontractors for quotation for each type of work. It takes into account of factors including, among others, assessment of their
abilities and its previous work experience with them. For each project, it invites several subcontractors in this list for quotation.
Its project team is responsible for selecting the most suitable candidate(s).
Market
and Competition
The
construction market in Hong Kong is dominated by a small number of large local contractors, a large number of overseas contractors, and
a high level of sub-contracting, with substantial companies being both developers and contractors. According to the Hong Kong Census
and Statistics Department, the gross value of construction works performed by main contractors in 2019 was recorded at US$17 billion,
down from US$18.6 billion in 2018. Residential construction was the largest market in the industry during the period of 2015-2019, accounting
for 43% of its total value in 2019 at US$7.3 billion (Source:
https://www.trade.gov/market-intelligence/hong-kong-construction
).
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Due
to the anti-government protests, the outbreak of COVID-19 and the U.S.-China trade tensions, the construction industry has been severely
affected. The city's gross value of construction works decreased 9.4% in the first quarter of 2020 to US$3.7 billion. The unemployment
rate in the construction industry sharply increased to 11.2% in the second quarter of 2020, compared to 5% in the same quarter last year,
rising to its highest level since mid-2009. According to GlobalData, the construction industry is expected to contract by 9.2% in 2020.
However, a recovery phase may start in 2021 as the government will stimulate public and private sector investment in construction projects
by investing US$127.6 billion in infrastructure by 2028-2029. Moreover, in July 2021, the Legislative Council approved US$92 billion
Capital Work Reserve Fund for future public projects, showing signs of recovery and more job opportunity to the industry. (Source:
https://www.trade.gov/market-intelligence/hong-kong-construction
).
Key
Drivers and Opportunities
Increasing
demand from new construction projects
As
stated in the 2021–22 HK SAR Government Budget Speech, approximately 101,400 public housing units are expected to be provided in
the coming five years, while the private housing supply is targeted to remain an average annual level of 18,000 units from 2021 to 2025.
Moreover, the Government introduced the "Green Schools 2.0" to subsidize primary and secondary schools in HK SAR (excluding
government schools and profit-making schools) to replace existing air conditioners with new variable speed air conditioners, convert
existing lights to LED lights, and install real-time energy monitoring systems in schools for the financial years from 2020–21
to 2024–25. Furthermore, according to the Government's 2021–22 Budget Speech, HK$1 billion (US$129 million) is earmarked
to install small-scale renewable energy systems at government buildings and infrastructure. The aforementioned programs and schemes initiated
by the Government are expected to provide continued growth opportunities to the E&M engineering industry in HK SAR.
The
increasing environmental awareness
With
increasing level of environmental awareness, new buildings are usually designed with more environmentally friendly elements such as energy
saving features. In general, latest technologies are employed in new buildings with green design. Therefore, such buildings cost higher
than traditionally designed buildings with the value-added functions. For old buildings, refurbishment works to upgrade or improve the
original building design so as to adapt to a green building design may be required. In conclusion, the increasing level of environmental
awareness will provide more business opportunities to the E&M engineering industry in HK SAR.
Increasing
demand for E&M engineering refurbishment
To
improve the safety of residential buildings, the Government has increased its support for building rehabilitation projects through tightened
regulations and enhanced subsidies. In 2012, the Government implemented the Mandatory Building Inspection Scheme (MBIS) to locate private
buildings (except domestic buildings not exceeding 3 stories) over 30-years old that require revitalization. Furthermore, the Operation
Building Bright 2.0 and Fire Safety Improvement Works Subsidy Scheme were launched in 2018. In 2019, the Government launched a HK$10.5
billion (US$1.35 billion) package to repair 5,000 buildings and 8,000 lifts across the city. In 2020, the Building Maintenance Grant
Scheme for Elderly Owners was administered by the Hong Kong Housing Society for elderly owner-occupiers to repair and maintain their
buildings and improve building safety. In 2021, HK$1 billion (US$129 million) will be funded by the Government to launch a subsidy scheme
to assist old buildings to carry out drainage repair or enhancement works. With the increasing number of old buildings and Government
subsidies, continued demand for repair and maintenance works for buildings is expected, which is expected to provide more growth opportunities
to the E&M engineering industry in HK SAR.
Threats
and Challenges
Relative
Dependence on the Real Estate Market
The
total receipts of the real estate sector in HK SAR decreased from HK$187.3 billion in 2012 to HK$179.6 billion in 2021, representing
an average annual decrease of 0.5%. (https://www.censtatd.gov.hk/en/data/stat_report/product/B1010002/att/B10100022023MM04B0100.pdf)
Amid uncertainties caused by unfavorable global economic environment, the E&M engineering industry, which is relatively dependent
on the real estate market performance, especially the number of newly- built properties, would be adversely affected.
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Labor
Shortage and Increasing Labor Costs
Labor
shortage and increasing labor costs may dampen the profitability of E&M engineering contractors. Also, difficulties in attracting
and retaining experienced and qualified staff may delay the completion of the works and thereafter reducing the profitability of the
E&M engineering industry. As a result, E&M engineering contractors, in particular those who fail to shift the increasing labor
costs to customers, may face the problem of lowered profitability.
Going
Concern
As of December 31, 2022, 2021
and 2020, we had an accumulated deficit of US$2,221,822, US$1,624,941 and US$1,270,198, and working capital deficit of US$1,281,671, US$518,589
and US$894,295 respectively. As the Company has an accumulated deficit and has a working capital deficit, net cash outflows from operating
activities, our auditor, WWC, P.C. had raised substantial doubt about our ability to continue as going concern.
Management
plans to focus its resources on smaller scale engineering projects that generate sustainable positive profit margins. Additionally, the
Company plans to raise capital via private placement or public offering in the event that the Company does not have adequate liquidity
to meet its current obligations. If we are unable to improve our liquidity position, we may not be able to continue as a going concern,
and therefore, be required to realize our assets and discharge our liabilities other than in the normal course of business which could
cause investors to suffer the loss of all or a substantial portion of their investment.
Entry
Barriers
Lack
of Proven Track Records
E&M
engineering contractors can demonstrate their capabilities to deliver quality of works and meet tight project deadlines through proven
track records. In general, customers may have less confidence in E&M engineering contractors who do not have proven track records.
Therefore, potential E&M engineering contractors may have difficulties in entering the E&M engineering industry in HK SAR.
High
Initial Capital Requirements
Substantial
initial capital is required to enter the E&M engineering industry in HK SAR. First, it is compulsory for E&M engineering contractors
to register with relevant government departments to perform public works. There is minimum financial capitalization requirement. For
example, the minimum capital requirements set by the Housing Authority is HK$3.4 million (US$0.43 million). Also, E&M engineering
contractors need to have sufficient funds to sustain daily operations and ensure smooth project execution. Prepayments such as surety
bond which amounts to approximately 10% of the contract value and upfront payment which amounts to approximately 5% to 30% of the contract
value depending on project complexity and scale are usually required. Hence, the high initial capital requirements set an entry barrier
for potential E&M engineering contractors.
IMPACT
OF COVID-19 ON THE CONSTRUCTION INDUSTRY IN HK SAR INCLUDING THE E&M ENGINEERING INDUSTRY
The
COVID-19 pandemic has posed negative impacts on the HK SAR construction industry to a certain extent since early 2020. For example, a
few construction projects were suspended for fourteen (14) days with identified COVID-19 cases. For the private sector, there were delays
in the tendering process amid uncertainties caused by the COVID-19 pandemic whereas for public sector, the funding approvals for some
public works were delayed as well. The full impact of the COVID-19 pandemic depends on the extent, duration, and resurgence of new COVID-19
cases. With the introduction of COVID-19 vaccines in early 2021, the outbreak of COVID-19 is expected to be put gradually under control.
However, since it takes time for the citizens of HK SAR including construction workers to be vaccinated, investors and developers are
yet to have restored their confidence in the HK SAR economy in 2021. According to the forecast of the Rating and Valuation Department,
it is expected that the completion of private office and commercial projects to reach 275 thousand square meters and 173 thousand square
meters respectively in 2022, which is the highest since 2015. Hence, we believe that these private offices and private commercial projects
will drive up demand for the E&M engineering services and the construction industry starting from 2022.
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Insurance
In
general, WANG & LEE CONTRACTING LIMITED maintains insurance for employees' compensation insurance policy with AIG Insurance
Hong Kong Limited covering the liability to make payment in respect of death, injury or disability of our employees under the Employees'
Compensation Ordinance and at common law for injuries at work in respect of all their employees (including full-time and part-time employees).
We also maintain Contractors' All Risks policy with AIG Insurance Hong Kong Limited which liabilities arising from potential damage
to the buildings or structures under our subcontracted works as well as potential bodily injury to third parties or damage to third parties'
properties as a result of the performance of our subcontracted works. We believe that our current insurance policies are sufficient for
our operations.
Intellectual
Property
Trademarks
We
have applied for the following trademarks to be registered:
Country
Trademark
Application
    Number
Application
    Date
Registration
    Number
Classes
Status
United
    States
90748036
May
    31, 2021
37
Pending
HK
    SAR
TM205125_LY
S01016220
May
    31, 2021
305642578
37
Registered
    on November 3, 2021
United
    States
90757400
June
    2, 2021
37
Pending
United
    States
97128648
November
    15, 2021
37
Pending
Class
37- Building construction; repair; installation services.
We
also have registered our domain name and website: wangnlee.com.hk.
Regulations
This
section sets forth a summary of the material laws and regulations applicable to our business operations in HK SAR.
CONTRACTORS
REGISTRATION REGIMES
Contractors
Registration System for Building Works
Under
section 2 of the Buildings Ordinance (Chapter 123 of the Laws of Hong Kong) (the "Buildings Ordinance"), building works include
any kind of building construction, site formation works, ground investigation in scheduled areas, foundation works, repairs, demolition,
alteration, addition and every kind of building operation, as well as drainage works. A contractor carrying out building works in Hong
Kong must register with the Building Authority as a general building contractor, a specialist contractor, or a minor works contractor.
Currently,
there are five different categories of building works specified by the Building Authority as specialist works, including:
●
demolition
    works;
●
foundation
    works;
●
ground
    investigation field works;
●
site
    formation works; and
●
ventilation
    works.
Under
section 8B(2) of the Buildings Ordinance, an applicant for registration as a specialist contractor must satisfy the Building Authority
on:
(i)
if
    it is a corporation, the adequacy of its management structure;
(ii)
the
    appropriate experience and qualifications of his personnel;
(iii)
his
    ability to have access to plant and resources;
(iv)
the
    ability of the person appointed by the applicant to act for the applicant for the purposes of the Buildings Ordinance to understand
    building works and street works through relevant experience and a general knowledge of the basic statutory requirements.
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An
applicant for registration as a specialist contractor must satisfy the Building Authority that he has the necessary experience and, where
appropriate, professional and academic qualifications, to undertake works in the specialist category. In considering each application,
the Building Authority is to have regard to the qualifications, competence and experience of the following personnel of the applicant:
(i)
a
    minimum of one person appointed by the applicant to act for the applicant for the purposes of the Buildings Ordinance (the "Authorized
    Signatory");
(ii)
if
    the applicant is a corporation, a minimum of one director from the board of directors of the applicant who is authorized by the board
    (the "Technical Director") to:
(a)
have
    access to plant and resources;
(b)
provide
    technical and financial support for the execution of building works and street works;
(c)
make
    decisions for our Company and supervise the Authorized Signatory and other personnel for the purpose of ensuring that the works are
    carried out in accordance with the Buildings Ordinance; and
(d)
for
    a corporation which appoints a director who does not possess the required qualification or experience as the Technical Director to
    manage the carrying out of building works and street works authorized by the board of directors to assist the Technical Director.
In
addition to the above key personnel, the applicant is also required to demonstrate that it has employed appropriate qualified staff to
assist the applicant and the above key personnel to execute, manage and supervise the building works and street works. For registration
as a registered specialist contractor, the applicant should also demonstrate that it has the access to engaging qualified persons to
carry out the relevant specialized duties.
Registers
The
Building Authority maintains a register of specialist contractors who are qualified to carry out specialized works specified in the category
in the sub-register in which they are entered.
Scope
of work that can be undertaken
Registered
specialist contractors may only carry out specialized works in their corresponding categories as specified in the sub-registers in which
they have been entered. We are required to apply for renewal of specialist contractor registration every year. We have been registered
as a specialist contractor in the ventilation works category. For details of our specialist registration, please refer to "Business
– Overview". Failure to register as a specialist contractor could affect our businesses in Hong Kong SAR. As confirmed by
our directors, we may engage approved subcontractors to carry out part of our engineering works to mitigate such risks, thereby ensuring
the timely completion of the engineering projects. We have established long term relationships with our subcontractors for a period up
to 30 years. Please refer to "Business — Competitive Strengths" and "Business — Subcontractors" for
more details.
Registered
minor works contractor
Under
the Building (Minor Works) Regulation (Chapter 123N of the Laws of Hong Kong) ("Minor Works Regulation"), a subsidiary legislation
under the Buildings Ordinance, certain building works are specified as "minor works", which could be carried out without
the Building Authority's prior approval of building plans and consent to commence works. Minor works are categorized into three
classes (Classes I, II and III) according to their nature, scale, complexity and risk to safety they pose:
●
Class
    I (a total of 44 items) comprises more complicated minor works and requires higher technical expertise and more stringent supervision,
    including the appointment of a prescribed building professional (the "Building Professional"), such as an authorized
    person and where necessary, a registered structural engineer and/or a registered geotechnical engineer;
●
Class
    II (a total of 40 items) comprise works that are less complex which can be carried out by registered contractors without the involvement
    of a Building Professional; and
●
Class
    III (a total of 42 items) comprise works of small scale and are common in household which can be carried out by registered contractors
    without the involvement of a Building Professional.
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The
works under each class of minor works are further classified into seven types:
(i)
Type
    A (Alternation and Addition works);
(ii)
Type
    B (Repair Works);
(iii)
Type
    C (Works relating to Signboards);
(iv)
Type
    D (Drainage Works);
(v)
Type
    E (Works relating to Structures for Amenities);
(vi)
Type
    F (Finishes Works); and
(vii)
Type
    G (Demolition Works).
Under
section 12(5) of the Minor Works Regulation, the Building Authority must not allow an application for registration as a registered minor
works contractor unless the Authority is satisfied that:
(i)
in
respect of each type of minor works under each class to which the application relates, at least one individual nominated as an authorized
signatory for the type of minor works (a) has the qualifications and experience specified by the Building Authority; and (b) has the
ability to understand that type of minor works through relevant experience and a general knowledge of the basic statutory requirements;
(ii)
the
    applicant has access to plants and resources;
(iii)
if
    the applicant is a corporation, (a) its management structure is adequate; and (b) at least one of its directors has the qualifications
    and experience specified by the Building Authority; and
(iv)
the
    applicant is suitable for registration in the register.
Under
section 12(6) of the Minor Works Regulation, in deciding whether the applicant is suitable for registration in the register, the Building
Authority must take into account (i) whether the applicant and the individual nominated as authorized signatory have any criminal record
in respect of any offence under the laws of Hong Kong relating to the carrying out of any building works; and (ii) whether any disciplinary
order has been made against the applicant or the individual. In considering each application for registration, the Building Authority
is to have regard to the qualification, experience and suitability of the following key personnel of the applicant:
(i)
a
    minimum of one person appointed by the applicant to act for the applicant for the purpose of the Buildings Ordinance as the authorized
    signatory (the "AS"); and
(ii)
for
    a corporation, a minimum of one director from the board of directors of the applicant as the technical director (the "TD"),
    who is authorized by the board to:
(a)
have
    access to plants and resources;
(b)
provide
    technical and financial support for the execution of minor works; and
(c)
make
    decisions for our Company and supervise the AS and other personnel.
Registers
The
Building Authority maintains a register of minor works contractors who are qualified to carry out minor works belonging to the class,
type and item specified in the register in which they are registered.
Scope
of work that can be undertaken
Minor
works contractors shall only carry out such minor works belonging to the class, type and item specified in the register in which they
are registered. We are a registered Class II and Class III minor works contractor. In particular, we are permitted to carry out Types
A, B, D, E, F and G minor works. For details of our minor works registration, please refer to "Business – Overview".
Failure to register as a minor works contractor could affect our businesses in Hong Kong SAR. As confirmed by our directors, we may engage
approved subcontractors to carry out part of our engineering works to mitigate such risks, thereby ensuring the timely completion of
the engineering projects. We have established long term relationships with our subcontractors for a period up to 30 years. Please refer
to "Business — Competitive Strengths" and "Business — Subcontractors" for more details.
Validity
period and renewal of registration as registered specialist contractors and registered minor works contractors
Unless
registration is removed by a disciplinary order, registration is valid for a period of three years from the date on which a person's
name is included in the register. Registration can be renewed upon its expiry by making prior application to the Building Authority in
accordance with section 8C of the Buildings Ordinance and section 14 of the Minor Works Regulation for registered specialist contractors
and registered minor works contractors respectively.
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Application
for renewal of registration should be made by the registered contractor to the Building Authority not earlier than four months and not
later than 28 days prior to the date of expiry of the registration. Provided the application is made within the time limit and the renewal
fee is paid, the existing registration will remain in force until the application for renewal is finalized by the Building Authority.
Once renewed, a registration is valid for a period of three years from the expiry date of the previous registration.
We
are required to apply for renewal of minor works contractor registration every three years pursuant to section 14 of the Minor Works
Regulation. Our directors confirm that (i) we have been registered as a minor works contractor; (ii) we have effected the registrations
for our operations in Hong Kong in all material aspects; and (iii) we have complied with the relevant requirements for maintaining these
registrations.
WANG
& LEE CONTRACTING Limited is a registered minor works contractor. It aims to facilitate building owners and occupants in carrying
out small-scale building works safely and lawfully. Minor works are classified into three classes according to their nature, scale and
complexity and the risk to safety they posed. WANG & LEE CONTRACTING Limited is able to carry out works in the low to medium risks
categories.
Regulatory
actions
Under
section 13 of the Buildings Ordinance, a registered contractor (including a registered specialist contractor or a registered minor works
contractor), or the director, officer or person appointed by the registered contractor to act on its behalf for the purposes of the Buildings
Ordinance (collectively, the "persons subject to inquiry") may be subject to inquiry by the disciplinary board appointed
by the Building Authority under section 6 of the Buildings Ordinance where appropriate. The disciplinary board may, among others, order
that: (i) the name of the person subject to inquiry be removed from the relevant register, either permanently or for such period as the
disciplinary board thinks fit; (ii) the person subject to inquiry be fined, in the case of building works (other than minor works), a
sum not exceeding HK$250,000 or in the case of minor works, a sum not exceeding HK$150,000; (iii) the person subject to inquiry be reprimanded;
and (iv) the person subject to inquiry be prohibited from certifying or carrying out certain works, either permanently or for such period
as the disciplinary board thinks fit.
Subcontractor
Registration Scheme
To
tender for and carry out capital works and maintenance works contracts in the public sector of Hong Kong as subcontractors, subcontractors
shall be registered in one or more of the 52 trades in the Primary Register of the SRS (formerly known as the Voluntary Subcontractor
Registration Scheme) managed by the CIC. In broad, the 52 trades cover common structural, civil, finishing, E&M works as well as
supporting services. Some trades are further classified into several specialties with reference to specialization in the relevant industry.
An approved contractor in relation to capital works and maintenance works in the public sector of Hong Kong is required to employ subcontractors
registered from the respective trades available under the SRS.
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Requirements
for registration
To
apply for registration in a trade on the Primary Register of the SRS, a corporate subcontractor shall comply with the following major
entry requirements:
Criteria
Major
    Items
Project
undertaken or comparable experience:
●
completion
    of at least one job within the last five years as a main contractor or subcontractor in the trades and specialties for which registration
    is applied, or comparable experience acquired by the applicant or its directors within the last five years; or
Qualifications
on HK SAR Government registration scheme:
●
listings
    on one or more government registration schemes relevant to the trades and specialties for which registration is sought; or
Qualifications/working
experiences on board of
directors:
●
the
    applicant or its director having been employed by a registered subcontractor under the SRS for at least five years with experience
    in the trades and (where applicable) the specialties for which registration is sought, and having completed the prescribed training
    modules for subcontractors (or equivalent) conducted by the CIC; or
●
the
    applicant or its director having registered as registered skilled worker under the Construction Workers Registration Ordinance (Chapter
    583 of the Laws of Hong Kong) for the relevant trade and (where applicable) the specialty with at least five years of relevant experience
    and having completed the prescribed training modules conducted by the CIC.
Validity
period and renewal of registration
An
approved registration is valid for three years or five years from the approval date. A registered subcontractor under the SRS shall apply
for renewal within three months before expiry of the current registration by submitting an application in specified form and providing
information and supporting documents to show continued compliance with the entry requirements. An approved renewal is valid for two years
from the expiry of the current registration.
Regulatory
action
The
CIC may take regulatory actions against a registered subcontractor on the Primary Register of the SRS where applicable. These regulatory
actions include: (i) issue of warning notice to the registered subcontractor; (ii) directing the registered subcontractor to submit an
improvement plan within a specified period; and (iii) suspension of registration for a specified period or revocation of registration
and in both cases, the name of the registered subcontractor will be removed from the Primary Register of the SRS. A registered subcontractor
whose registration has been revoked shall not be eligible for reregistration for a period of two years from the date of revocation.
Registration
under the SRS is not mandatory. WANG & LEE CONTRACTING LIMITED is a registered subcontractor under the SRS managed by the CIC. We
are permitted to tender and carry out sub-contracts under trade specialties encompassing electrical works, fire services installation
works and plumbing. Under the SRS, we are required to apply for renewal of registration every five years from the approval date. Our
directors confirm that we have complied with the registration and renewal requirements. However, failure to comply with the SRS registration
will not cause material and adverse effect on our businesses. We are permitted to carry out engineering works without registering under
the SRS.
LICENCES
AND REGISTRATIONS REQUIRED FOR OUR GROUP'S E&M ENGINEERING BUSINESSES
Electrical
Works
Registration
under the Electricity Ordinance
Under
section 2 of the Electricity Ordinance (Chapter 406 of the Laws of Hong Kong), "electrical work" means work in relation to
the installation, commissioning, inspection, testing, maintenance, modification or repair of a low voltage or high voltage fixed electrical
installation and includes the supervision and certification of that work and the certification of design of that installation. Examples
of fixed electrical installations are distribution boards, wiring installations and lighting fittings that are fixed in premises. However,
persons who are engaged in work on electrical installations other than fixed electrical installations need not be registered. Examples
of electrical installations other than fixed electrical installations are portable electrical home appliances such as table lamps, television
sets, refrigerators, etc.
Electrical
works are further classified into five grades based on the voltage and capacity of electricity involved in an electrical installation
and industry specialization.
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Registered
electrical workers
Only
a registered electrical worker ("REW") registered with the Electrical and Mechanical Services Department of the HK SAR government
("EMSD") under the Electricity Ordinance shall do the electrical works specified in his certificate of registration. However,
where a non-REW works under the oral or written instruction of a REW who is aware of and responsible for that non-REW's work, the
non-REW may do electrical works of the kind specified in the supervising REW's certificate of registration, except the following:
●
certifying
    that a fixed electrical installation complies with the Electricity Ordinance; or
●
works
    on energized parts of a fixed electrical installation when the non-REW is not immediately adjacent to the supervising REW.
To
register as a REW to do electrical works in at least one grade, an individual shall satisfy the Director of the EMSD that he has the
qualification to do electrical work in the relevant grades as set out in Part III of the Electricity (Registration) Regulations (Chapter
406D of the Laws of Hong Kong), such as completion of the prescribed apprenticeship or training, possessing craftsmanship, academic qualification
or practical experience in electrical engineering and electrical works, or passing the prescribed examination or trade test.
Registered
electrical contractors
To
qualify as a Registered Electrical Contractor registered with the EMSD under the Electricity Ordinance, a corporate applicant must employ
at least one REW. No contractor shall do business as an electrical contractor or carry out electrical works unless it is a REC.
Validity
period and renewal of registration
A
registration for REW or REC is valid for the 3 year period shown on the certificate of registration. Under Regulation 13 of the Electricity
(Registration) Regulations, a REW or REC shall apply to the Director of the EMSD for renewal of its/his registration within one to four
months prior to the date of expiry of the registration.
Regulatory
actions
Where
the Director of the EMSD considers that there is evidence that a REW or a REC has failed to comply with the Electricity Ordinance, he
may: (i) reprimand the worker or contractor, and/or fine a worker up to HK$1,000 and a contractor up to HK$10,000; or (ii) refer the
matter to the Secretary for Environment for hearing by a disciplinary tribunal, who may do one or more of the following:
(a)
reprimand the registrant;
(b)
fine a worker up to HK$10,000 and a contractor up to HK$100,000;
(c)
suspend or cancel the registration of the registrant; or
(d)
suspend the registrant's right to apply for registration or renewal of registration for a prescribed period.
The
Director of the EMSD may cancel a registration if he considers that: (i) the registrant obtained registration by fraud or on the basis
of misleading or inaccurate information; (ii) the registration was made in error; or (iii) the registrant is no longer qualified under
the Electricity Ordinance to be registered.
WANG
& LEE CONTRACTING Limited a registered electrical worker registered with the Electrical and Mechanical Services Department of the
HK SAR government ("EMSD"). Electrical installations engineering works are monitored by the EMSD, guided by the Code of Practice
for the Electricity (Wiring) Regulations ("CoP"). The CoP applies to all low or high voltage ("HV") electrical
installations in buildings and premises including those of domestic and commercial buildings, factories and industrial undertakings.
We are required to follow the mentioned CoP in all electrical installation works. We are also required to apply for renewal for REW every
three years from the last approval date. Our directors confirm that we have complied with the registration and renewal requirements.
Additionally,
we also have to follow the Code of Practice for Energy Efficiency of Building Services Installation ("BEC)" and the Code
of Practice for Building Energy Audit ("EAC"), pursuant to section 40 of the Buildings Energy Efficiency Ordinance ("BEEO"),
and the to enhance the energy efficiency of buildings services installations and promote decarbonization of buildings.
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LICENCES
AND REGISTRATIONS FOR FIRE SERVICE AND PLUMBING INSTALLATION
Fire
Service
Fire
Service Installation Contractors ("RFC")
To
undertake works in respect of the installation, maintenance, repairs or inspection of any fire service installation or equipment in HK
SAR, a contractor shall be a registered fire service installation contractor with the Fire Services Department in at least one of the
three classes under the Fire Service (Installation Contractors Regulations) (Chapter 95A of the Laws of Hong Kong) ("FSICR"):
Class
    1:
Registered
    contractors who are fit to install, maintain, repair and inspect any fire service installation or equipment (other than portable
    equipment) which contains an electrical circuit or other apparatus for the detection and warning, by alarm or otherwise, of smoke
    or fire.
Class
    2:
Registered
    contractors who are fit to install, maintain, repair and inspect any fire service installation or equipment (other than portable
    equipment) which contains-
(a)
pipes
    and fittings designed or adapted to carry water or some other fire extinguishing medium; or
(b)
any
    type of electrical apparatus other than those specified in class 1.
Class
    3:
Registered
    contractors who are fit to maintain, repair and inspect portable equipment.
The
major minimum qualifications for registration are set out below:
Class
    I
At
    least one director or employee of a corporate applicant shall:
●
hold
    a degree in electrical engineering satisfying the prescribed examination requirements for corporate membership of the Institution
    of Electrical Engineers; and
●
be
    the manufacturer (or its authorized agent) or designer of an electrical circuit or other apparatus, recognized by the Director of
    Fire Services, for the detection by alarm or otherwise of smoke or fire.
Class
    II
At
    least one director or employee of a corporate applicant shall:
●
hold
    a Grade I plumber's license issued under the Waterworks Ordinance (Chapter 102 of the Laws of Hong Kong); and
●
hold
    a diploma from an approved institution in electrical engineering or a qualification recognized as equivalent to such a diploma by
    the Director of Fire Services.
Class
    III
Individual
    applicant shall be a Hong Kong resident of 21 years of age or more and demonstrate adequate knowledge of:
●
the
    function and maintenance of portable equipment; and
●
the
    related regulations made under the Fire Services Ordinance (Chapter 95 of the Laws of Hong Kong).
WANG
& LEE CONTRACTING Limited is a registered Classes 1 & 2 fire service installation contractor. Fire service installation engineering
works are monitored by the Fire Services Department, guided by the Code of Practice for Minimum Fire Service Installations and Equipment
and Inspection, Testing and Maintenance of Installations and Equipment ("FSI Code") and the Code of Practice for Fire Safety
in Building, which we have to comply. Registration renewal as a fire service installation contractor is not required under the FSICR.
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Prior
approval must be obtained from the Fire Services Department by filing the application form FSI314 or FSD314A (depending on the type of
work), prior to commencement of building works. WANG & LEE CONTRACTING LIMITED is required to obtain an approval certificate (Certificate
of Fire Service Installations and Equipment (F.S. 251)) from the Director of Fire Services before commencement of fire service installation
works, certifying that either (i) that, having regard to the purpose to which the building is intended to be put (which purpose shall
be stated in the certificate), no fire service installation or equipment is necessary in connection with the building that will result
from the carrying out of the building works shown on the plans; or (ii) that the plans have been examined and are approved by the Director
of Fire Services as showing all such fire service installations and equipment as in his opinion, having regard to the purpose to which
the building is intended to be put (which purpose shall be stated in the certificate), comprise the minimum fire service installations
and equipment necessary for the building in accordance with the FSI Code published from time to time by the Director of Fire Services.
When the fire service installation works have been completed, WANG & LEE CONTRACTING LIMITED shall report to the Fire Services Department
as soon as possible.
Additionally,
we are required to follow the BEC, pursuant to section 40 of the BEEO, and the to enhance the energy efficiency of buildings services
installations and promote decarbonization of buildings.
Plumbing
Plumbing
installation engineering works are monitored by the Water Supply Department and guided under the Waterworks Ordinance. Pursuant to Section
14 of Waterworks Ordinance (Cap. 102) (WWO), a person must not construct, install, alter, or remove a fire service or inside service
unless the Water Authority has granted a written permission for it. The Water Authority may grant the written permission on its own initiative
or on application of a licensed plumber. Besides, Section 15 of the WWO also stipulates that, a person who is not a designated person
must not carry out the construction, installation, maintenance, alteration, repair or removal of a fire service or inside service (i.e.
specified plumbing works). A plumber's licence shall be valid up till and including 31 December in the year in which it is issued
and may be renewed annually upon payment of a prescribed fee for a further period of 12 months from the date of expiry.
WANG
& LEE CONTRACTING Limited is a licensed plumber authorized by the Water Authority to carry out plumbing works. We are required to
apply for licence renewal pursuant to the WWO every year. Our directors confirm that we have complied with the registration and renewal
requirements.
WANG
& LEE CONTRACTING Limited is required to submit the plumbing proposals together with completed application for water supply to the
Water Authority. No work can commence before plumbing proposals have been approved by the Water Supply Department in writing. Before
proceeding with the works under the approved plumbing proposal, WANG & LEE CONTRACTING Limited is required to apply for constructing,
installing, altering, or removing an inside service to apply for the permission of the Water Authority. When the plumbing work has been
completed, WANG & LEE CONTRACTING Limited shall inform the Water Authority as soon as possible. The mains supply will be connected
when the plumbing work has been inspected and found satisfactory.
Additionally,
we are required to follow the BEC, pursuant to section 40 of the BEEO, and the to enhance the energy efficiency of buildings services
installations and promote decarbonization of buildings.
LABOUR,
HEALTH AND SAFETY LAWS AND REGULATIONS
As
a construction contractor operating in industrial undertakings and construction sites, we are required to observe the relevant regulations
in relation to our labor, occupational safety and health including the Factories and Industrial Undertakings Ordinance, Occupational
Safety and Health Ordinance, Occupiers Liability Ordinance, Employees' Compensation Ordinance, Employment Ordinance, Immigration
Ordinance, Minimum Wage Ordinance and Construction Workers Registration Ordinance.
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Factories
and Industrial Undertakings Ordinance
The
Factories and Industrial Undertakings Ordinance (Chapter 59 of the Laws of Hong Kong) ("Factories and Industrial Undertakings Ordinance")
provides for the safety and health protection to workers in an industrial undertaking. Under the Factories and Industrial Undertakings
Ordinance, every proprietor shall take care of the safety and health at work of all persons employed by it at an industrial undertaking
by, so far is reasonably practicable:
●
providing
    and maintaining plant and work systems that do not endanger safety or health;
●
making
    arrangement for ensuring safety and health in connection with the use, handling, storage and transport of articles and substances;
●
providing
    all necessary information, instruction, training, and supervision for ensuring safety and health;
●
as
    regards any workplace under the employer's control, (1) maintaining the workplace in a condition that is safe and without risks
    to health; and (2) providing and maintaining safe access to and egress from the workplaces that are safe and without any such risks;
    and
●
providing
    and maintaining a safe and healthy work environment.
A
proprietor who contravenes these duties commits an offence and is liable to a fine of HK$500,000. A proprietor who contravenes these
duties willfully and without reasonable excuse commits an offence and is liable to a fine of HK$500,000 and to imprisonment for six months.
Matters regulated under the subsidiary regulations of the Factories and Industrial Undertakings Ordinance, including the Construction
Sites (Safety) Regulations (Chapter 59I of the Laws of Hong Kong), include (i) the prohibition of employment of persons under 18 years
of age (save for certain exceptions); (ii) the maintenance and operation of hoists; (iii) the duty to ensure safety of places of work;
(iv) prevention of falls; (v) the duty to comply with miscellaneous safety requirements; and (vi) provision of first aid facilities,
etc. Contravening any of these rules shall be an offence and a contractor committing the relevant offence without reasonable excuse could
be liable to a fine up to HK$200,000 and imprisonment up to 12 months.
Occupational
Safety and Health Ordinance
The
Occupational Safety and Health Ordinance (Chapter 509 of the Laws of Hong Kong) ("Occupational Safety and Health Ordinance")
provides for the safety and health protection to employees in workplaces, both industrial and non-industrial.
Employers
must as far as reasonably practicable ensure the safety and health in their workplaces by:
●
providing
    and maintaining plant and work systems that do not endanger safety or health;
●
making
    arrangement for ensuring safety and health in connection with the use, handling, storage or transport of plant or substances;
●
providing
    all necessary information, instruction, training, and supervision for ensuring safety and health;
●
providing
    and maintaining safe access to and egress from the workplaces; and
●
providing
    and maintaining a safe and healthy work environment.
Failure
to comply with the above provisions constitutes an offence and the employer is liable on conviction to a fine of HK$200,000. An employer
who fails to do so intentionally, knowingly or recklessly commits an offence and is liable on conviction to a fine of HK$200,000 and
to imprisonment for six months.
The
Commissioner for Labour may also issue (i) improvement notice against contravention of this Ordinance or the Factories and Industrial
Undertakings Ordinance requiring employer to remedy the contravention within specific period/refrain from continuing or repeating the
contravention or (ii) suspension notice directing specific activity not to be undertaken, or the premises, plant or substance not to
be used, while the notice remains in force. Failure to comply with such notices constitutes an offence punishable by a fine of HK$200,000
and HK$500,000 (plus a further fine of HK$50,000 for each day if contravention is knowingly and intentionally continued) respectively
and imprisonment of up to 12 months.
Occupiers
Liability Ordinance
The
Occupiers Liability Ordinance (Chapter 314 of the Laws of Hong Kong) ("Occupiers Liability Ordinance") regulates the obligations
of a person occupying or having control of premises on injury resulting to persons or damage caused to goods or other property lawfully
on the land.
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The
Occupiers Liability Ordinance imposes a common duty of care on an occupier of premises to take such care as in all the circumstances
of the case is reasonable to see that the visitor will be reasonably safe in using the premises for the purposes for which he is invited
or permitted by the occupier to be there.
WANG
& LEE CONTRACTING LIMITED has put in place the following measures to ensure compliance with (i) the Factories and Industrial Undertakings
Ordinance; (ii) the Occupational Safety and Health Ordinance; and (iii) the Occupiers Liability Ordinance:
●
providing
    safe and healthy work environment for workers including but not limited to adequate lighting level;
●
providing
    barrier to prevent workers from falling;
●
providing
    necessary and appropriate personal protective equipment for workers;
●
providing
    safety instructions and training to workers;
●
employing
    safety officers or safety supervisors on site to safeguard and monitor the safety and health regulations; and
●
adhering
    to the ISO standards and establishing internal safety and health policies and procedures.
Employees'
Compensation Ordinance
The
Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong) ("Employees' Compensation Ordinance")
establishes a no-fault and non-contributory employee compensation system for work injuries and lays down the rights and obligations of
employers and employees in respect of injuries or death caused by accidents arising out of and in the course of employment, or by prescribed
occupational diseases.
Under
the Employees' Compensation Ordinance, if an employee sustains an injury or dies as a result of an accident arising out of and
in the course of his employment, his employer is in general liable to pay compensation even if the employee might have committed acts
of faults or negligence when the accident occurred. Similarly, an employee who suffers incapacity arising from an occupational disease
is entitled to receive the same compensation as that payable to employees injured in occupational accidents.
According
to section 24 of the Employees' Compensation Ordinance, a principal contractor shall be liable to pay compensation to sub-contractors'
employees who are injured in the course of their employment to the sub-contractor. The principal contractor is, nonetheless, entitled
to be indemnified by the sub-contractor who would have been liable to pay compensation to the injured employee. The employees in question
are required to serve a notice in writing on the principal contractor before making any claim or application against such principal contractor.
Pursuant
to section 40 of the Employees' Compensation Ordinance, all employers (including contractors and subcontractors) are required to
take out insurance policies to cover their liabilities both under the Employees' Compensation Ordinance and at common law for injuries
at work in respect of all their employees (including full-time and part-time employees). An employer who fails to comply with this ordinance
to secure an insurance cover is liable on conviction upon indictment to a fine at level 6 and to imprisonment for two years.
Our
directors confirm that we maintain our employee's compensation insurance policy and all of our local staff are insured under the
employee's compensation insurance policy.
Employment
Ordinance
A
principal contractor is subject to the provisions on subcontractor's employees' wages in the Employment Ordinance. Section
43C of the Employment Ordinance (Chapter 57 of the Laws of Hong Kong) ("Employment Ordinance") provides that if any wages
become due to an employee who is employed by a subcontractor on any work which the subcontractor has contracted to perform, and such
wages are not paid within the period specified in the Employment Ordinance, such wages shall be payable by the principal contractor and
superior subcontractor (where applicable) jointly and severally. A principal contractor's and superior subcontractor's (where
applicable) liability shall be limited to (i) the wages of an employee whose employment relates wholly to the work which the principal
contractor has contracted to perform and whose place of employment is wholly on the site of the building work; and (ii) the wages due
to such an employee for two months (such months shall be the first two months of the period in respect of which the wages are due).
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An
employee who has outstanding wage payments from subcontractor must serve a notice in writing on the principal contractor within 60 days
after the wage due date. A principal contractor and superior subcontractor (where applicable) shall not be liable to pay any wages to
the employee of the subcontractor if that employee fails to serve a notice on the principal contractor.
Upon
receipt of such notice from the relevant employee, a principal contractor shall, within 14 days after receipt of the notice, serve a
copy of the notice on every superior subcontractor to that subcontractor (where applicable) of whom he is aware. A principal contractor
who without reasonable excuse fails to serve notice on the superior subcontractors shall be guilty of an offence and shall be liable
on conviction to a fine at level 5 (currently at HK$50,000).
Pursuant
to section 43F of the Employment Ordinance, if a principal contractor or superior subcontractor pays to an employee any wages under section
43C of Employment Ordinance, the wages so paid shall be a debt due by the employer of that employee to the principal contractor or superior
subcontractor, as the case may be. The principal contractor or superior subcontractor may either (i) claim contribution from every superior
subcontractor to the employee's employer or from the principal contractor and every other such superior subcontractor as the case
may be, or (ii) deduct by way of set-off the amount paid by him from any sum due or may become due to the subcontractor in respect of
the work that he has subcontracted.
We
would require our subcontractors to provide workers salary invoices for our assessment. Upon certification of salary to workers, we will
make payment to our subcontractors.
Immigration
Ordinance
Pursuant
to section 38A of the Immigration Ordinance (Chapter 115 of the Laws of Hong Kong), a construction site controller (i.e. the principal
or main contractor and includes a subcontractor, owner, occupier or other person who has control over or is in charge of a construction
site) should take all practicable steps to (i) prevent having illegal immigrants from being on site or (ii) prevent illegal workers who
are not lawfully employable from taking employment on site. Where it is proved that (i) an illegal immigrant was on a construction site
or (ii) such illegal worker who is not lawfully employable took employment on a construction site, the construction site controller commits
an offence and is liable to a fine of HK$350,000.
We
would perform identity check, inspect the worker's valid travel document and make inquiries as necessary, prior to employment with
the worker. We do not (i) have illegal immigrants from being on site or (ii) have illegal workers who are not lawfully employable from
taking employment on site.
Minimum
Wage Ordinance
The
Minimum Wage Ordinance (Chapter 608 of the Laws of Hong Kong) provides for a prescribed minimum hourly wage rate (currently set at HK$40
per hour) during the wage period for every employee engaged under a contract of employment under the Employment Ordinance. Any provision
of the employment contract which purports to extinguish or reduce the right, benefit or protection conferred on the employee by this
ordinance is void.
Our
directors confirm that we have complied with the Minimum Wage Ordinance.
Construction
Workers Registration Ordinance (Chapter 583 of the Laws of Hong Kong) ("CWRO")
The
CWRO was enacted on 2 July 2004 to provide, among others, for registration and regulation of construction workers. The principal objective
of the CWRO is to establish a system for registration of construction workers and to regulate construction workers who personally carry
out construction work on construction sites.
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Employment
of registered construction workers
Under
sections 3(1) and 5 of the CWRO, the principal contractors/subcontractors/ employers/controllers of construction sites are required to
employ only registered construction workers to personally carry out construction work on construction sites.
Keeping
and submission of site daily attendance report
Under
section 58 of the CWRO, a principal contractor/controller of a construction site is required to:
1.
establish
    and maintain a daily record in the specified form that contains information on registered construction workers employed by him and,
    in the case of a controller being the principal contractor, by a subcontractor of the controller (section 58(7)(a) of the CWRO);
    and
2.
furnish
    the Registrar of Construction Workers in such manner as directed by the Registrar of Construction Workers with a copy of the record:
i.
for
    the period of 7 days after any construction work begins on the site; and
ii.
for
    each successive period of 7 days, within 2 business days following the last day of the period concerned (section 58(7)(b) of the
    CWRO).
In
compliance with the CWRO, we would check whether the worker is registered under the CWRO prior to employment with the worker.
ENVIRONMENTAL
PROTECTION
Environmental
protection laws in HK SAR are also applicable to us as our construction works may emit various types of pollution including air pollution,
noise, waste water and chemical waste.
Air
Pollution Control Ordinance (Chapter 311 of the Laws of Hong Kong) ("APCO")
The
APCO is the principal legislation in Hong Kong for controlling emission of air pollutants and noxious odors from construction, industrial
and commercial activities and other polluting sources. Subsidiary regulations of the APCO impose control on air pollutant emissions from
certain operations through the issue of licenses and permits.
A
contractor shall observe and comply with the APCO and its subsidiary regulations, including without limitation to the Air Pollution Control
(Open Burning) Regulations (Chapter 311O of the Laws of Hong Kong), the Air Pollution Control (Construction Dust) Regulation (Chapter
311R of the Laws of Hong Kong) and the Air Pollution Control (Smoke) Regulations (Chapter 311C of the Laws of Hong Kong). The contractor
responsible for a construction site shall devise, arrange methods of working and carrying out the works in such a manner so as to minimize
dust impacts on the surrounding environment, and shall provide experienced personnel with suitable training to ensure that these methods
are implemented. Asbestos control provisions in the APCO require that building works involving asbestos must be conducted only by registered
qualified personnel and under the supervision of a registered consultant.
Under
the APCO, we are required to obtain approval from the Environmental Protection Department prior to the commencement of building works.
When the building works have been completed, WANG & LEE CONTRACTING LIMITED shall inform the Environmental Protection Department
as soon as possible.
Noise
Control Ordinance (Chapter 400 of the Laws of Hong Kong) ("NCO")
The
NCO controls, among others, the noise from construction, industrial and commercial activities. A contractor shall comply with the NCO
and its subsidiary regulations in carrying out general construction works. For construction activities that are to be carried out during
the restricted hours and for percussive piling between 7 a.m. and 7 p.m. on any day, not being a general holiday, construction noise
permits are required from the Noise Control Authority in advance.
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Under
the NCO, noisy construction work and the use of powered mechanical equipment in any place are not allowed between 7 p.m. and 7 a.m. or
at any time on general holidays, unless prior approval has been granted by the Noise Control Authority through the construction noise
permit system. Certain equipment is also subject to restrictions when its use is allowed. Hand-held percussive breakers and air compressors
must comply with noise emissions standards and be issued with a noise emission label from the Noise Control Authority. Percussive pile-driving
is allowed on weekdays only with prior approval, in the form of a construction noise permit from the Noise Control Authority. Any person
who is in contravention of the aforesaid provisions, according to the NCO, shall be liable (a) on first conviction to a fine of HK$100,000;
(b) on second or subsequent conviction, to a fine of HK$200,000, and in any case to a fine of HK$20,000 for each day during which the
offence continues.
Under
the NCO, we are required to obtain approval from the Environmental Protection Department prior to the commencement of noise construction
work. In compliance with the NCO, we would obtain all necessary approvals and install construction noise barrier at construction sites
before commencement of work. Further, we will not carry out building works between 7 p.m. and 7 a.m. or at any time on general holidays,
unless prior approval has been obtained from the Noise Control Authority.
Waste
Disposal Ordinance (Chapter 354 of the Laws of Hong Kong) ("WDO")
The
WDO controls the production, storage, collection, treatment, reprocessing, recycling and disposal of wastes. At present, livestock waste
and chemical waste are subject to specific controls whilst unlawful deposition of waste is prohibited. Import and export of waste is
generally controlled through a permit system.
A
contractor shall observe and comply with the WDO and its subsidiary regulations, particularly the Waste Disposal (Charges for Disposal
of Construction Waste) Regulations (Chapter 354N of the Laws of Hong Kong) and the Waste Disposal (Chemical Waste) (General) Regulations
(Chapter 354C of the Laws of Hong Kong).
Under
the Waste Disposal (Charges for Disposal of Construction Waste) Regulation, construction waste can only be disposed at prescribed facilities.
A main contractor who undertakes construction work with a value of HK$1 million or above will be required to, within 21 days after being
awarded the contract, make an application to the Director of Environmental Protection to establish a billing account to pay any disposal
charges payable in respect of the construction waste generated from construction work undertaken under that contract.
Under
the WDO, a person shall not use, or permit to be used, any land or premises for the disposal of waste unless he has a license from the
Director of Environmental Protection Department. A person who except under and in accordance with a permit or authorization, does, causes
or allows another person to do anything for which such a permit or authorization is required commits an offence and is liable to a fine
of HK$200,000 and to imprisonment for six months for the first offence, HK$500,000 and to imprisonment for six months for a second or
subsequent offence; and HK$10,000 for each day during which the offence continues.
To
ensure compliance with the WDO, we would engage qualified waste recyclers to undertake disposal of construction waste.
LAWS
AND REGULATIONS IN RELATION TO LEVY
As
a construction contractor, we may be subject to various levies under the HK SAR laws.
Construction
Industry Council Ordinance (Chapter 587 of the Laws of Hong Kong) ("CICO")
According
to section 32 of the CICO, construction industry levy ("CIL") is payable by registered contractors appointed under section
9 of the Buildings Ordinance (Chapter 123 of the Laws of Hong Kong) or any persons who carry out construction operations in Hong Kong
to the CIC. "Construction operation" is exhaustively defined under Schedule 1 of the CICO, which includes building works
and street works as defined in section 2(1) of the Buildings Ordinance, construction, alteration, repair, maintenance, extension, demolition
or dismantling, external or internal cleaning and painting or decorating any external or internal surfaces or parts of any buildings,
or other temporary or permanent structures forming part of land.
On
and after 20 August 2012, the CIL chargeable is 0.5% of the total value of the construction operations (as defined under section 53 of
the CICO) concerned (0.4% before 20 August 2012). Pursuant to section 32 and Schedule 5 of the CICO, no CIL is chargeable for any construction
operations not exceeding HK$1,000,000.
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According
to section 34 of the CICO, the contractor and authorized person each are required to inform the CIC in a specified form (Form 1) in respect
of the construction operations within 14 days after its commencement. It is an offence if a person without reasonable excuse failed to
give such notice and liable to a fine at level 1, which is fixed at HK$2,000. Notice is only required for term contract or if the reasonable
estimation of the total value of construction operations exceeds HK$1,000,000.
Pursuant
to section 35 of the CICO, a contractor is required to give a Notice of Payment ("NOP") in a specified form (Form 2) to the
CIC within 14 days after the contractor receives a payment in respect of the construction operation. It is an offence if a person without
reasonable excuse fails to give the NOP and liable to a fine at level 3, which is fixed at HK$10,000.
Pursuant
to section 36 of the CICO, a contractor is required to give a Notice of Completion ("NOC") in a specified form (Form 3) to
the CIC within 14 days after the completion of the construction operation. It is an offence if a person without reasonable excuse fails
to give the NOC and liable to a fine at level 3, which is fixed at HK$10,000.
The
CIC shall assess the CIL payable upon receiving the NOP or NOC and give a Notice of Assessment ("NOA") in writing specifying
the amount of CIL. The CIC can also make the assessment notwithstanding no NOP or NOC has been given. According to section 41 of the
CICO, if a contractor fails to give the NOP or NOC, a surcharge not exceeding twice the amount of the CIL payable may be imposed and
a Notice of Surcharge ("NOS") in writing shall be given by the CIC.
According
to section 46 of the CICO, if the contractor fails to pay in full the amount of levy or surcharge within 28 days after the NOA or NOS
is given, a 5% penalty of the unpaid amount shall be imposed. If the contractor still fails the pay the unpaid amount within 3 months
after the expiry of 28 days, a further 5% penalty of the unpaid amount shall be imposed.
According
to section 47 of the CICO, CIL, surcharge, penalty or further penalty is recoverable by the CIC as civil debt under the jurisdiction
of the District Court. The time limits for the CIC to make the assessment or imposing the surcharge under sections 42 to 45 of the CICO
are, whichever is the last of the following periods: (a) two years after the completion of all construction operations under the contract,
or without term contract two years after the completion of the construction operations; (b) two years after the expiry of the period
within which the contract stipulates that all such construction operations have to be completed; and (c) one year after evidence, sufficient
in the opinion of the CIC to justify the making of the assessment, comes to its knowledge.
Pneumoconiosis
and Mesothelioma (Compensation) Ordinance (Chapter 360 of the Laws of Hong Kong) and Pneumoconiosis and Mesothelioma (Compensation) (Assessment
of Levy) Regulations (Chapter 360A of the Laws of Hong Kong)
According
to section 35 of the PMCO, pneumoconiosis compensation fund levy ("PCFL") is imposed in respect of construction operations
carried out in Hong Kong. PCFL is rated at 0.15% of the value of the construction operations (0.25% before 20 August 2012) and not chargeable
if the total value (as defined under section 39D of PMCO) do not exceed HK$1,000,000. Pursuant to section 39A of the PMCO, PMCO does
not apply to construction operations for domestic unit, or for the sole and principal purpose of renovation.
Pursuant
to section 35(5) of the PMCO, the contractor is liable to make a payment of PCFL only if the Pneumoconiosis Compensation Fund Board ("PCFB")
serves a NOA. According to section 38 of the PMCO, PCFL, surcharge, penalty or further penalty is recoverable by the PCFB as debt under
the jurisdiction of the District Court. According to section 39 of the PMCO, fraudulent evasion of the payment of PCFL is liable for
a fine of HK$10,000 or 20 times the amount of PCFL, whichever is greater.
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Contractors
are required to:
(a)
inform
    the PCFB the commencement of construction operations within 14 days thereafter by a notice of commencement (Form 1). Failure to comply
    without reasonable excuse is liable for a fine at Level 2, which is fixed at HK$5,000;
(b)
inform
    the PCFB within 14 days after the contractor receives a payment in respect of the construction operation by a NOP (Form 2). Failure
    to comply without reasonable excuse is liable for a fine at Level 2, which is fixed at HK$5,000; and
(c)
inform
    the PCFB the completion of the construction operations within 14 days by a NOC (Form 3). Failure to comply without reasonable excuse
    is liable for a fine at Level 2, which is fixed at HK$5,000.
Our
directors confirm that we have paid all necessary levies under the CICO, the PMCO and the PMCALR. We have also given all necessary notices
required under the CICO, the PMCO and the PMCALR, including (i) the specified form under section 53 of the CICO; (ii) the notice of commencement
under section 35 of the PMCO; (iii) the NOP; (iii) the NOC; (iv) the NOA; and (v) the NOS.
According
to regulation 6 of the PMCALR, the PCFB shall assess the PCFL payable upon receiving the NOP or NOC and give a NOA in writing specifying
the amount of PCFL. The PCFB can make the assessment notwithstanding no NOP or NOC has been given. If a contractor fails to give the
NOP or NOC, a surcharge not exceeding twice the amount of the PCFL payable may be imposed and a NOS in writing shall be given by the
PCFB.
According
to section 37 of the PMCO, if the contractor fails to pay in full the amount of levy or surcharge within 28 days after the NOA or NOS
is given, a 5% penalty of the unpaid amount shall be imposed. If the contractor still fails the pay the unpaid amount within 3 months
after the expiry of 28 days, a further 5% penalty of the unpaid amount or HK$1,000 whichever is greater shall be imposed.
The
time limits for the PCFB to make the assessment or imposing the surcharge under regulations 6E to 6H of the PMCALR are, whichever is
the last of the following periods:
(a)
two
    years after the completion of all construction operations under the contract, or without term contract two years after the completion
    of the construction operations;
(b)
two
    years after the expiry of the period within which the contract stipulates that all such construction operations have to be completed;
    and
(c)
one
    year after evidence, sufficient in the opinion of the PCFB to justify the making of the assessment, comes to its knowledge.
OTHERS
Security
of Payment Legislation for the Construction Industry ("SOPL")
The
HK SAR government has recently completed a public consultation on a new legislation for the construction industry to address unfair payment
terms, payment delays and disputes and intended to proceed with such new legislation. The proposed SOPL is intended to encourage fair
payment, rapid dispute resolution and increase cash flow in the contractual chain.
When
it comes into force, it is proposed that SOPL will apply to all written and oral contracts where construction works or plant and materials
are being supplied for works in HK SAR. All public sector construction contracts will be caught by the legislation, whereas only construction
and supply contracts relating to a "new building" (as defined by the Buildings Ordinance (Chapter 123 of the Laws of Hong
Kong)) which has an original value in excess of HK$5 million will be caught in private sector. However, where the proposed SOPL applies
to the main contract, it will automatically apply to all subcontracts in the contractual chain.
It
is proposed that the new legislation will:
●
prohibit
    "pay when paid" and similar clauses in contracts. "Pay when paid" refers to provisions in contracts that
    (i) make payment contingent or conditional on the operation of other contract or agreement and (ii) make payment conditional on the
    payer receiving payment from a third party. Payers will not be able to rely on such clauses in dispute resolution forums;
●
prohibit
    payment periods of more than 60 calendar days for interim payments or 120 calendar days for final payments;
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●
enable
    amounts due for construction work or materials or plant supplies to be claimed as statutory payment claims, upon receipt of which
    the payer has 30 calendar days to serve a payment response, and either party has a statutory right to refer the matter to adjudication
    for decision (typically a 60 day process); and
●
give
    parties who have not been paid amounts admitted as due the right to suspend works until payment is made.
The
implementation date of the proposed SOPL has not been announced, and therefore does not affect WANG AND LEE CONTRACTING LIMITED.
C.
Organizational Structure
The corporate structure chart below sets out our group of companies:
*WANG
& LEE GROUP, Inc. is the holding company and registrant.
**
WANG & LEE CONTRACTING Limited is our operating company.
D.
Property, Plant and Equipment
We lease the following property and use it as our office:
Leases
Facility
Address
Space
    (m
2
)
Office
5-6/F.,
    Wing Tai Factory Building, 3 Tai Yip Street, Kwun Tong, Kowloon, Hong Kong
600
From
January 1 through September 20, 2019, WANG & LEE CONTRACTING LIMITED rented premises located at Flat A, 13/F, Cheung Lee Industrial
Building, 9 Cheung Lee Street, Chai Wan, Hong Kong and Unit 9, 3/F., Decca Industrial Centre, 12 Kut Shing Street, Chai Wan for office
and warehousing purposes respectively. It paid a total of HK$200,000 (US$25,512) for the office and HK$81,400 (US$10,383) for the warehouse
to Supreme View Investment Limited ("SV"), a related company owned by a former director, Sau Lee Shirley Kam of WANG &
LEE CONTRACTING LIMITED. On June 23, 2021, Ms. Kam resigned as director of WANG & LEE CONTRACTING LIMITED.
We
moved to our current address on September 16, 2019 and expended the office
to the 6/F of the same building during year ended December 31, 2022. We paid a total of HK$585,000 (US$74,715), HK$270,000 (US$34,739)
and HK$270,000 (US$34,441) in rent for the years ended December 31, 2022, 2021 and 2020, respectively to Winta Services Limited ("Winta"),
a related company controlled by the director of the Company, Pui Lung Ho ("Mr. Ho").
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Table of Contents
The
office is not owned by Winta, but a third party landlord, and sub-let to WANG & LEE CONTRACTING LIMITED. On May 24, 2021 Mr. Ho resigned
as director of Winta.
ITEM
                                            4.A.
UNRESOLVED
                                            STAFF COMMENTS
Not
Applicable.
ITEM
                                            5.
OPERATING
                                            AND FINANCIAL REVIEW AND PROSPECTS
The
following discussion and analysis of our financial condition and results of operations should be read in conjunction with our combined
and consolidated financial statements and the related notes included elsewhere in this annual report. This report contains forward-looking
statements that involve risks and uncertainties. Our actual results and the timing of selected events could differ materially from those
anticipated in these forward-looking statements as a result of various factors, including those set forth under "Item 3. Key Information—D.
Risk Factors" and elsewhere in this annual report. See "Cautionary Statement Regarding Forward-Looking Information."
A.
Operating
    Results
Overview
We
are a British Virgin Islands company incorporated on May 20, 2021, as a holding company of our business, which is primarily operated
through our indirectly wholly-owned HK SAR subsidiary, WANG & LEE CONTRACTING LIMITED.
We
are, through our indirectly wholly-owned HK SAR subsidiary, WANG & LEE CONTRACTING LIMITED, a construction contractor engaging in
Electrical & Mechanical System ("E&M"), includes low voltage (220v/phase 1 or 380v/phase 3) electrical system, mechanical
ventilation and air-conditioning system, fire service system, water supply and sewage disposal system installation and fitting out for
the public and private sectors. WANG & LEE CONTRACTING LIMITED has mainly undertaken projects that are related to the supply, installation
and maintenance of the following systems:
●
Low
    voltage (220v/phase 1 or 380v/phase 3) electrical systems, which refer to the power supply to all building equipment and services,
    such as lighting, air-conditioning and elevator etc.;
●
mechanical
    ventilation and air-conditioning systems ("MVAC");
●
fitting
    out for commercial buildings and offices; and
●
other
    E&M systems such as fire services, which includes fire prevention, detection, suppression and extinguishing systems and plumbing
    and drainage systems.
WANG
& LEE CONTRACTING LIMITED is also able to provide design and contracting services to all trades in the construction industry. Our
clients range from small startups to large companies.
All
of WANG & LEE CONTRACTING LIMITED's projects for fiscal years 2022, 2021 and 2020 were predominantly in the private sector.
WANG & LEE CONTRACTING LIMITED provides a wide range of large site construction services to private construction customers, including
commercial and residential developers and local businesses. Its recent projects include two well-known theme parks in HK SAR –
Ocean Park and Hong Kong Disneyland, where it carried out various low voltage electrical work for the theme parks, such as installation
of emergency power supply system, lighting, etc. WANG & LEE CONTRACTING LIMITED competes for private construction projects primarily
on the basis of the breadth of our service capabilities and our reputation for quality. We believe WANG & LEE CONTRACTING LIMITED
is well-positioned to capitalize on the strong momentum in commercial and residential private construction sectors driven by population
and economic expansion in HK SAR.
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Table of Contents
WANG
& LEE CONTRACTING LIMITED's primary market is in the E&M market in HKSAR ("market" or "local market")
which, in turn is broken down into low voltage electrical system, MVAC, fire services, plumbing and fitting out works. Supported by its
local market presence and knowledge, as well as scale advantages attributable to its vertical integration, geographic reach and strong
financial profile, we believe we are a significant player in each of E&M markets in HK SAR that we serve. For all but the very largest
projects, WANG & LEE CONTRACTING LIMITED competes primarily against HK SAR firms that have similar qualifications and experience.
By virtue of this locally driven competitive dynamic, competition in our industry is characterized by relative market share, which we
define as the percentage of jobs we win in a local market compared to the jobs we bid in a local market. We average a bid/win rate of
26-40% compared to the highest average bid/win rate of one of our competitors of 48% (Source: https://www.emsd.gov.hk/minisites/voice/en/special_issue2015/p2.html)
GOING
CONCERN
As
of December 31, 2020, we had an accumulated deficit of US$1,270,198, and working capital deficit of US$894,295. These circumstances gave
rise to substantial doubt that we would continue as a going concern subsequent to December 31, 2020.
As
of December 31, 2021, we had an accumulated deficit of US$1,624,941, and working capital deficit of US$518,589 and its net cash used
in operating activities for the year ended December 31, 2021 was US$482,801; accordingly, as of the date of this report, there still
exist substantial doubt that we will continue as going concern. Management plans to focus its resources on smaller scale engineering
projects that generate sustainable positive profit margins. Although the cash turnover and revenue generated from smaller scale engineering
projects may not be as large as large-scale engineering projects, the turnover for smaller scale projects averages 27 days compared to
43 days for and large-scale engineering projects. The higher cash liquidity generated from smaller scale engineering projects helps us
manage our day-to-day operation needs and makes up any deficiency from cash being tied up with larger scale projects. This strategy has
helped improved our working capital since 2019.
As
of December 31, 2022, we had an accumulated deficit of US$2,221,822, and
working capital deficit of US$1,281,671 and its net cash used in operating activities for the year ended December 31, 2022 was US$352,764;
accordingly, as of the date of this report, there still exist substantial doubt that we will continue as going concern. Management plans
to focus its resources on smaller scale engineering projects that generate sustainable positive profit margins. Although the cash turnover
and revenue generated from smaller scale engineering projects may not be as large as large-scale engineering projects, the turnover for
smaller scale projects averages 12 days compared to 65 days for and large-scale engineering projects. The higher cash liquidity generated
from smaller scale engineering projects helps us manage our day-to-day operation needs and makes up any deficiency from cash being tied
up with larger scale projects. This strategy has helped improved our working capital since 2019.
Additionally,
the Company plans to raise capital via private placement or public offering in the event that the Company does not have adequate liquidity
to meet its current obligations.
The
accompanying audited consolidated financial statements have been prepared assuming we will continue as a going concern, which contemplates
the realization of assets and the satisfaction of liabilities in the normal course of business. These audited consolidated financial
statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that
might be necessary should the Company be unable to continue as a going concern.
How
We Assess Performance of Our Business
Revenues
We
derive our revenues predominantly by providing construction and contracting services for both public and private projects, with an emphasis
on electrical, air-conditioning installation and ventilation, plumbing and fire service projects. Our projects represent a mix of government
and private customers. Revenues derived from projects are recognized on the percentage-of-completion basis, measured by the relationship
of total cost incurred to total estimated contract costs.
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Table of Contents
Gross
Profit
Gross
profit represents revenues less contracts costs. Contract costs consist of all direct and indirect costs on construction contracts, including
materials, labor, equipment costs, subcontract costs and other expenses. Our contract costs are directly affected by fluctuations in
prices of materials especially if we were to undertake procurement responsibilities as well. We have sought to limit our exposure to
fluctuations in material prices by entering into preferred pricing contracts with some of our suppliers.
Depreciation
and Amortization
We
carry plant and equipment on our balance sheet at cost, net of accumulated depreciation and amortization. Depreciation on plant and equipment
are computed on a straight-line basis over the estimated useful life of the asset. Amortization expense is the periodic expense related
to leasehold improvements. Leasehold improvements are amortized over the lesser of the life of the underlying asset or the remaining
lease term.
General
and Administrative Expenses
General
and administrative expenses consist primarily of salaries and personnel costs for our administration, accounting, legal, information
systems, human resources and certain managerial employees. Additional expenses include audit, consulting and professional fees, travel,
insurance, office space rental costs and other corporate and overhead expenses.
Interest
Expense, net
Interest
expense, net primarily represents interest incurred on the bank loans, line of credit and partly for loan from a related party, Sau Lee
Shirley Kam, who is a family member of a director of the Company.
Critical
Accounting Policies and Estimates
The
preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S.
GAAP"), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure
of contingent assets and liabilities at the date of the audited consolidated financial statements and the reported amounts of revenues
and expenses during the reporting periods. Management makes these estimates using the best information available when the calculations
are made; however, actual results could differ materially from those estimates.
The
estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period
in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the
revision affects both current and future periods.
The
following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting
period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year.
Estimated
outcome E&M services engineering contracts and contract assets
We
recognize revenue using the percentage-of-completion method, based primarily on contract costs incurred to date compared to total estimated
contract costs. The percentage-of-completion method (an input method) is the most representative depiction of our performance because
it directly measures the value of the services or products transferred to the customer. Subcontractor materials, labor and equipment
included in revenue and cost of revenue when management believes that we are acting as a principal rather than as an agent (e.g., we
integrate the materials and labor into the deliverables promised to the customer or is otherwise primarily responsible for fulfillment
and acceptability of the materials and labor). In the contracts, other than the Original Contract Sum, there is a Variation Order Sum
(provisional amounts) included in the same contract in which we are allowed to performance extra work or billed extra materials in order
to fulfil the contracts. We generally accounted for the performance obligation of this Variation Order together with the performance
obligation of the original contract as a single deliverable (a single performance obligation). Pre-contract costs are expensed as incurred
unless they are expected to be recovered from the client. Project mobilization costs are generally charged to project costs as incurred
when they are an integrated part of the performance obligation being transferred to the customer.
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Table of Contents
The
management's estimate of revenue and the completion status of contract works requires significant judgement and has a significant
impact on the amount and timing of revenue recognized. The E&M services engineering works performed by us would also be certified
by the customers or external surveyors periodically according to the construction contracts. We regularly review and revise the estimation
of contract revenue prepared for each contract as the contract progresses based on the internal contract progress reports.
Impairment
assessment of trade receivables and contract assets
The
management estimates the amount of lifetime ECL of trade receivables and contract assets based on provision matrix through grouping of
various debtors that have similar credit risk characteristics based on nature and industry of debtors. Internal credit rating has been
given to each category of debtors after considering aging, historical observed default rates, repayment history and past due status of
respective trade receivables. Estimated loss rates are based on probability of default and loss given default with reference to an external
credit report and are adjusted for forward-looking information that is reasonable and supportable available without undue cost or effort.
In addition, trade receivables and contract assets that are credit-impaired are assessed for ECL individually. The credit loss allowance
amount of the credit-impaired trade receivables and contract assets is measured as the difference between the asset's carrying
amount and the present value of estimated future cash flows with the consideration of expected future credit losses. At every reporting
date, the historical observed default rates are reassessed and changes in the forward-looking information are considered.
Exchange
rates
This
report contains translations of certain HK$ amounts into U.S. dollar amounts at specified rates solely for the convenience of the reader.
The relevant exchange rates are listed below:
For the years ended December 31,
Other Period
2022
2021
2020
Period Ended HK$: US$ exchange rate
7.7990
7.7971
7.7525
7.75
Period Average HK$: US$ exchange rate
7.8298
7.7723
7.7558
7.75
Results
of Operations
Other
Key Performance Indicators
Adjusted
EBITDA and Adjusted EBITDA Margin
Adjusted
EBITDA represents net income before interest expense, net, provision (benefit) for income taxes, and depreciation and amortization. Adjusted
EBITDA Margin represents Adjusted EBITDA as a percentage of revenues for each period. These metrics are supplemental measures of our
operating performance that are neither required by, nor presented in accordance with, GAAP. These measures should not be considered as
an alternative to net income, or any other performance measure derived in accordance with GAAP as an indicator of our operating performance.
We present Adjusted EBITDA and Adjusted EBITDA Margin as management uses these measures as key performance indicators, and we believe
they are measures frequently used by securities analysts, investors and other parties to evaluate companies in our industry. These measures
have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of our results as reported
under GAAP.
Our
calculation of Adjusted EBITDA and Adjusted EBITDA Margin may not be comparable to similarly named measures reported by other companies.
Potential differences between our measure of Adjusted EBITDA compared to other similar companies' measures of Adjusted EBITDA may
include differences in capital structures, tax positions and the age and book depreciation of intangible and tangible assets.
The
following table presents a reconciliation of net income, the most directly comparable measure calculated in accordance with GAAP, to
Adjusted EBITDA, and the calculation of Adjusted EBITDA Margin for each of the periods presented.
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Table of Contents
Reconciliation
To GAAP Information
For the years ended December 31,
2022
2021
Consolidated Net (Loss) Income (GAAP)
US$
(596,881
)
US$
(354,743
)
Interest expenses
35,377
13,312
Income taxes
-
-
Depreciation
2,603
3,629
Adjusted EBIDA (Non-GAAP)
US$
(558,901
)
US$
(337,802
)
Adjusted EBITDA Margin
(13.40
)%
(8.17
)%
Results
of Operations
For
the years ended December 31, 2022, and 2021
The
following table sets forth a summary of our consolidated results of operations for the years ended December, 2022, and 2021. The historical
results presented below are not necessarily indicative of the results that may be expected for any future period.
For the years ended December 31,
2022
2021
Contract revenue
US$
4,169,931
US$
4,135,059
Contract costs
(3,384,227
)
(3,275,299
)
GROSS PROFIT
785,704
859,760
Less: General and administrative expenses
(1,427,156
)
(1,220,619
)
OPERATING LOSS
US$
(641,452
)
US$
(360,859
)
Contract
Revenue
The
following table lists the calculation methods of gross profit and gross profit margin of each type of revenue:
For the years ended December 31,
Changes
2022
2021
Amount
%
Low Voltage Electrical System
Contract revenue
US$
1,028,162
US$
2,628,625
US$
(1,600,463
)
(61
)
Contract costs
(898,100
)
(2,235,698
)
1,337,598
(60
)
Gross profit
130,062
392,927
(262,865
)
(67
)
Gross profit margin
13
%
15
%
16
%
7
MVAC System
Contract revenue
US$
502,556
US$
299,985
US$
202,571
68
Contract costs
(462,400
)
(262,322
)
(200,078
)
76
Gross profit
40,156
37,663
2,493
7
Gross profit margin
8
%
13
%
1
%
(92
)
Fitting Out
Contract revenue
US$
1,998,726
US$
1,103,692
US$
895,034
81
Contract costs
(1,562,551
)
(701,688
)
(860,863
)
123
Gross profit
436,175
402,004
34,171
9
Gross profit margin
22
%
36
%
4
%
(89
)
Other E&M system
Contract revenue
US$
640,487
US$
102,757
US$
537,730
523
Contract costs
(461,176
)
(75,591
)
(385,585
)
510
Gross profit
179,311
27,166
152,145
560
Gross profit margin
28
%
26
%
28
%
8
Total
Contract revenue
US$
4,169,931
US$
4,135,059
US$
34,872
1
Contract costs
(3,384,227
)
(3,275,299
)
(108,928
)
3
Gross profit
785,704
859,760
(74,056
)
(9
)
Gross profit margin
19
%
21
%
(212
)%
(1110
)
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Table of Contents
Our
contract revenues were US$4,169,931 for the year ended December 31, 2022
as compared to US$4,135,059 in for the year ended December 31, 2021, an increase of US$34,872, or 1%. The increase in revenue was mostly
due to the resumption to normal business operations. Also we have learnt from the COVID1-19 pandemic experience not to be over-reliant
on large project revenues. Instead, we have consciously focused more on smaller projects in 2022 to minimize our operation risks. The
total number of small projects that are under HK$1 million (US$127,717) in 2022 was 49 amounting to US$464,514, compared to 45 small projects
amounting to US$324,102 in 2021, an increase of US$140,412, or 43%.
During the
year ended 2022, the projects carryovers from previous years ended 2020 and 2021 were in the final stages, which increase the capacity
of the Company to engage in new projects. Thus, the Company were in the position that the large projects were in the final and also the
beginning of construction works statuses. The duration of the bridging period required time for final inspection and preparation before
the commencement of construction with slow construction progress. The revenue earned from the large projects in the year ended 2022 was
US$3,705,423 compared to the year ended 2021 amounted to US$3,810,957, a decrease of $105,534 or 2.7%. The result showed that even with
the overall increase in total revenue, the revenue earned from large projects decreased because of the bridging period.
From the analysation findings from the segment, the construction works
such as the installation of low voltage electrical system ('ELV") usually take place after the preparation
but before finalising works, compared to the year ended 2021 having a significant difference. The ELV segment for the year ended
2022 and 2021 are 17% and 46% of the total gross profit respectively.
Contract
Costs
Contract
costs, primarily consists of subcontract costs, materials costs, labor,
equipment costs, and other direct costs incurred to perform customer contracts. We incurred contract costs of US$3,384,227 for the year
ended December 31, 2022, as compared to US$3,275,299 for the year ended December 31, 2021, a increase of US$108,928, or 3%. The increase,
despite increased revenues was mostly due to the increase of project engagement.
Gross
Profit
Gross
profit was US$785,704 for the year ended December 31, 2022, as compared to US$859,760 for the year ended December 31, 2021, a decrease
of US$74,056, or 9%. The overall decrease in gross margin from 21% for the year ended December 31, 2021 to 19% for the year ended December
31,2022 was due to the following: (1) The preparation and finalisation of work usually involve larger amounts of cost but comparatively
lower recognition of revenue due to slower progress. (2) During the first half year of 2022, a high amount of people got infected, which
led to a shortage of labor in both office support and at the construction sites, which also slows the whole construction progress.
There have been significant changes year-over-year in certain segments
of our business, especially in segments involving less manpower but higher materials cost such as installations of MVAC systems and plumbing
systems (a subset of "Other E&M system"). Due to the delay in the delivery of materials cost, material costs were recognised
in 2020 and only installation costs were recognised in 2021, which result in the cost being relatively lower in three financial years.
During the finalise stages, the process of defects rectification works usually occurred in the ELV and fitting out segments and involved
high manpower and longer duration. Accordingly, our contracts cost for ELV and Fitting out were higher in the year ended 2022.
General
and Administrative Expenses
We
incurred general and administrative expenses of US$1,427,156 for the year ended December 31, 2022, as compared to US$1,220,619 for the
year ended December, 2021, an increase of US$206,537, or 17%. The increase was mainly a result of costs from our listing activities including
professional fees and staff overtime costs.
Operating
Income (Loss)
We
incurred an operating loss of US$641,452 for the year ended December 31, 2022, as compared to an operating loss of US$360,859 for the
year ended December 31, 2021, an increase of US$280,593 or 78%. The increase in operating loss was mainly caused by the increase in
listing costs.
For
the years ended December 31, 2022 and 2021
As
of December 31, 2022, we had US$609,616 in cash. Our working capital and other capital needs mainly come from bank borrowings and operating
cash flow. Cash is needed to pay for construction costs, wages, rent and other operating expenses.
Although
the management believes that cash generated by operations will be sufficient to meet our normal working capital requirements, its ability
to service its current debt will depend on its entering into new contracts and collection of contract revenue for at least the next 12
months. Management took into account of historical experience, the economy, trends in the construction industry, and the collectability
of account receivable as of December 31, 2022. Based on these considerations, the management believes that we have sufficient funds to
meet its working capital requirements and debt obligations, as they fall due at least 12 months from the date of financial reporting.
However, there is no guarantee that management's plan will succeed. There are number of factors that can arise and cause our plans
to fall short, such as demand for E&M engineering services, economic conditions, competitive pricing in the industry, and the continued
support of banks and suppliers. If future cash flow from operations and other capital resources are insufficient to meet its liquidity
needs, we may be forced to reduce or delay its anticipated expansion plans, acquisition of additional debt or equity capital, or refinance
all or part of its debt.
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Table of Contents
The
following table summarizes our cash flow data as of:
For
    the years ended December 31,
2022
2021
Net cash provided by (used
    in)
Operating activities
US$
(352,764
)
US$
(482,801
)
Investing activities
-
-
Financing activities
422,531
1,018,183
Net increase in cash and cash
    equivalents
69,767
535,382
Effect
    of foreign currency translation
2,111
(5,863
)
Net
    increase in cash and cash equivalents
71,878
529,519
Operating
Activities
Net cash provided by operating activities consists primarily of net income
(loss) adjusted for non-cash items, including depreciation, deferred tax expenses, accounts receivable, contractual assets and liabilities,
and is adjusted for the impact of changes in working capital. Net cash used in operations as of December 31, 2022 was US$352,764, representing
an decrease of US$130,037, compared to net cash used in operating activities of US$482,801 for the year ended December 31, 2021. The decrease
of cash used was mainly impacted by the increase of listing cost.
Investing
Activities
There were no investing activities during the years ended 2022 and 2021.
Financing
Activities
Net cash provided by financing
activities was approximately US$422,531 for the year ended December 31, 2022, a decrease of US$595,652, or 59%, as compared to US$1,018,183
net cash provided by financing activities for the year ended December 31, 2021. The increase in cash provided was due to the increase
of low interest bank loan and line of credit to replace the high interest bank borrowings and bank line of credit.
For
    years ended 31 December,
2022
2021
Contract revenue
US$
4,169,931
US$
4,135,059
Contract costs
(3,384,227
)
(3,275,299
)
GROSS
    PROFIT
785,704
859,760
General and administrative
    expenses
(1,427,156
)
(1,220,619
)
Other income (expenses)
44,571
6,116
Provision
    for income taxes
-
-
Net
Loss
(596,881
)
(354,743
)
Foreign
    currency translation adjustment
(130
)
4,053
Total
comprehensive loss
(597,011
)
(350,690
)
●]
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For
the years ended December 31, 2021 and 2020
As
of December 31, 2021, we had US$537,738 in cash. Our working capital and other capital needs mainly come from bank borrowings and operating
cash flow. Cash is needed to pay for construction costs, wages, rent and other operating expenses.
Although
the management believes that cash generated by operations will be sufficient to meet our normal working capital requirements, its ability
to service its current debt will depend on its entering into new contracts and collection of contract revenue for at least the next 12
months. Management took into account of historical experience, the economy, trends in the construction industry, and the collectability
of account receivable as of December 31, 2021. Based on these considerations, the management believes that we have sufficient funds to
meet its working capital requirements and debt obligations, as they fall due at least 12 months from the date of financial reporting.
However, there is no guarantee that management's plan will succeed. There are number of factors that can arise and cause our plans
to fall short, such as demand for E&M engineering services, economic conditions, competitive pricing in the industry, and the continued
support of banks and suppliers. If future cash flow from operations and other capital resources are insufficient to meet its liquidity
needs, we may be forced to reduce or delay its anticipated expansion plans, acquisition of additional debt or equity capital, or refinance
all or part of its debt.
The
following table summarizes our cash flow data as of:
For
    the years ended December 31,
2021
2020
Net cash provided by (used
    in)
Operating
    activities
US$
(482,801
)
US$
(74,380
)
Investing
    activities
-
(2,926
)
Financing
    activities
1,018,183
83,895
Net increase in cash and cash
    equivalents
535,382
6,589
Effect
    of foreign currency translation
(5,863
)
(5,803
)
Net
    increase in cash and cash equivalents
529,519
786
Operating
Activities
Net
cash provided by operating activities consists primarily of net income (loss) adjusted for non-cash items, including depreciation, deferred
tax expenses, accounts receivable, contractual assets and liabilities, and is adjusted for the impact of changes in working capital.
Net cash used in operations as of December 31, 2021 was US$482,801, representing an increase of US$408,421, compared to net cash used
in operating activities of US$74,380 for the year ended December 31, 2020. The increase of cash used was mainly impacted by the increase
of listing cost.
Investing
Activities
Net
cash used in investing activities was approximately US$Nil for the year ended December 31, 2021, a decrease of US$2,926 as compared to
US$2,926 net cash used in investing activities for the year ended December 31, 2020.
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Financing
Activities
Net
cash provided by financing activities was approximately US$1,018,183 for the year ended December 31, 2021, an increase of US$934,288,
or 1,114%, as compared to US$83,895 net cash provided by financing activities for the year ended December 31, 2020. The increase in cash
provided was due to the increase of low interest bank loan and line of credit to replace the high interest bank borrowings and bank line
of credit.
For
    years ended 31 December,
2021
2020
Contract revenue
US$
4,135,059
US$
4,074,258
Contract costs
(3,275,299
)
(3,339,093
)
GROSS
    PROFIT
859,760
735,165
General and administrative
    expenses
(1,220,619
)
(592,539
)
Other income (expenses)
6,116
140,936
Provision
    for income taxes
-
(5,544
)
Net Income (Loss)
(354,743
)
278,018
Foreign
    currency translation adjustment
4,053
(4,533
)
Total
    comprehensive income (loss)
(350,690
)
273,485
Material
Trends
The
downturn in Hong Kong's construction industry in 2020 followed three years of successive contractions of real output, with political
uncertainty and widespread social unrest hampering activity in the sector. In 2020, disruption due to the coronavirus (COVID-19) pandemic,
as well as subsequent lockdown measures and tensions as a result of continued political intervention from China, further exacerbated
the challenges faced by the industry. According to the Census and Statistics Department (C&SD), the value-add of the construction
industry declined in the first quarter of 2021, falling by 3% year on year (YoY) - its 10th consecutive quarterly decline on a year-over-year
basis since the fourth quarter of 2018.
In
the depth analysis, the total gross value of construction works ("GVCW") performed at private sector sites increased by
10.4% in nominal terms in the fourth quarter of 2022 over a year earlier, while that at public sector sites increased by 9.0%. The GVCW
at locations other than construction sites decreased by 2.6% in nominal terms over the same period. Construction works at locations other
than construction sites included minor new construction activities and decoration, repair and maintenance for buildings; and electrical
equipment installation and maintenance works at locations other than construction sites.
https://www.info.gov.hk/gia/general/202303/10/P2023031000237.htm).
The
construction industry, however, was forecasted to record growth of 3.3% in real terms in 2021, owing to the global economic recovery
and the government's investment in infrastructure projects to stimulate economic growth. The construction output value in HK SAR
was HK$31.5 billion (US$4.1 billion) in 2021. (https://store.globaldata.com/report/hong-kong-construction-market-analysis/)
The
commitment of government initiatives and new strategies to the travel and tourism sector will support commercial construction output
over the forecast period.
The
government's HK$1.1 billion (US$141.9 million) of short- and medium-to-long-term initiatives helped soften the impact of the sharp
decrease in travel and tourism. In the 2021-2022 Budget, the government increased its expenditure on infrastructure by 8.9%, with spending
rising from HK$77.3 billion (US$10 billion) in 2020-2021 to HK$84.1 billion (US$10.8 billion).
The
construction industry is projected to record an average annual growth rate of 2% in real terms between 2022 and 2025, supported by the
government's attempts to stimulate economic growth, as well as public and private sector investments in industrial, institutional
and energy and utility building projects. Growth will be further supported by the government-established HK$5 billion (US$645 million)
funding scheme to promote the construction of transitional housing, in an attempt to improve affordability in what is the most unaffordable
city globally.
Key
risks associated with HK SAR's construction industry outlook include a worsening political crisis, following China's decision
to implement new national security laws for HK SAR, and the subsequent decision by the US to remove HK SAR's special status. The
US government's trade war with China and the removal of HK's special status is expected to decrease investment in the construction
industry. https://www.researchandmarkets.com/reports/5448695/construction-in-hong-kong-key-trends-and?utm_source=BW&utm_medium=PressRelease&utm_code=xmx9jg&utm_campaign=1598278+-+Construction+in+Hong+Kong+-+Key+Trends+and+Opportunities+to+2025+&utm_exec=chdo54prd.
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Notwithstanding
the notable headwinds in the HK SAR construction industry, we remain optimistic in the forecast. We believe that the slowdown in mainland
China's economy
(https://www.cnn.com/2021/12/15/economy/china-omicron-economy-intl-hnk/index.html)
will have very limited
on us as we are largely focused on the HK SAR construction industry. Also, the worsening political crisis between the United States and
China, the overreach of the Chinese government and change in HK SAR's trade status have not had a direct, calculable impact on
the HK SAR construction industry yet. Conversely, the various initiatives to consciously shore up the construction industry are based
off real, tangible financial initiatives and stimulus plans spanning several years. Accordingly, unless we are besotted with unforeseen
circumstances, we are optimistic in the growth projections.
The
HK SAR government implemented one of the toughest social-distancing and quarantine rules to combat the COVID-19 pandemic. However, apart
from a three-month freeze on construction activity in the first half of 2020 and 2022, the limitation of business operations in HK SAR
have largely been confirmed to the food and beverage and entertainment industries. For example, the hours of operations of restaurants
were limited and entertainment centers such as cinemas and beauty salons were temporarily shuttered. There has not been a region-wide
lockdown in HK SAR since the first half of 2020 and with the advent of vaccinations and boosters and the easing of COVID-19 era restrictions,
we believe that it is unlikely that a region-wide lockdown will occur again.
During
the first half year in 2020 and 2022, due to the high number of people getting infected with COVID-19, we experienced a temporary shortage
in labor in both our offices and construction sites. This resulted in delays in our projects and consequently, delays in the recognition
in our contract revenues. We are following the government COVID-19 prevention guidelines such as providing test kits for daily testing
and the installation of Antiviral Air Purifiers in the office. In anticipation of material delivery delays, we have also begun to order
materials and schedule deliveries one month ahead of when we typically make such orders.
INDUSTRY
Overview
of the Construction Services Industry in HK SAR
HK
SAR's construction industry is characterized by compact high-rise residential buildings and office towers. HKSAR developers are
experts in slope and high-density design, as well as designing with space constraints. The techniques of reclamation, design-and-build
methods with innovative application of building materials have made HK SAR a regional leader.
The
construction market in HK SAR is dominated by a small number of large local contractors, a large number of overseas contractors, and
a high level of sub-contracting, with substantial companies being both developers and contractors. According to the Hong Kong Census
and Statistics Department, the gross value of construction works performed by main contractors in 2019 was recorded at US$17 billion,
down from US$18.6 billion in 2018. Residential construction was the largest market in the industry during the period of 2015-2019, accounting
for 43% of its total value in 2019 at US$7.3 billion. HK SAR companies have gained a reputation in building and construction services
industry in HK SAR over the years for the rapid construction of quality high-rise apartment blocks and office towers. The adoption of
specialized construction techniques, such as reclamation and design-and-build methods, has made HK SAR a regional leader.
(Source:
https://www.trade.gov/market-intelligence/hong-kong-construction
)
Total
number of construction sites in HK SAR
The
construction sites in HK SAR increased by an average 4.5 year-on-year growth rates ("YOY%"). This increase was mainly attributable
to the establishment of several key infrastructure facilities and construction of both private and public residential buildings in the
recent years. The HK SAR Government is determined to increase the housing supply and community facilities, both the construction sites
and the gross value of construction works performed by the contractors is expected to steadily increase.
Dec
    2021 (YOY%)
Dec
    2022 (YOY%)
Number
    of Construction Sites
1,627
    (-3.2)
1,643
    (-0.2)
Public
750
    (-4.5)
775
    (+1.2)
Private
877
    (-2.0)
868
    (-1.5)
Source:
Quarterly Report of Employment and Vacancies at Construction Sites (Third Quarter 2022 and Fourth Quarter 2022), Census and Statistics
Department
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Most
of HK SAR's engineering and construction companies are small in size. Nearly all (98.4%) of the companies employ less than 50 employees.
The majority of the small companies act as subcontractors for the large ones, which tend to be main contractors. There are also a number
of big construction companies capable of handling projects requiring sophisticated technology and strong financial backing, which are
expanding their business across the region.
(Source:
https://research.hktdc.com/en/article/MzExMzQzOTc4
)
Gross
Value of Construction Works Performed by Main Contractors
Sector
2021
2022
HK$
Million
YOY%
HK$
Million
YOY%
Private sector sites
62,238
+1.8
66,726
+7.2
Public sector sites
74,512
+5.6
90,605
+21.6
Locations other than sites
96,972
-1.2
89,794
-7.4
All group
233,722
+1.7
247,125
+5.7
Source:
Report on the Quarterly Survey of Construction Output (Fourth Quarter 2022), Census and Statistics Department
Overview
Of E&M Engineering Industry Market in HK SAR
Introduction
and Definition
Electrical
& Mechanical Engineering ("E&M") is part of the engineering work which uses scientific principles to plan, design,
manage and build the Mechanical, Electrical and Plumbing system of a building. Electrical, Mechanical, Plumbing and Fire systems are
four technical disciplines that encompass building systems that are suitable for human use and occupancy. E&M Services are important
across all stages of construction as a building's central nervous system, provide creature comfort features of a building structure,
turn buildings from empty rooms into comfortable spaces that are pleasant and building livable.
Electrical
Installation Works
Electrical
installation works ("EL") include comprehensive electrical system design, onsite power generation and distribution, conduit
and distribution wiring, lightning protection system, earthing system, general electrical appliances installation, interior and exterior
lighting installations, and Extra Low Voltage system including Closed Circuit Television System Access Control System, Public Address
system, information and telecommunications systems, control systems, etc.
Mechanical,
Ventilation, and Air-Conditioning Installation Works ("MVAC")
Mechanical,
ventilation and air-conditioning ("MVAC") systems are necessary for comfortable living conditions as well as keeping temperature
and humidity within a range that is comfortable for inhabitants, to ensure enough fresh air supply to keep pollutant concentrations at
safe and low levels. MVAC installation most commonly involves heating and cooling systems including chiller systems, Variable Refrigerant
Flow systems, and Air Handlers systems. The installation works can be further segmented into pipework, mechanical fitting works, sheet
metal, ducting and insulation works, etc.
Fire
Services Installation Works
A
fire protection system aims to reduce damage to the building, expensive equipment, documents, and inventory when fire occurs. Fire suppression
systems, smoke detectors, and sprinkler systems are all types of fire protection systems that help with fire detection and protecting
building occupants and equipment. Fire service installation works are divided into pipework and electrical fitting including sprinkler
system, fire detection system, alarm system, etc.
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Plumbing
& Drainage Works
A
plumbing system is used for the supply of water to kitchens and toilets via a piping distribution system in a building. A drainage system
is divided by two types: rainwater system and sewage system used to flush out rainwater and human wastes through an installed network
of drainage pipes. Plumbing installation consists of installation of piping distribution, pumps, water tanks and drainage installation
consists of installation of piping distribution.
Gross
Output Value of the E&M Engineering Industry in HK SAR
Source:
https://www.cic.hk/common/Fore/Fore.aspx?lang=en-US&year=2021_22
)
The
gross output value of the E&M engineering industry in HK SAR fell from approximately HK$50 billion (US$6.45 billion) in 2019 to approximately
HK$42.9 billion (US$5.54 billion) in the first half of 2021. The decrease in gross output value was attributed to the reduced number
of private residential and industrial building projects in 2019 and the outbreak of the COVID-19 pandemic in 2020, which resulted in
a disruption in building projects. This disruption had a ripple effect on E&M engineering works, which is reflected in our financial
performance during those periods. Please refer to our Management's Discussion and Analysis of Financial Condition and Results of
Operations.
The
gross output value of the E&M engineering industry in HK SAR can be categorized into public sector and private sector.
Currently,
both public and private sector growth is supported by a government project called "Hong Kong 2030+: Towards a Planning Vision and
Strategy Transcending 2030" ("Hong Kong 2030+"). Hong Kong 2030+ is a strategic spatial planning framework for the
future planning, land and infrastructure development as well as the shaping of the built and natural environment of HK SAR beyond 2030.
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E&M
Industry in Development Blueprint for HK SAR
"HONG
KONG 2030+: TOWARDS A PLANNING VISION AND STRATEGY TRANSCENDING 2030" ("Hong Kong 2030+")
The
"Hong Kong 2030+" is a strategic study to update the territorial spatial development strategy. It provides a strategic spatial
planning framework for the future planning, land and infrastructure development as well as the shaping of the built and natural environment
of HK SAR beyond 2030. This conceptual spatial framework includes: (i) two metropolises, Harbor Metropolis, and Northern Metropolis;
and (ii) two development axes, the Western Economic Corridor, and Eastern Knowledge and Technology Corridor. Driven by this massive infrastructure
development program, we anticipate a high level of demand for our services in the coming 10-20 years.
Sources:
Development Bureau & Planning Department (10/2021). Towards a Planning Vision and Strategy Transcending 2030
.,
(56),
39-54.
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Price
Trend of Major Cost Components
(i)
High Average Daily Wage of Workers
According
to a study by Construction Industry Council ("CIC"), there is and will be a shortage of 10,000 to 15,000 skilled workers
from a range of areas of expertise in future. Between 2010 and 2017, the median age of the skilled construction workforce rose from 48.2
years to 51.4 years old as illustrated below:
Labor
shortages results in higher wages prices for workers, as employers increase wages to try to hold onto existing workers and attract new
ones. The overall labor wage index in 2021 is illustrated below:
Sources:
Census and Statistic Department, Average Daily Wages of Workers Engaged in Public Sector Construction Project as Reported by Main Contractors
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Census
and Statistic Department (2022).
Average Daily Wages of Workers Engaged in Public Sector Construction Projects as Reported by Main
Contractors (2021 Edition of Data Series)
. HKSAR, Census and Statistic Department Web site: https://www.censtatd.gov.hk/en/web_table.html?id=29#
When
these figures are considered collectively, it can be concluded that the industry is under pressure when faced with an aging labor force,
and the challenges in recruiting and retaining younger workers, potentially limiting the pipeline of new ideas, approaches and fresh
ways of doing business.
Despite
these challenges, we managed to maintain and train a core group of fixed-salaried engineers to save us from having to hire part-time
workers, who charge a higher daily rate.
Also,
to address these challenges, we will adopt the Building Information Modeling ("BIM") and Modular Integrated Construction
("MiC") at construction sites. BIM is the foundation of the wave of digital transformation in the architecture, engineering,
and construction (AEC) industry. MiC is an innovative construction method by adopting the concept of "factory assembly followed
by on-site installation". In this method, free-standing integrated modules (completed with finishes, fixtures, E&M installation
and fittings) are manufactured and assembled in a factory prior delivery on site. With BIM and MiC, we are able to improve the constructability
by using less labor, but better control quality, avoid costly rework, worker's errors and omissions through a management platform
across the entire E&M design and construction process.
(ii)
Shortage of Raw Material
Construction
raw material costs including the price of steel, sand, diesel crude oil and copper etc. continue to increase, resulting in increased
costs associated with real estate and infrastructure development, reduced commercial investment feasibility, potentially leading to higher
costs of housing and lower residential affordability, as well as reduced employment opportunities in a wide range of industries that
rely on construction activity stimulus.
Crude
oil
Crude
oil is one of the major raw materials of many products in the construction industry including rubber and plastic, which are usually used
in electrical installations. The price of crude oil will affect our project cost directly. The trend of increasing crude oil prices from
2017 to 2022 is illustrated below:
(Source:
https://oilprice.com/commodity-price-charts?page=chart&sym=CL*1
)
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Copper
Copper
is a major raw material used in the E&M industry. Electric cables are made with copper. As with crude oil, the price of copper directly
affects our project costs. The worldwide trend of increasing copper prices from 2018 to 2021 is illustrated below:
(Source:
London Metal Exchange – Price Graphic of Copper from 2018-2021)
With
multi-faceted rising costs, we face an enormous challenge in maintaining our competitive edge in E&M construction industry. To maintain
our competitiveness and minimize the pricing risks caused by raw material costs increases, we managed to enter an agreement with our
supplier to hedge copper prices without commitment before site work commences.
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Table of Contents
Competitive
Analysis of the E&M Engineering Industry in HK SAR
Name of Registration
Authority
No. of
registered
contractors
Registered Electrical Contractor
Hong Kong Electrical and Mechanical Services Department
14,960
Registered Fire Service Installation Contractor
Fire Services Department
Class 1
Class 2
358
404
Note:
Contractors who wish to
    perform plumbing and drainage works in the private sector are not required to register with the Hong Kong Water Supplies Department
    but are required to employ licensed plumbers who are registered under the Water Works Ordinance.
Sources:
Electrical and Mechanical
    Services Department, HKSAR; Buildings Department, HKSAR; Fire Services Department, HKSAR
The
E&M engineering industry in HK SAR is considered to be relatively mature and fragmented. Under the Hong Kong Ordinance, E&M engineering
contractors are required to register the above-named registration for E&M works.
As
at December 31, 2022, there were 185 registered specialist contractors under the ventilation works category authorized by the Hong Kong
Buildings Department, of which WANG & LEE CONTRACTING Limited is one. Accordingly, as at December 31, 2022 we are among the less
than 1% of E&M engineering companies that hold all four licenses in HK SAR, and able to perform a full range of E&M engineering
works including electrical installation, air- conditioning installation and fire service installation.
ITEM
                                            6.
DIRECTORS,
                                            SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors
    and Executive Officers
Set
forth below is information concerning our directors and executive officers as of the date of this report:
Name
Age
Position(s)
Pui
    Lung HO
46
Chief
    Executive Officer, Executive Director and Chairman
Yuk
    Ming, Gary MA
47
Chief
    Finance Officer
Olivia
    Sarah Annabel Marion SERRE
37
Independent
    Director
Juan
    Ruiz-Coello
40
Independent
    Director
Chun
    Yip, Edmund CHAN
34
Independent
    Director, Audit Committee Chairman
Wood
    SHING Kei Sze
43
Independent
    Director
The
business address of each of the officers and directors 5-6/F Wing Tai Factory Building, 3 Tai Yip Street, Kwun Tong, Kowloon, Hong Kong.
The
following is a brief biography of each of our executive officers and directors:
Executive
Officers:
Chief
Executive Officer
Pui
Lung HO, age 46, graduated in New Zealand and Hong Kong with a Bachelor Degree of Science, a Bachelor Degree of Engineering in Building
Engineering and a Master Degree of Science in Engineering Management. He has over 20 years of experience in the building industry. He
joined WANG & LEE CONTRACTING LIMITED in 2000. He is now our Chief Executive Officer and Chairman. He specializes in building services
installation, energy management and energy-saving planning design.
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His
profession qualifications are below:
Professional
    Regulations
Qualification
Since
The
    Hong Kong Institution of Engineers
Certified
    Member
March
    1, 2016
HK
    Institution of Facilities Engineers
Certified
    Facilities Engineer
March
    31, 2017
Engineers
    Registration Board
Registered
    Professional Engineer
July
    1, 2017
The
    Chartered Institution of Building Services Engineers
Certified
    Member
December
    21, 2017
The
    Chartered Institution of Building Services Engineers
Chartered
    Engineer
March
    5, 2018
The
    Chartered Institution of Plumbing and Heating Engineering
Certified
    Member
January
    14, 2019
Through
his two decades of work experience with WANG & LEE CONTRACTING LIMITED, Mr. Ho has participated and led the organization through
various cycles of growth to the where it stands today. Shored by his education and professional qualifications, Mr. Ho has honed his
executive leadership and management skills over the years and has surrounded himself with a team of like-minded, competent professionals.
His decades long involvement in our industry coupled with his familiarity with the Company and its employees is a unique combination
that sets the leadership within this organization apart from its competition.
Chief
Financial Officer
Yuk
Ming, Gary MA, age 47, is a qualified CPA of CPA Australia and graduated in New Zealand with Bachelor of Commerce major in Accountancy,
Diploma for Post-Graduates and Master of Corporate Finance. He joined and appointed as Chief Financial Officer for the Company in December
2021. He has over 17 years of experience in financial industry. He previously worked as Finance Manager for Chu Kong High-Speed Ferry
Co. Ltd., a public company for over 4 years, then as Financial Planning and Analysis Manager for Zuellig Pharma Limited, one of the largest
pharmaceutical groups in China for more than 3 years.
WANG
& LEE CONTRACTING LIMITED, is a construction contracting company which adopts many complex accounting policies. As we are involved
in capital-intensive projects, Mr. Ma's extensive experience and knowledge in financials and management in listed companies, and
familiarity with accounting standards contribute to our effective control over risks and cost management and ultimately, the Company's
profitability.
Independent
Directors
Olivia
Sarah Annabel Marion SERRE, age 37, graduated in France with a Bachelor of Architecture and Interior Design in 2010. She has extensive
experience collaborating with reputable architecture firms (Tarlet Architects & Gerzina Architecture, MAKE Creative & Innova
Design etc.) involved in commercial, residential, retail and medical projects. Since September 2012, she founded Oli & J, a creative
jewelry brand that specialized in the beauty of Australian Gemstones and timeless pieces which has launched into the European market
by showcasing at the BIJORHCA International Jewelry Show (Paris, France) and display currently at the iconic Victoria & Albert Museum
since 2016 (London, UK). Ms. SERRE currently resides in France.
Juan
RUIZ-COELLO
, age 40, is the director of OJ Studio Pty Ltd with extensive experience in
design and build projects, electrical network and fiber optic cable services, solar energy installations, energy efficiency and cryptocurrency
infrastructure and systems. Mr. Ruiz-Coello has been an accredited electrician since 2008 and undertook major design and build projects
as a selected contractor for major commercial landmarks including the Queen Victoria Building and Sydney Westfields as well as for jewelry
exhibitions and art galleries in Hong Kong, Paris, London and Sydney. He was responsible for domestic and commercial solar installations
in Australia and Spain as a contractor and accredited installer for Ecopense Pty Ltd, an international leading expert in the solar and
electrical industry. He has designed and developed crypto proof-of-state mining computers to support the Ethereum Cryptocurrency Network
to compute the block chain transactions using high powered modified graphics cards and has developed and managed a solar and crypto currency
mining rig to work effectively with energy efficient solar array system to make the mining system powered by green energy. He currently
resides in Australia.
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Chun
Yip, Edmund CHAN, age 34, is a Qualified Public Accountant and graduated in Hong Kong with Bachelor of Business Administration (Honors)
– Accounting. He worked as a Senior Auditor at RSM Nelson Wheeler, one of the largest CPA firms over 3 years and then as Senior
Accountant at Time Watch Investments Limited, a public company for over 7 years. He has over 10 years' experience in financial
and management in listed companies and is appointed as Chairman of our Audit Committee.
Wood
SHING Kei Sze, 43, has been an independent Director of Troops, Inc., (Symbol: Troo), a NASDAQ listed company, since June 26, 2018. From
April 2004 to April 2007, Mr. Sze served as an audit senior in Moore Stephens CPA Limited. From November 2007 to February 2008, Mr. Sze
served as a senior accountant at Grant Thornton Hong Kong Limited. Subsequently, Mr. Sze served as financial manager of Global Beverages
Asia Limited, Skyworth Digital Holdings Limited, and TAL Apparel Limited since 2008, 2009, and 2013 respectively. From September 2013
to April 2018, Mr. Sze served as the financial controller of the property & facility management services at Synergis Management Services
Limited, a subsidiary of Synergis Holdings Limited (02340.HK) which is a Hong Kong listed company engaging in the provision of property
and facility management services. Mr. Sze obtained a Bachelor of Arts degree in Accountancy from the Hong Kong Polytechnic University
in 2002. Mr. Sze has been a chartered accountant at the Association of Chartered Certified Accountants since 2008.
Election
of Officers
Our
executive officers are appointed by, and serve at the discretion of, our board of directors.
Family
Relationships
None
of the directors or executive officers has a family relationship as defined in Item 401 of Regulation S-K.
Involvement
in Certain Legal Proceedings
To
the best of our knowledge, none of our directors or executive officers has, during the past ten years, been involved in any legal proceedings
described in subparagraph (f) of Item 401 of Regulation S-K Our directors and officers have not been involved in any transactions with
us or any of our affiliates or associates which are required to be disclosed pursuant to the rules and regulations of the SEC.
Employment
Agreements with Named Executive Officers and Directors
We
have entered into employment agreements with each of the named executive officers. Under these agreements, each of the named executive
officers is employed for a specified time period and is entitled to receive annual salary plus other remuneration, pension insurance,
medical insurance, maternity insurance, unemployment insurance, work-related injury insurance, housing provident funds and other benefits
pursuant to PRC law. We and the named executive officers may terminate the employment upon mutual agreement. The named executive officers
may terminate the employment by giving thirty days advance written notice. We may terminate the employment for cause, at any time, without
notice or remuneration, for certain acts of the executive officer, such as serious violation of the Company's rules and regulations,
gross neglect of duty and misconduct resulting in large economic losses to the Company, damaging the Company's image through defamation
or disseminating rumors about the Company or its employees outside the Company, We may also terminate the employment for cause, with
thirty days advance written notice and one month's salary, for certain acts of the executive officer, such as illness, non-work
related injury resulting in inability to work in the previous position or a newly assigned position after recovery, and inability to
perform the assigned work and failure to perform the assigned tasks even after training or adjustment of position. The employment agreements
will be terminated upon (1) expiry of the employment, (2) the entitlement of the named executive officers to the pension insurance, (3)
the death of the named executive officers, (4) the bankruptcy of the Company pursuant to law, and (5) revocation of the Company's
business license, shutdown of the business pursuant to the order issued by the relevant authority, or earlier dissolution of the Company.
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Each
named executive officer has agreed not to be involved in a second occupation during the period of employment. Without our prior written
consent or related mutual agreement, he shall not, directly or indirectly, hold any position in any other enterprises providing same
or similar products or services.
Each
named executive officer has agreed to be bound by non-competition restrictions during the term of his employment and for two years following
termination of the employment. The executive officers are not allowed to contact our customers for business after termination of the
employment and we have the right to bring legal action against them in the event of any losses so caused by their breach of said restrictions.
In
addition, each named executive officer has agreed that the title to the intellectual property, including but not limited to patents and
copyrights, created by him during the course of his employment, is vested in the Company. In exchange, the Company will compensate him
based on the economic returns so derived.
We
have entered into confidentiality agreements with each of the named executive officers. Each named executive officer has agreed (1) not
to inquire about the trade secrets which are unrelated to the performance of his work; (2) not to disclose the trade secrets of the Company
to any third party; (3) not to allow any third party to use or acquire the trade secrets of the Company, except as required in the performance
of his or her duties in connection with the employment or pursuant to the instruction of the Company; (4) not to use the trade secrets
of the Company for its own benefits; (5) to hold the trade secrets in strict confidence and report to the Company if the trade secrets
are disclosed; and (6) to keep other confidential obligations. As a compensation, each named executive officer is entitled to receive
a monthly confidentiality fee of $70.
Each
executive officer has agreed to hold, both during and after the termination or expiry of his employment agreement, in strict confidence,
except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law or the Company's
instruction, any of our trade secrets, the trade secrets of our business partners and customers received by us and for which we have
confidential obligations.
We
are effective on the date of close of our initial public offering and the listing of our Ordinary Shares on the Nasdaq Capital Market.
These agreements set forth the services to be provided and compensation to be received by our independent directors, as well as the independent
directors' obligations in terms of confidentiality, non-competition and non-solicitation. Pursuant to these agreements, the directorship
of our independent director appointees will last until the earlier of (i) the date on which the director ceases to be a member of our
board of directors for any reason or (ii) the next annual meeting of shareholders if the director is not re-elected.
B.
Compensation
    of Directors and Executive Officers
Our
compensation committee approves our salaries and benefit policies. They determine the compensation to be paid to our executive officers
based on our financial and operating performance and prospects, and contributions made by the officers to our success. Each of the named
officers will be measured by a series of performance criteria by the board of directors, or the compensation committee on a yearly basis.
Such criteria will be set forth based on certain objective parameters such as job characteristics, required professionalism, management
skills, interpersonal skills, related experience, personal performance and overall corporate performance.
Our
board of directors has not adopted or established a formal policy or procedure for determining the amount of compensation paid to our
executive officers. The board of directors will make an independent evaluation of appropriate compensation to key employees, with input
from management. The board of directors has oversight of executive compensation plans, policies and programs.
Summary
Compensation Table
The
following table sets forth certain information with respect to compensation for the year ended December 31, 2022, 2021, 2020 and 2019
earned by or paid to our chief executive officer (the "named executive officers").
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Name
and
Principal Position
Year
Fee
earned
or paid in Cash ($)
Base
Compensation
                                                                                                                                                                                                                                                                     and bonus
($)
Share
Awards
($)
Option
Awards
($)
Non-equity
Incentive
Plan
Compensation
($)
Change
in
Pension
Value
and
Nonqualified
Deferred
($)
All Other
Compensation
($)
Total
($)
Mr. Pui Lung, Ho
2019
55,587
-
-
-
-
-
-
55,587
Chief Executive Officer
2020
56,152
-
-
-
-
-
-
56,152
2021
54,038
-
-
-
-
-
-
54,038
2022
51,342
51,342
Mr. Yuk Ming, Gary Ma *
2019
-
-
-
-
-
-
-
-
Chief Financial Officer
2020
-
-
-
-
-
-
-
-
2021
3,860
-
-
-
-
-
-
3,860
2022
45,978
45,978
*Mr.
Ma joined the Company on December 1, 2021.
Compensation
of Directors
For
the fiscal years ended December 31, 2022, 2021, 2020, and 2019, no members of our board of directors received compensation in their
capacity as directors.
Director
Compensation — Non-Employee Directors
Historically, we have not paid
our non-employee directors. We have agreed to pay our independent directors an annual cash retainer of $4,645, subject to terms of the
definitive agreements. We will also reimbursed all directors for any out-of-pocket expenses incurred by them in connection with their
services provided in such capacity. In addition, we may provide incentive grants of stock, options or other securities convertible into
or exchangeable for, our securities. For the years ended December 31, 2022, 2021, 2020 and 2019, we did not pay any non-employee directors
because we did not have any non-employee directors. Messrs Ruiz-Coello Chan and Ms. Serre joined us as independent directors on February
1, 2022 and Shing lately join on April 1, 2023 respectively.
C.
Board
    Practices
Board
of Directors
Our
board of directors consists of five (5) directors.
A
director may vote in respect of any contract or transaction in which he is interested, provided, however that the nature of the interest
of any director in any such contract or transaction shall be disclosed by him at or prior to its consideration and any vote on that matter.
A general notice or disclosure to the directors or otherwise contained in the minutes of a meeting or a written resolution of the directors
or any committee thereof of the nature of a director's interest shall be sufficient disclosure and after such general notice, it
shall not be necessary to give special notice relating to any particular transaction. A director may be counted for a quorum upon a motion
in respect of any contract or arrangement which he shall make with our company, or in which he is so interested and may vote on such
motion.
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Table of Contents
Board
Committees
We
established three committees under the board of directors: an audit committee, a compensation committee and a nominating and corporate
governance committee. We have adopted a charter for each of the three committees. Copy of our committee charters are to be posted on
our corporate investor relations website at
http://www.wangnlee.com.hk
prior to our listing on the Nasdaq.
Each
committee's members will be appointed when the close of our initial public offering and listing on the Nasdaq and their functions
are described below.
Audit
Committee.
Our audit committee comprises Messrs Ruiz-Coello, Chan and Serre with Mr. Chun Yip, Edmund CHAN serving as chair. Our
board of directors has determined that Mr. Chan qualifies as an audit committee financial expert and has the accounting or financial
management expertise as defined under Item 407(d)(5) of Regulation S-K and required under NASDAQ Rule 5605(c)(2) We have also determined
that Messrs Ruiz-Coello, Chan and Serre satisfy the "independence" requirements for purposes of serving on an audit committee
under Rule 10A-3 of the Exchange Act and of NASDAQ Rule 5605(c)(2).
Our
board of directors has also adopted a written charter for the audit committee which the audit committee reviews and reassesses for adequacy
on an annual basis. A copy of the audit committee's current charter is available at our corporate website.
Compensation
Committee
. Our Compensation Committee be comprises Messrs Ruiz-Coello, Chan and Serre, with Mr. Juan
Ruiz-Coello
serving as chair. We have also determined that Messrs Ruiz-Coello, Chan and Serre satisfy the "independence" requirements
of NASDAQ Rule 5605(d)(2). The compensation committee oversees the compensation of our chief executive officer and our other executive
officers and reviews our overall compensation policies for employees generally. If so authorized by the Board of Directors, the committee
may also serve as the granting and administrative committee under any option or other equity-based compensation plans which we may adopt.
The compensation committee does not delegate its authority to fix compensation; however, as to officers who report to the chief executive
officer, the compensation committee consults with the chief executive officer, who may make recommendations to the compensation committee.
Any recommendations by the chief executive officer are accompanied by an analysis of the basis for the recommendations. The committee
will also discuss compensation policies for employees who are not officers with the chief executive officer and other responsible officers.
A copy of the compensation committee's current charter is available at our corporate website.
Nominating
and Corporate Governance Committee
. Our Nominating and Corporate Governance Committee comprises Messrs Ruiz-Coello, Chan and Serre,
with Ms. Olivia Sarah Annabel Marion SERRE serving as chair. We have also determined that Messrs Ruiz-Coello, Chan and Serre, satisfy
the "independence" requirements of NASDAQ Rule 5605(e). The governance and nominating committee is involved in evaluating
the desirability of and recommending to the board any changes in the size and composition of the board, evaluation of and successor planning
for the chief executive officer and other executive officers. The qualifications of any candidate for director will be subject to the
same extensive general and specific criteria applicable to director candidates generally. A copy of the nominating committee's
current charter is available at our corporate website.
Code
of Business Conduct and Ethics
We
have adopted a Code of Business Conduct and Ethics that applies to our principal executive officer, principal financial officer, principal
accounting officer and controller, or persons performing similar functions. The Code of Business Conduct and Ethics is currently available
at our corporate website at http://www.wangnlee.com.hk/.
Duties
of Directors
Under
British Virgin Islands law, the directors owe fiduciary duties at both common law and under statute, including a statutory duty to act
honestly, in good faith and with a view to our best interests. When exercising powers or performing duties as a director, the director
is required to exercise the care, diligence and skill that a reasonable director would exercise in the circumstances taking into account,
without limitation, the nature of the company, the nature of the decision and the position of the director and the nature of the responsibilities
undertaken by him. In exercising the powers of a director, the directors must exercise their powers for a proper purpose and shall not
act or agree to the company acting in a manner that contravenes our Amended Memorandum and Articles or the BVI Act.
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Table of Contents
In
addition to the above, directors also owe a duty of care which is not fiduciary in nature. This duty has been defined as a requirement
to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person
carrying out the same functions as are carried out by that director in relation to the company and the general knowledge skill and experience
which that director has.
As
set out above, directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing,
or to otherwise benefit as a result of their position.
Qualification
There
are no membership qualifications for directors. Further, there are no share ownership qualifications for directors unless so fixed by
us in a general meeting. There are no other arrangements or understandings pursuant to which our directors are selected or nominated.
Terms
of Directors and Officers
Our
directors may be elected by a resolution of our board of directors, or by a resolution of our shareholders. Each of our directors will
hold office until the expiration of his or her term fixed by the resolution of shareholders or the resolution of directors appointing
him or her, if any, or until his or her successor has been elected or appointed. A director will cease to be a director if, among other
things, the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) dies or is found by our company
to be or becomes of unsound mind, (iii) resigns his office by notice in writing to the company, or (iv) without special leave of absence
from our board, is absent from three consecutive board meetings and our directors resolve that his office be vacated. Our officers are
elected by and serve at the discretion of the board of directors.
Interested
Transactions
A
director may vote, attend a board meeting or sign a document on our behalf with respect to any contract or transaction in which he or
she is interested. A director shall forthwith disclose the interest to all other directors after becoming aware of the fact that he or
she is interested in a transaction we have entered into or are to enter into. A general notice or disclosure to all other directors that
a director is a member, director, or officer of another named entity or has a fiduciary relationship with respect to the entity or a
named individual and is to be regarded as interested in any transaction which may, after the date of the entry or disclosure, be entered
into with that entity or individual, is a sufficient disclosure in relation to that transaction.
Remuneration
and Borrowing
The
directors may receive such remuneration as our board of directors may determine from time to time. Each director is entitled to be repaid
or prepaid all traveling, hotel and incidental expenses reasonably incurred or expected to be incurred in attending meetings of our board
of directors or committees of our board of directors or shareholder meetings or otherwise in connection with the discharge of his or
her duties as a director. The compensation committee will assist the directors in reviewing and approving the compensation structure
for the directors. Our board of directors may exercise all the powers of the Company to borrow money and to mortgage or charge our undertakings
and property or any part thereof, to issue debentures, debenture stock and other securities whenever money is borrowed or as security
for any debt, liability or obligation of the company or of any third party.
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Table of Contents
D.
Employees
As
of the date of this report, WANG & LEE CONTRACTING LIMITED employed a total of 26 employees, located in HK SAR. The following
table sets forth breakdown of our employees by function:
Functional Area
Number of Employees
% of Total
Management
2
7.7
%
Project and Safety:
- Engineers
8
30.8
%
- Site Supervisors
7
26.9
%
- Draftsmen
1
3.8
%
- Technicians
2
7.7
%
- Safety Officer
1
3.8
%
Administration
3
11.6
%
Finance
2
7.7
%
Total
26
100
%
We
consider that we have maintained good relationship with our employees and have not experienced any significant disputes with our employees
or any disruption to our operations due to labor disputes. In addition, we have not experienced any difficulties in recruitment and retention
of experienced core staff or skilled personnel.
We
provide various types of trainings to our employees including by means of various external training courses.
Our
remuneration package includes salary and discretionary bonuses. In general, we determine employee salaries based on each employee's
qualifications, position and seniority. We will review our remuneration package annually. We provide a defined contribution to the Mandatory
Provident Fund as required under the Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) for our eligible
employees in HK SAR.
E.
Share
    Ownership
The
following table sets forth information with respect to beneficial ownership of our Ordinary Shares as of the date of this annual report by:
●
Each
    person who is known by us to beneficially own more than 5% of our outstanding Ordinary Shares;
●
Each
    of our director, director nominees and named executive officers; and
●
All
    directors and named executive officers as a group.
Our
Company is authorized to issue an unlimited number of Ordinary Shares with no par value. The number and percentage of Ordinary Shares
beneficially owned post-initial public offering. Information with respect to beneficial ownership has been furnished by each director,
officer or beneficial owner of more than 5% of our Ordinary Shares. Beneficial ownership is determined in accordance with the rules of
the SEC and generally requires that such person have voting or investment power with respect to securities. In computing the number of
Ordinary Shares beneficially owned by a person listed below and the percentage ownership of such person, Ordinary Shares underlying options,
warrants or convertible securities held by each such person that are exercisable or convertible within 60 days of the date of this report
are deemed outstanding but are not deemed outstanding for computing the percentage ownership of any other person. Except as otherwise
indicated in the footnotes to this table, or as required by applicable community property laws, all persons listed have sole voting and
investment power for all Ordinary Shares shown as beneficially owned by them. Unless otherwise indicated in the footnotes, the address
for each principal shareholder is in the care of our Company at 5-6/F Wing Tai Factory Building, 3 Tai Yip Street, Kwun Tong, Kowloon,
Hong Kong.
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Table of Contents
Ordinary Shares Beneficially Owned After the Initial Public Offering
Number
Percent
Directors and Executive Officers:
Pui Lung, Ho
(1)
Chief Executive Officer
8,000,000
52.99
%
Yuk Ming, Gary Ma
Chief Financial Officer
-
-
Olivia Sarah Annabel Marion Serre
Director
-
-
Julio Ruiz-Coello
Director
-
-
Chun Yip, Edmund Chan
Director
-
-
Wood Shing Kei Sze
Director
-
-
5% Beneficial Owners
WANG & LEE BROTHERS, Inc.
8,000,000
52.99
%
Jupiter Stone Holding Limited
(2)
1,300,000
8.61
%
Billion Supreme Corporation
(3)
1,300,000
8.61
%
Blaze Master Investment Limited
(4)
1,400,000
9.27
%
(1)
WANG
    & LEE BROTHERS
, Inc., a British Virgin Islands
    corporations, holds all 8,000,000 of the 13,400,000 WANG & LEE GROUP, Inc.'s issued and outstanding Ordinary Shares pre-initial
    public offering.
WANG & LEE BROTHERS, INC
, is in turn 100% owned by Mr. Pui Lung
    Ho, our Chief Executive Officer and Chairman. Accordingly, Mr. Ho has the sole voting and dispositive power over these shares.
(2)
Jupiter
    Stone Holding Limited, a British Virgin Islands corporation, is 100% owned by Man Kit Leung. Accordingly, Man Kit Leung has the sole
    voting and dispositive power over these shares. The address of Jupiter Stone Holding Limited is Overseas Company Services Limited,
    Qwomar Trading Complex, Port Purcell, Road Town, Tortola, British Virgin Islands.
(3)
Billion
    Supreme Corporation, a British Virgin Islands corporation, is 100% owned by Chun Pang Yuen . Accordingly, Chun Pang Yuen has the
    sole voting and dispositive power over these shares. The address of Billion Supreme Corporation is OMC Chambers, Wickhams Cay 1,
    Road Town, Tortola, British Virgin Islands.
(4)
Blaze
    Master Investment Limited, a British Virgin Islands corporation, is 100% owned by Yuen Mei Tang. Accordingly, Yuen Mei Tang has the
    sole voting and dispositive power over these shares. The address of Blaze Master Investment Limited is OMC Chambers, Wickhams Cay
    1, Road Town, Tortola, British Virgin Islands.
As
of the date of this report, we are authorized to issue an unlimited number of shares of no par value in a single class. Holders of Ordinary
Shares are entitled to one vote per share.
We
are not aware of any arrangement that may, at a subsequent date, result in a change of control of our Company.
F.
Disclosure
    of a Registrant's Action to Recover Erroneously Awarded Compensation
Not
applicable.
ITEM
                                            7.
MAJOR
                                            SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major
    Shareholders
See
"Item 6. Directors, Senior Management and Employees—E. Share Ownership."
B.
Related
    Party Transactions
Employment
Agreements and Indemnification Agreements
See
"Item 6. Directors, Senior Management and Employees—B. Compensation of Directors and Executive Officers."
Other
Related Party Transactions
In
addition to the executive officer and director compensation arrangements discussed in "Executive Compensation," below we
describe transactions since incorporation, to which we have been a participant, in which the amount involved in the transaction is material
to our company and in which any of the following is a party: (a) enterprises that directly or indirectly through one or more intermediaries,
control or are controlled by, or are under common control with, our Company; (b) associates; (c) individuals owning, directly or indirectly,
an interest in the voting power of our Company that gives them significant influence over our 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 our 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.
For the years ended
December 31,
2022
2021
2020
Rental expenses paid to
Winta Services Limited
- For office and warehouse purpose
-
-
34,813
Contract revenue received from
Winta Services Limited
-
-
115,064
Unity Solutions Limited
-
-
752,001
Amount due from (to)
Supreme View Investment Limited
-
-
(3,344
)
Sau Lee Shirley Kam
-
-
(1,161,091
)
Pui Lung Ho
(1,853,263
)
(1,526,557
)
(7,824
)
WANG & LEE BROTHERS., Inc
1,282
1,283
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Table of Contents
Pui
Lung Ho was the common director of the Company and Winta Services Limited ("Winta"). He subsequently resigned as director
of Winta on May 24, 2021. Sau Lee Shirley Kam is a family member of a director of the Company and the director of Supreme View Investment
Limited ("SV").
Kar
Lok Mak is the General Manager of WANG & LEE CONTRACTING LIMITED. He was also a director of Unity Solutions Limited ("Unity")
and resigned on July 29, 2021. As of this report, the amount due from Unity has been fully settled.
For
the year ended December 31, 2022, 2021 and 2020, the amounts due to the director, Pui Lung Ho, were $1,853,263, $1,526,557 and $7,824,
respectively, and are unsecured, interest-free and repayable on demand.
During
the year ended December 31, 2020, the amount due to a related party, Sau Lee Shirley Kam, with amounted to $258,064, which is bearing
interest at 2.04% interest rate per annum for the period from May 1, 2019 to May 31, 2020. The amount of $258,064 was paid off on May
31,2020. As at the year ended December 31, 2020, the balance of $1,161,091 and $3,344 due to Sau Lee Shirley Kam and SV respectively
were unsecured, interest-free and repayable on demand.
During
the year ended December 31, 2021, Sau Lee Shirley Kam agreed to transfer all the rights of the outstanding debt due from the Company
to her son, Pui Lung Ho.
C.
Interests
    of Experts and Counsel
Not
applicable.
ITEM
                                            8.
FINANCIAL
                                            INFORMATION
A.
Combined
    and Consolidated Statements and Other Financial Information
We
have appended combined and consolidated financial statements filed as part of this annual report.
Legal
Proceedings
We
may from time to time become a party to various legal or administrative proceedings arising in the ordinary course of our business. As
of the date hereof, neither we nor any of our subsidiaries is a party to any pending legal proceedings, nor are we aware of any such
proceedings threatened against us or our subsidiaries.
Dividend
Policy
We
currently intend to retain most, if not all, of our available funds and any future earnings after our initial public offering 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.
The
holders of our Ordinary Shares are entitled to dividends out of funds legally available when and as declared by our board of directors.
Our board of directors has never declared a dividend and does not anticipate declaring a dividend in the foreseeable future. Should we
decide in the future to pay dividends, as a holding company, our ability to do so and meet other obligations depends upon the receipt
of dividends or other payments from our operating subsidiaries and other holdings and investments. In addition, our operating subsidiaries
may, from time to time, be subject to restrictions on their ability to make distributions to us, including as a result of restrictive
covenants in loan agreements, restrictions on the conversion of local currency into U.S. dollars or other hard currency and other regulatory
restrictions. In the event of our liquidation, dissolution or winding up, holders of our Ordinary Shares are entitled to receive, ratably,
the net assets available to shareholders after payment of all creditors.
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Table of Contents
Subject
to the BVI Act and our Amended Memorandum and Articles, our directors may, by resolution, declare dividends at a time and amount as they
think fit if they are satisfied, based on reasonable grounds, that, immediately after distribution of the dividend, the value of our
assets will exceed our liabilities and we will be able to pay our debts as they fall due. There is no further BVI law restriction on
the amount of funds which may be distributed by us by dividend, including all amounts paid by way of the subscription price for Ordinary
Shares regardless of whether such amounts may be wholly or partially treated as share capital or share premium under certain accounting
principles. Shareholder approval is not (except as otherwise provided in our Amended Memorandum and Articles) required to pay dividends
under BVI law. In accordance with, and subject to, our Amended Memorandum and Articles, no dividend shall bear interest as against the
Company (except as otherwise provided in our Amended Memorandum and Articles).
If
we determine to pay dividends on any of our Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds
from our BVI subsidiary, WANG & LEE HOLDINGS, Inc. and our Hong Kong subsidiary, WANG & LEE CONTRACTING LIMITED. There are no
taxes on dividend income in HK SAR and the British Virgin Islands.
B.
Significant
    Changes
Except
as disclosed elsewhere in this annual report, we have not experienced any significant changes since the date of our audited combined
and consolidated financial statements included in this annual report.
ITEM
                                            9.
THE
                                            OFFER AND LISTING
A.
Offering
    and Listing Details.
See
"—C. Markets."
B.
Plan
    of Distribution
Not
applicable.
C.
Markets
Our
Ordinary Shares have been listed on the Nasdaq Capital Market under the symbol "WLGS" since April 20, 2023.
D.
Selling
    Shareholders
Not
applicable.
E.
Dilution
Not
applicable.
F.
Expenses
    of the Issue
Not
applicable.
ITEM
                                            10.
ADDITIONAL
                                            INFORMATION
A.
Share
    Capital
Not
applicable.
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Table of Contents
B.
Memorandum
    and Articles of Association
WANG
& LEE GROUP, Inc. is a holding company incorporated under the laws of the British Virgin Islands on May 20, 2021. Our affairs are
governed by the provisions of our Amended Memorandum and Articles, as amended and/or restated from time to time and the BVI Act, and
the applicable laws of the BVI (including applicable common law).
Our
memorandum authorizes us to issue an unlimited number of shares at no par value of a single class. All of our issued Ordinary Shares
are fully paid and non-assessable. We may, but is not required to if the rules of the senior national exchange allow, issue share certificates
specifying the number of Ordinary Shares held by each holder of Ordinary Shares in the Company. Our shareholders may freely hold and
vote their Ordinary Shares.
Our
Amended Memorandum and Articles permit the directors, by way of resolution of directors, to fix the emoluments of directors with respect
to services to be rendered in any capacity to the Company. All decisions about the compensation of directors will be recommended by the
compensation committee and approved by way of resolution of directors of the Company.
The
following description of our authorized shares and our constitutional rules under our Amended Memorandum and Articles is qualified in
its entirety by reference to our Amended Memorandum and Articles, which have been filed as an exhibit to the registration statement of
which this report is a part.
Memorandum
and Articles of Association
The
following discussion describes our Amended Memorandum and Articles that (subject to any limitations, restrictions or modifications in
our Amended Memorandum and Articles; and subject to any rights or restrictions attaching to any shares) is currently in effect:
Objects
and Purposes, Register, and Shareholders.
Subject to the BVI Act and BVI law, our objects and purposes are unlimited. Our register
of members will be maintained by our transfer agent, Transhare Securities Transfer and Registrar. Under the BVI Act, a BVI company may
treat the registered holder of a share as the only person entitled to (a) exercise any voting rights attaching to the share, (b) receive
notices, (c) receive a distribution in respect of the share and (d) exercise other rights and powers attaching to the share. Consequently,
as a matter of BVI Law, where a shareholder's shares are registered in the name of a nominee such as Cede & Co, the nominee
is entitled to receive notices, receive distributions and exercise rights in respect of any such shares registered in its name. The beneficial
owners of the shares registered in a nominee's name will therefore be reliant on their contractual arrangements with the nominee
in order to receive notices and dividends and ensure the nominee exercises voting and other rights in respect of the shares in accordance
with their directions.
Directors'
Powers.
Under the BVI Act, subject to any modifications or limitations in a company's Amended Memorandum and Articles,
a company's business and affairs are managed by, or under the direction or supervision of, its directors; and directors generally
have all powers necessary to manage a company. A director must disclose any interest he has on any proposal, arrangement or contract
not entered into in the ordinary course of business and on usual terms and conditions. An interested director may (subject to the Amended
Memorandum and Articles) vote on a transaction in which he has an interest. In accordance with, and subject to, our Amended Memorandum
and Articles, the directors may by resolution of directors exercise all the powers of the Company to incur indebtedness, liabilities
or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of any third party.
Rights,
Preferences and Restrictions of Ordinary Shares.
Our directors may (subject to our Amended Memorandum and Articles and BVI law)
authorize dividends at such time and in such amount as they determine. Each Ordinary Share is entitled to one vote on any resolution
of shareholders. In the event of a liquidation or dissolution of the Company, each Ordinary Share (subject to our Amended Memorandum
and Articles) is entitled to an equal share in all surplus assets remaining available for distribution to them after payment and discharge
of all claims, debts, liabilities and obligations of the Company and after provision is made for each class of shares (if any) having
preference over the Ordinary Shares. Holders of our Ordinary Shares have no pre-emptive rights. Subject to the provisions of the BVI
Act, we may, (subject to our Amended Memorandum and Articles) with the consent of the shareholder whose shares are to be purchased, repurchase
our Ordinary Shares in certain circumstances provided that the Company will, immediately after the repurchase, satisfy the solvency test.
The Company will satisfy the solvency test, if (i) the value of the Company's assets exceeds its liabilities; and (ii) the Company
is able to pay its debts as they fall due.
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Table of Contents
In
accordance with the BVI Act:
(i)
the
    Company may purchase, redeem or otherwise acquire its own shares in accordance with either (a) Sections 60, 61 and 62 of the BVI
    Act (save to the extent that those Sections are negated, modified or inconsistent with provisions for the purchase, redemption or
    acquisition of its own shares specified in the Company's Amended Memorandum and Articles); or (b) such other provisions for
    the purchase, redemption or acquisition of its own shares as may be specified in the Company's Amended Memorandum and Articles.
    The Company's Amended Memorandum and Articles provide that such Sections 60, 61 and 62 do not apply to the Company; and
(ii)
where
    a company may purchase, redeem or otherwise acquire its own shares otherwise than in accordance with Sections 60, 61 and 62 of the
    BVI Act, it may not purchase, redeem or otherwise acquire the shares without the consent of the member whose shares are to be purchased,
    redeemed or otherwise acquired, unless the Company is permitted by the Amended Memorandum and Articles to purchase, redeem or otherwise
    acquire the shares without that consent; and
(iii)
unless
    the shares are held as treasury shares in accordance with Section 64 of the BVI Act, any shares acquired by the Company are deemed
    to be cancelled immediately on purchase, redemption or other acquisition.
Variation
of the Rights of Shareholders.
Pursuant to our Amended Memorandum and Articles, the rights conferred upon the holders of the
shares of any class of the Company may (subject to our Amended Memorandum and Articles) only be varied, whether or not the Company being
wound up, with the consent in writing of or by resolution passed at a meeting by the holders of more than 50 percent of the issued shares
of that class.
Shareholder
Meetings.
In accordance with, and subject to, our Amended Memorandum and Articles, (a) any director of the Company may convene
meetings of the shareholders at such times as the director considers necessary or desirable (and the director convening a meeting of
shareholders may fix as the record date for determining those shareholders that are entitled to vote at the meeting the date notice is
given of the meeting, or such other date as may be specified in the notice, being a date not earlier than the date of the notice); and
(b) upon the written request of shareholders entitled to exercise 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. Under BVI Law, the memorandum and articles of association
may be amended to decrease but not increase the required percentage to call a meeting above 30%. In accordance with, and subject to,
our Amended Memorandum and Articles, (a) the director convening a meeting shall give not less than 7 days' notice of a meeting
of shareholders to those shareholders whose names on the date the notice is given appear as shareholders in the register of members of
the Company and are entitled to vote at the meeting; and the other directors; (b) a meeting of shareholders held in contravention of
the requirement to give notice is valid if shareholders holding at least 90% of the total voting rights on all the matters to be considered
at the meeting have waived notice of the meeting and, for this purpose, the presence of a shareholder at the meeting shall constitute
waiver in relation to all of the shares that that shareholder holds; (c) a meeting of shareholders is duly constituted if, at the commencement
of the meeting, there are present in person or by proxy not less than 50% of the votes of the shares or, where there exists more than
one class of shares, not less than 50 percent of each class or series of shares entitled to vote on resolutions of shareholders to be
considered at the meeting; and (d) if within two hours from the time appointed for the meeting a quorum is not present, the meeting,
if convened upon the request of the shareholders, shall be dissolved; in any other case it shall stand adjourned to the next business
day in the jurisdiction in which the meeting was to have been held at the same time and place or to such other time and place as the
directors may determine, and if at the adjourned meeting there are present within one hour from the time appointed for the meeting in
person or by proxy not less than one third of the votes of the shares entitled to vote on the matters to be considered by the meeting,
those present shall constitute a quorum but otherwise the meeting shall be dissolved.
Dividends.
Subject to the BVI Act and our Amended Memorandum and Articles, the directors of the Company may, by resolution of the directors,
authorize a distribution by way of dividend at a time and amount as they think fit if they are satisfied, based on reasonable grounds,
that, immediately after distribution of the dividend, the Company will meet the statutory solvency test. In accordance with, and subject
to, our Amended Memorandum and Articles, no dividend shall bear interest as against the Company (except as otherwise provided in our
Amended Memorandum and Articles).
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Liquidation.
On a liquidation or winding up of the Company assets available for distribution among the holders of ordinary shares shall be
distributed among the holders of the ordinary shares on a pro rata basis.
Appointment
and Removal of Directors
. In accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance
of any doubt, any rights or restrictions attaching to any Ordinary Shares), (a) the first directors of the Company shall be appointed
by the first registered agent within 6 months of the date of the incorporation of the Company; and thereafter, the directors shall be
elected by resolution of shareholders or by resolution of directors for such term as the shareholders or directors determine; (b) each
director holds office for the term, if any, fixed by the resolution of shareholders or resolution of directors appointing him, or until
his disqualification, earlier death, resignation or removal; (c) a director may be removed from office: (i) with or without cause, by
a resolution of shareholders passed at a meeting of shareholders called for the purposes of removing the director or for purposes including
the removal of the director or by a written resolution passed by a least seventy five percent of the Shareholders of the Company entitled
to vote; or (ii) with cause, by a resolution of directors passed at a meeting of directors called for the purpose of removing the director
or for purposes including the removal of the director resolution of directors or resolution of shareholders; (d) a director may resign
his office by giving written notice of his resignation to the Company and the resignation has effect from the date the notice is received
by the Company at the office of its registered agent or from such later date as may be specified in the notice and a director shall resign
forthwith as a director if he is, or becomes, disqualified from acting as a director under the BVI Act; (e) the directors may at any
time appoint any person to be a director either to fill a vacancy or as an addition to the existing directors and where the directors
appoint a person as director to fill a vacancy, the term shall not exceed the term that remained when the person who has ceased to be
a director ceased to hold office; (f) a vacancy in relation to directors occurs if a director dies or otherwise ceases to hold office
prior to the expiration of his term of office; and (g) a director is not required to hold shares in the Company as a qualification to
office.
Meetings
of Directors.
In accordance with, and subject to, our Amended Memorandum and Articles, (a) any one director of the Company may
call a meeting of the directors by sending a written notice to each other director; (b) the directors of the Company or any committee
thereof may meet at such times and in such manner as the directors may determine to be necessary or desirable; (c) a director shall be
given not less than 3 days' notice of meetings of directors, but a meeting of directors held without 3 days' notice having
been given to all directors shall be valid if all the directors entitled to vote at the meeting who do not attend waive notice of the
meeting, and for this purpose the presence of a director at a meeting shall constitute waiver by that director and the inadvertent failure
to give notice of a meeting to a director, or the fact that a director has not received the notice, does not invalidate the meeting;
(d) a meeting of directors is duly constituted for all purposes if at the commencement of the meeting there are present in person or
by alternate not less than one-half of the total number of directors, unless there are only 2 directors in which case the quorum is two;
(e) a director may by a written instrument appoint an alternate who need not be a director and the alternate shall be entitled to attend
meetings in the absence of the director who appointed him and to vote or consent in place of the director until the appointment lapses
or is terminated; (f) a resolution of directors is passed if either (i) the resolution is approved at a duly convened and constituted
meeting of directors of the Company or of a committee of directors of the Company by the affirmative vote of a majority of the directors
present at the meeting who voted except that where a director is given more than one vote, he shall be counted by the number of votes
he casts for the purpose of establishing a majority; or (ii) the resolution is consented to in writing by all directors or by all members
of a committee of directors of the Company, as the case may be, unless (in either case) the BVI Act or our Amended Memorandum and Articles
require a different majority.
Indemnification
of Directors.
In accordance with, and subject to, our Amended Memorandum and Articles (including the limitations detailed therein),
the Company shall indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement
and reasonably incurred in connection with legal, administrative or investigative proceedings any person who (a) is 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 company or a partnership, joint venture, trust or other enterprise.
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In
accordance with, and subject to, our Amended Memorandum and Articles (including the limitations detailed therein), (a) the indemnity
referred to above only applies if the person acted honestly and in good faith with a view to the best interests of the Company and, in
the case of criminal proceedings, the person had no reasonable cause to believe that their conduct was unlawful; (b) the decision of
the directors as to whether the person acted honestly and in good faith and with a view to the best interests of the Company and as to
whether the person had no reasonable cause to believe that his conduct was unlawful is, in the absence of fraud, sufficient for the purposes
of the articles of association, unless a question of law is involved; and (c) the termination of any proceedings by any judgment, order,
settlement, conviction or the entering of a nolle prosequi does not, by itself, create a presumption that the person did not act honestly
and in good faith and with a view to the best interests of the Company or that the person had reasonable cause to believe that his conduct
was unlawful.
In
accordance with, and subject to, our Amended Memorandum and Articles, the Company may purchase and maintain insurance in relation to
any person who is or was a director, officer or liquidator of the Company, or who at the request of the Company is or was serving as
a director, officer or liquidator of, or in any other capacity is or was acting for, another company or a partnership, joint venture,
trust or other enterprise, against any liability asserted against the person and incurred by the person in that capacity, whether or
not the Company has or would have had the power to indemnify the person against the liability as provided in the articles of association.
Directors
and Conflicts of Interest.
As noted above, pursuant to the BVI Act and the Company's Amended Memorandum and Articles, a
director of a company who has an interest in a transaction entered into or to be entered into by the Company and who has declared such
interest to the other directors, may:
(a)
vote
    on a matter relating to the transaction;
(b)
attend
    a meeting of directors at which a matter relating to the transaction arises and be included among the directors present at the meeting
    for the purposes of a quorum; and
(c)
sign
    a document on behalf of the Company, or do any other thing in his capacity as a director, that relates to the transaction, and, subject
    to compliance with the BVI Act shall not, by reason of his office be accountable to the Company for any benefit which he derives
    from such transaction and no such transaction shall be liable to be avoided on the grounds of any such interest or benefit.
In
accordance with, and subject to, our Amended Memorandum and Articles, (a) a director of the Company shall, forthwith after becoming aware
of the fact that he is interested in a transaction entered into or to be entered into by the Company, disclose the interest to all other
directors of the Company; and (b) for the purposes noted foregoing, a disclosure to all other directors to the effect that a director
is a member, director or officer of another named entity or has a fiduciary relationship with respect to the entity or a named individual
and is to be regarded as interested in any transaction which may, after the date of the entry or disclosure, be entered into with that
entity or individual, is a sufficient disclosure of interest in relation to that transaction.
Issuance
of Additional Shares.
Our Amended Memorandum and Articles authorizes our board of directors to issue additional ordinary shares
from time to time as our board of directors shall determine.
However,
under British Virgin Islands law, our directors may only exercise the rights and powers granted to them under our Amended Memorandum
and Articles for a proper purpose and for what they believe in good faith to be in the best interests of our Company.
Transfer
of Shares
. Under the BVI Act and our Amended Memorandum and Articles, shares that are listed on a recognized exchange 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 listed on the recognized exchange.
Disclosure
of the Securities and Exchange Commission's Position on Indemnification for Securities Act Liabilities.
Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the registrant pursuant
to the foregoing provisions, the registrant has been informed that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act and is therefore unenforceable.
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Summary
of Certain Significant Provisions of BVI Law
The
BVI Act differs from laws applicable to US corporations and their shareholders. Set forth below is a summary of certain significant provisions
of the BVI Act applicable to us (save to the extent that such provisions have been, to the extent permitted under the BVI Act, negated
or modified in our memorandum and articles of association in accordance with the BVI Act).
Mergers
and Similar Arrangements.
Under the BVI Act two or more BVI companies or a BVI company and non-BVI company, each a "constituent
company", may merge or consolidate. The BVI Act provides for slightly different procedures depending on the nature of the parties
to the merger.
A
merger involves the merging of two or more companies into one of the constituent companies (to the merger) with one constituent company
continuing in existence to become the surviving company post-merger. A consolidation involves two or more companies consolidating into
a new company.
A
merger is effective on the date that the articles of merger (as described below) are registered by the Registrar of Corporate Affairs
in the BVI, or on such later date, not exceeding 30 days from the date of registration as is stated in the articles of merger.
As
soon as a merger becomes effective:
a.
the
    surviving company (so far as is consistent with its memorandum and articles, as amended by the articles of merger) has all rights,
    privileges, immunities, powers, objects and purposes of each of the constituent companies;
b.
the
    memorandum and articles of the surviving company are automatically amended to the extent, if any, that changes to its memorandum
    and articles are contained in the articles of merger;
c.
assets
    of every description, including choses in action and the business of each of the constituent companies, immediately vest in the surviving
    company;
d.
the
    surviving 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; and
f.
no
    proceedings, whether civil or criminal, pending at the time of a merger by or against a constituent company, or against any member,
    director or officer, or agent thereof, are abated or discontinued by the merger; but
(i)
the
    proceedings may be enforced, prosecuted, settled or compromised by or against the surviving company or against the member, director,
    officer or agent thereof, as the case may be; or
(ii)
the
    surviving company may be substituted in the proceedings for a constituent company.
The
registrar shall strike off the Register of Companies a constituent company that is not the surviving company in the merger.
The
BVI Act provides that any member of the Company is entitled to payment of the fair value of his shares upon dissenting from a merger,
unless the Company is the surviving company of the merger and the member continues to hold the same or similar shares. The following
is a summary of the position in respect of dissenters rights in the event of a merger under the BVI Act.
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dissenter is in most circumstances required to give to the Company written objection to the merger, which must include a statement that
the dissenter proposes to demand payment for his shares if the merger takes place. This written objection must be given before the meeting
of members at which the merger is submitted to a vote, or at the meeting but before the vote. However, no objection is required from
a member to whom the Company did not give notice of the meeting of members or where the proposed merger is authorized by written consent
of the members without a meeting.
Within
20 days immediately following the written consent, or the meeting at which the merger was approved, the Company shall give written notice
of the consent or resolution to each member who gave written objection or from whom written objection was not required, except those
members who voted for, or consented in writing to, the proposed merger.
A
member to whom the Company was required to give notice who elects to dissent shall, within 20 days immediately following the date on
which the copy of the plan of merger or an outline of the merger is given to him, give to the Company a written notice of his decision
to elect to dissent, stating:
(a)
his
    name and address;
(b)
the
    number and classes of shares in respect of which he dissents (which must be all shares that he holds in the Company); and
(c)
a
    demand for payment of the fair value of his shares.
Upon
the giving of a notice of election to dissent, the dissenter ceases to have any of the rights of a member except the right to be paid
the fair value of his shares, and the right to institute proceedings to obtain relief on the ground that the action is illegal.
The
Company shall make a written offer to each dissenter to purchase his shares at a specified price that the Company determines to be their
fair value. Such offer must be given within 7 days immediately following the date of the expiration of the period within which members
may give their notices of election to dissent, or within 7 days immediately following the date on which the merger is put into effect,
whichever is later.
If
the Company and the dissenter fail, within 30 days immediately following the date on which the offer is made, to agree on the price to
be paid for the shares owned by the dissenter, then within 20 days:
(a)
the
    Company and the dissenter shall each designate an appraiser;
(b)
the
    two designated appraisers together shall designate an appraiser;
(c)
the
    three appraisers shall fix the fair value of the shares owned by the dissenter as of the close of business on the day prior to the
    date of the meeting or the date on which the resolution was passed, excluding any appreciation or depreciation directly or indirectly
    induced by the action or its proposal, and that value is binding on the Company and the dissenter for all purposes; and
(d)
the
    Company shall pay to the dissenter the amount in money upon the surrender by him of the certificates representing his shares, and
    such shares shall be cancelled.
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Continuation
into a Jurisdiction Outside the BVI.
In accordance with, and subject to, our Amended Memorandum and Articles, the Company may
by resolution of shareholders or by a resolution passed unanimously by all directors of the Company continue as a company incorporated
under the laws of a jurisdiction outside the BVI in the manner provided under those laws. The Company does not cease to be a BVI company
unless the foreign law permits continuation and the BVI company has complied with the requirements of that foreign law. Where a company
that wishes to continue as a company incorporated under the laws of a jurisdiction outside the BVI has a charge registered in respect
of the property of the company undersection 163 of the BVI Act which has not been released or satisfied, it shall, before continuing
and provided that the charge does not contain a covenant prohibiting continuation of the company outside the BVI, provide a written declaration
addressed to the Registrar specifying that: (a) a notice of satisfaction or release in respect of the charge has been filed and registered
under section 165 of the BVI Act; (b) where paragraph (a) has not been complied with, the chargee to whom the registered charge relates
has been notified in writing of the intention to continue the company as a company incorporated under the laws of a jurisdiction outside
the BVI and the chargee has given his or her consent or has not objected to the continuation; or (c) where paragraph (a) has not been
satisfied and the chargee, after notification under paragraph (b), has not given his or her consent or objected to the continuation,
the chargee's interest secured by the registered charge shall not be diminished or in any way compromised by the continuation and
the charge shall operate as a liability of the continued company incorporated under the laws of a jurisdiction outside of the BVI. Where
a company is continued under the laws of a jurisdiction outside the BVI, (a) the company continues to be liable for all of its claims,
debts, liabilities and obligations that existed prior to its continuation, (b) no conviction, judgment, ruling, order, claim, debt, liability
or obligation due or to become due, and no cause existing, against the company or against any shareholder, director, officer or agent
thereof, is released or impaired by its continuation as a company under the laws of the jurisdiction outside the BVI, (c) no proceedings,
whether civil or criminal, pending by or against the company, or against any shareholder, director, officer or agent thereof, are abated
or discontinued by its continuation as a company under the laws of the jurisdiction outside the BVI, but the proceedings may be enforced,
prosecuted, settled or compromised by or against the Company or against the shareholder, director, officer or agent thereof, as the case
may be; and (d) service of process may continue to be effected on the registered agent of the company in the BVI in respect of any claim,
debt, liability or obligation of the Company during its existence as a company under the BVI Act.
Members'
Suits.
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.
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. A derivative action concerns the infringement of the company's rights where the wrongdoers are in
control of the company and are preventing it from taking action, whereas a personal action concerns the infringement of a right that
is personal to the particular member concerned.
The
BVI Act provides for a series of remedies available to members. Where a company incorporated under the BVI Act conducts some activity
which breaches the BVI Act or the company's memorandum and articles of association, the BVI High Court can issue a restraining
or compliance order. Members can now also bring derivative, personal and Representative Actions under certain circumstances.
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.
In
certain circumstances, a member has the right to seek various remedies against the company in the event the directors are in breach of
their duties under the BVI Act. Pursuant to Section 184B of the BVI Act, if a company or director of a company engages in, proposes to
engage in or has engaged in, conduct that contravenes the provisions of the BVI Act or the memorandum or articles of association of the
company, the courts of the British Virgin Islands may, on application of a member or director of the company, 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 memorandum or articles. Furthermore, pursuant to Section 184I(1) of the BVI Act, a member of a company who considers that the
affairs of the company have been, are being or likely to be, conducted in a manner that is, or any acts of the company have been, or
are likely to be oppressive, unfairly discriminatory, or unfairly prejudicial to him in that capacity, may apply to the courts of the
British Virgin Islands for an order which, inter alia, can require the company or any other person to pay compensation to the members.
Inspection
of Books and Records.
A member of the Company is entitled, on giving written notice to the Company, to inspect (a) the memorandum
and articles of association of the Company; (b) the register of members; (c) the register of directors; and (d) the minutes of meetings
and resolutions of members and of those classes of members of which he is a member; and to make copies of or take extracts from the documents
and records. Subject to the memorandum and articles of association, the directors may, if they are satisfied that it would be contrary
to the Company's interests to allow a member to inspect any document, or part of a document, specified in (b), (c) and (d) above,
refuse to permit the member to inspect the document or limit the inspection of the document, including limiting the making of copies
or the taking of extracts from the records. Where a company fails or refuses to permit a member to inspect a document or permits a member
to inspect a document subject to limitations, that member may apply to the BVI High Court for an order that he should be permitted to
inspect the document or to inspect the document without limitation.
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company is required to keep at the office of its registered agent: its memorandum and articles of association of the company; the register
of members or a copy of the register of members; the register of directors or a copy of the register of directors; and copies of all
notices and other documents filed by the company in the previous ten years.
Squeeze-out
Provisions.
Members of a company holding 90% of the votes of the outstanding shares entitled to vote and members of a company
holding 90% of the votes of the outstanding shares of each class of shares entitled to vote as a class, may give a written instruction
to the company directing it to redeem the shares held by the remaining members.
Dissolution;
Winding up.
Under BVI law, the liquidation of a company may be a voluntary solvent liquidation or a insolvent liquidation under
the Insolvency Act. Where a company has been struck off the Register of Companies under the BVI Act continuously for a period of 7 years
it is dissolved with effect from the last day of that period.
Voluntary
Liquidation
If the liquidation is a solvent liquidation, the provisions of the BVI Act governs the liquidation. A company may
only be liquidated under the BVI Act as a solvent liquidation if it has no liabilities or it is able to pay its debts as they fall due
and the value of its assets exceeds its liabilities. Subject to the memorandum and articles of association of a company, a liquidator
may be appointed by a resolution of directors or resolution of members but if the directors have commenced liquidation by a resolution
of directors the members must approve the liquidation plan by a resolution of members save in limited circumstances.
A
liquidator is appointed for the purpose of collecting in and realizing the assets of a company and distributing proceeds to creditors.
Rights
of Non-resident or Foreign Members.
There are no limitations imposed by memorandum and articles of association on the rights
of non-resident or foreign members to hold or exercise voting rights on our shares. In addition, there are no provisions in our memorandum
and articles of association governing the ownership threshold above which member ownership must be disclosed.
Anti-money
laundering.
In order comply with legislation or regulations aimed at the prevention of money laundering the Company is required
to adopt and maintain anti-money laundering procedures, and may require members to provide evidence to verify their identity. Where permitted,
and subject to certain conditions, the Company also may delegate the maintenance of our anti-money laundering procedures (including the
acquisition of due diligence information) to a suitable person.
If
any person resident in the British Virgin Islands knows or suspects that another person is engaged in money laundering or terrorist financing
and the information for that knowledge or suspicion came to their attention in the course of their business the person will be required
to report his belief or suspicion to the Financial Investigation of the British Virgin Islands, pursuant to the Proceeds of Criminal
Conduct Act 1997 (as amended). Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure
of information imposed by any enactment or otherwise.
Material
Differences in BVI Law and our Memorandum and Articles of Association and Delaware Law
Our
corporate affairs are governed by our memorandum and articles and the provisions of applicable BVI law, including the BVI Act and BVI
common law. The BVI Act differs from laws applicable to US corporations and their shareholders. The following table provides a comparison
between certain statutory provisions of the BVI Act (together with the provisions of our memorandum and articles) and the Delaware General
Corporation Law relating to shareholders' rights.
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Shareholder
Meetings
BVI
Delaware
●
In
    accordance with, and subject to, our Amended Memorandum and Articles (a) any director of the company may convene meetings of the
    shareholders at such times and in such manner as the director considers necessary or 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.
●
May
be held at such time or place as designated in the charter or the by-laws, or if not so designated, as determined by the board of directors.
●
May
    be held inside or outside the BVI.
●
May
    be held inside or outside Delaware.
●
In
    accordance with, and subject to, our Amended Memorandum and Articles, (a) the director convening a meeting shall give not less than
    7 days' notice of a meeting of shareholders to those shareholders whose names on the date the notice is given appear as shareholders
    in the register of members of the company and are entitled to vote at the meeting; and the other directors; and (b) the director
    convening a meeting of shareholders may fix as the record date for determining those shareholders that are entitled to vote at the
    meeting the date notice is given of the meeting, or such other date as may be specified in the notice, being a date not earlier than
    the date of the notice.
●
Whenever
    shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place,
    if any, date and hour of the meeting, and the means of remote communication, if any.
Shareholder's Voting Rights
BVI
Delaware
●
In
    accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, any rights or restrictions
    attaching to any shares), (a) a shareholder may be represented at a meeting of shareholders by a proxy who may speak and vote on
    behalf of the shareholder; and (b) the instrument appointing a proxy shall be produced at the place designated for the meeting before
    the time for holding the meeting at which the person named in such instrument proposes to vote. The notice of the meeting may specify
    an alternative or additional place or time at which the proxy shall be presented.
●
Any
    person authorized to vote may authorize another person or persons to act for him by proxy.
●
In
    accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, any rights or restrictions
    attaching to any shares), (a) a meeting of shareholders 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 resolutions of shareholders to be considered at the meeting; and (b) if within two hours from the time appointed for the meeting
    a quorum is not present, the meeting, if convened upon the requisition of shareholders, shall be dissolved; in any other case it
    shall stand adjourned to the next business day in the jurisdiction in which the meeting was to have been held at the same time and
    place or to such other time and place as the directors may determine, and if at the adjourned meeting there are present within one
    hour from the time appointed for the meeting in person or by proxy not less than one third of the votes of the shares or each class
    or series of shares entitled to vote on the matters to be considered by the meeting, those present shall constitute a quorum but
    otherwise the meeting shall be dissolved.
●
The
                                            charter or bylaws may specify the number to constitute a quorum but in no event shall a quorum
                                            consist of less than one-third of shares entitled to vote at a meeting. In the absence of
                                            such specifications, a majority of shares shall constitute a quorum.
●
In
    accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, any rights or restrictions
    attaching to any shares), (a) at any meeting of the shareholders, the chairman is responsible for deciding in such manner as he considers
    appropriate whether any resolution proposed has been carried or not and the result of his decision shall be announced to the meeting
    and recorded in the minutes of the meeting. If the chairman has any doubt as to the outcome of the vote on a proposed resolution,
    he shall cause a poll to be taken of all votes cast upon such resolution. If the chairman fails to take a poll then any shareholder
    present in person or by proxy who disputes the announcement by the chairman of the result of any vote may immediately following such
    announcement demand that a poll be taken and the chairman shall cause a poll to be taken forthwith. If a poll is taken at any meeting,
    the result shall be announced to the meeting and recorded in the minutes of the meeting. In accordance with the BVI Act, a shareholder
    resolution is passed if approved by a majority of in excess of 50% or, if a higher majority is required by the memorandum and articles,
    that higher majority, of the votes of those shareholders entitled to vote and voting on the resolution; unless (in either case) the
    BVI Act or our memorandum and articles require a different majority.
●
Except
                                            as provided in the charter documents, changes in the rights of shareholders as set forth
                                            in the charter documents require approval of a majority of its shareholders.
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●
In
    accordance with, and subject to, our Amended Memorandum and Articles, (a) the rights attached to shares as specified in the memorandum
    may only, whether or not the Company is in liquidation, be varied with the consent in writing of or by a resolution passed
    at a meeting by the holders of more than 50 percent of the issued shares of that class, except where some other majority is required
    under our memorandum and articles or the BVI Act.
●
The
    certificate of incorporation or bylaws may provide for cumulative voting.
●
In
    accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, Clause 8 of the
    memorandum and any rights or restrictions attaching to any shares), the company may amend its memorandum or articles by a resolution
    of shareholders or by a resolution of directors, save that no amendment may be made by a Resolution of directors: (i) to restrict
    the rights or powers of the shareholders to amend the memorandum or articles; (ii) to change the percentage of shareholders required
    to pass a Resolution of Shareholders to amend the memorandum or articles; (iii) in circumstances where the memorandum or articles
    cannot be amended by the shareholders or (iv) to Clauses 7, 8, 9 or 12 of the memorandum.
Directors
BVI
Delaware
●
In
    accordance with, and subject to, our Amended Memorandum and Articles, the minimum number of directors shall be one.
●
Board
must consist of at least one member.
●
In
    accordance with, and subject to, our Amended Memorandum and Articles (including, for the avoidance of any doubt, any rights or restrictions
    attaching to any Ordinary Shares), (a) the first directors of the Company shall be appointed by the first registered agent within
    6 months of the date of the incorporation of the Company; and thereafter, the directors shall be elected by resolution of shareholders
    or by resolution of directors for such term as the shareholders or directors determine; (b) each director holds office for the term,
    if any, fixed by the resolution of shareholders or resolution of directors appointing him, or until his earlier death, resignation
    or removal; (c) a director may be removed from office: (i) with or without cause, by a resolution of shareholders passed at a meeting
    of shareholders called for the purposes of removing the director or for purposes including the removal of the director or by a written
    resolution passed by a least seventy five percent of the Shareholders of the Company entitled to vote; or (ii) with cause, by a resolution
    of directors passed at a meeting of directors called for the purpose of removing the director or for purposes including the removal
    of the director; (d) a director may resign his office by giving written notice of his resignation to the Company and the resignation
    has effect from the date the notice is received by the Company at the office of its registered agent or from such later date as may
    be specified in the notice and a director shall resign forthwith as a director if he is, or becomes, disqualified from acting as
    a director under the BVI Act; and (e) a director is not required to hold Ordinary Shares as a qualification to office.
●
Number
    of board members shall be fixed by the by laws, unless the charter fixes the number of directors, in which case a change in the number
    shall be made only by amendment of the charter.
●
Directors
    do not have to be independent.
●
Directors
    do not have to be independent.
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Shareholder's
    Derivative Actions
BVI
Delaware
●
Under
    the provisions of the 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.
●
In
    any derivative suit instituted by a shareholder of a corporation, it shall be averred in the complaint that the plaintiff was a shareholder
    of the corporation at the time of the transaction of which he complains or that such shareholder's stock thereafter devolved
    upon such shareholder by operation of law.
●
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. A derivative action concerns the infringement of the company's rights where the wrongdoers are
    in control of the company and are preventing it from taking action, whereas a personal action concerns the infringement of a right
    that is personal to the particular member concerned.
●
Complaint
    shall set forth with particularity the efforts of the plaintiff to obtain the action by the board or the reasons for not making such
    effort.
●
The
    Act provides for a series of remedies available to members. Where a company incorporated under the Act conducts some activity which
    breaches the Act or the company's memorandum and articles of association, the BVI High Court can issue a restraining or compliance
    order. Members can now also bring derivative, personal and Representative Actions under certain circumstances.
●
Such
    action shall not be dismissed or compromised without the approval of the Delaware Court of Chancery.
●
The
    traditional English basis for members' remedies have also been incorporated into the Act: where a member of a company considers
    that the affairs of the company have been, are being or are likely to be conducted in a manner likely to be oppressive, unfairly
    discriminating or unfairly prejudicial to him, he may apply to the BVI High Court for an order on such conduct.
●
Any
    member of a company may apply to the BVI High Court for the appointment of a liquidator for the company and the Court may appoint
    a liquidator for the company if it is of the opinion that it is just and equitable to do so.
●
The
    Act provides that any member of a company is entitled to payment of the fair value of his shares upon dissenting from any of the
    following:
(a)
a
    merger;
(b)
a
    consolidation;
(c)
any
    sale, transfer, lease, exchange or other disposition of more than 50 percent 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
    redemption of 10 percent, or fewer, of the issued shares of the company required by the holders of 90 percent, or more, of the shares
    of the company pursuant to the terms of the Act; and
(e)
an
    arrangement, if permitted by the BVI High Court.
●
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.
●
The
    Act provides that if a company or a director of a company engages in, proposes to engage in or has engaged in, conduct that contravenes
    the Act or the memorandum or articles of association of the company, the BVI High Court may, on the application of a member or a
    director of the company, make an order directing the company or director to comply with, or restraining the company or director from
    engaging in conduct that contravenes the Act or the memorandum or articles of association.
C.
Material
    Contracts
We
have not entered into any material contracts other than in the ordinary course of business and other than those described under "Item
4. Information on the Company," "Item 7. Major Shareholders and Related Party Transactions" or elsewhere in this annual
report.
D.
Exchange
    Controls
There
are currently no exchange control regulations in the British Virgin Islands applicable to us or our shareholders.
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E.
Taxation
Material
Tax Consequences Applicable to U.S. Holders of Our Ordinary Shares
The
following sets forth the material U.S. federal income tax consequences related to an investment in our Ordinary Shares. It is directed
to U.S. Holders (as defined below) of our Ordinary Shares and is based upon laws and relevant interpretations thereof in effect as of
the date of this report, all of which are subject to change. This description does not deal with all possible tax consequences relating
to an investment in our Ordinary Shares or U.S. tax laws, other than the U.S. federal income tax laws, such as the tax consequences under
non U.S. tax laws, state, local and other tax laws. Unless otherwise noted in the following discussion, this section is the opinion of
Sichenzia Ross Ference LLP, our U.S. Tax counsel, insofar as it relates to legal conclusions with respect to matters of U.S. federal
income tax law, and of O Tse & Co., our HK SAR counsel, insofar as it relates to legal conclusions with respect to matters of HK
SAR Taxation below.
The
following brief description applies only to U.S. Holders (defined below) that hold Ordinary Shares as capital assets and that have the
U.S. dollar as their functional currency. This brief description is based on the federal income tax laws of the United States in effect
as of the date of this report and on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this report,
as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are
subject to change, which change could apply retroactively and could affect the tax consequences described below.
The
brief description below of the U.S. federal income tax consequences to "U.S. Holders" will apply to you if you are a beneficial
owner of Ordinary Share and you are, for U.S. federal income tax purposes,
●
an
    individual who is a citizen or resident of the United States;
●
a
    corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the United
    States, any state thereof or the District of Columbia;
●
an
    estate whose income is subject to U.S. federal income taxation regardless of its source; or
●
a
    trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons
    for all substantial decisions or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a
    U.S. person.
HK
SAR Taxation
The
following brief description of HK SAR laws is designed to highlight the enterprise-level taxation on our earnings, which will affect
the amount of dividends, if any, we are ultimately able to pay to our shareholders. See "Dividend Policy."
Profits
tax
No
tax is imposed in HK SAR in respect of capital gains from the sale of property, such as our Ordinary Shares. Generally, gains arising
from disposal of the Ordinary Shares which are held more than two years are considered capital in nature. However, trading gains from
the sale of property by persons carrying on a trade, profession or business in HK SAR where such gains are derived from or arise in HK
SAR from such trade, profession or business will be chargeable to HK SAR profit tax. Liability for HK SAR profits tax would therefore
arise in respect of trading gains from the sale of Ordinary Shares realized by persons in the course of carrying on a business of trading
or dealing in securities in HK SAR where the purchase or sale contracts are effected (being negotiated, concluded and/or executed) in
HK SAR. Effective from April 1, 2018, profits tax is levied on a two-tiered profits tax rate basis, with the first HK$2 million of profits
being taxed at 8.25% for corporations and 7.5% for unincorporated businesses, and profits exceeding the first HK$2 million being taxed
at 16.5% for corporations and 15% for unincorporated businesses.
In
addition, HK SAR does not impose withholding tax on gains derived from the sale of stock in HK SAR companies and does not impose withholding
tax on dividends paid outside of HK SAR by HK SAR companies. Accordingly, investors will not be subject to HK SAR withholding tax with
respect to a disposition of their Ordinary Shares or with respect to the receipt of dividends on their Ordinary Shares, if any. No income
tax treaty relevant to the acquiring, withholding or dealing in the Ordinary Shares exists between HK SAR and the United States.
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Stamp
duty
HK
SAR stamp duty is generally payable on the transfer of "Hong Kong stocks." The term "stocks" refers to shares
in companies incorporated in HK SAR, as widely defined under the Stamp Duty Ordinance (Cap. 117 of the laws of Hong Kong), or SDO, and
includes shares. However, our Ordinary Shares are not considered "Hong Kong stocks" under the SDO since the transfer of the
Ordinary Shares are not required to be registered in HK SAR given that the books for the transfer of Ordinary Shares are located in the
United States. The transfer of Ordinary Shares is therefore not subject to stamp duty in HK SAR. If HK SAR stamp duty applies, both the
purchaser and the seller are liable for the stamp duty charged on each of the sold note and bought note at the ad valorem rate of 0.13%
on the higher of the consideration stated on the contract notes or the fair market value of the shares transferred. In addition, a fixed
duty, currently of HK$5.00, is payable on an instrument of transfer.
British
Virgin Islands Taxation
The
following summary contains a description of certain British Virgin Islands and U.S. federal income tax consequences of the acquisition,
ownership and disposition of ordinary shares, but it does not purport to be a comprehensive description of all the tax considerations
that may be relevant to a decision to purchase ordinary shares. The summary is based upon the tax laws of British Virgin Islands and
regulations thereunder and on the tax laws of the U.S. and regulations thereunder as of the date hereof, which are subject to change.
British
Virgin Islands Tax Considerations
Prospective
investors should consult their professional advisers on the possible tax consequences of buying, holding or selling any Shares under
the laws of their country of citizenship, residence or domicile.
Under
Existing British Virgin Islands Laws.
The
Company and all dividends, interest, rents, royalties, compensation and other amounts paid by the Company to persons who are not resident
in the BVI and any capital gains realized with respect to any shares, debt obligations, or other securities of the Company by persons
who are not resident in the BVI are exempt from all provisions of the Income Tax Ordinance in the BVI.
No
estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons who are not resident in the BVI with
respect to any shares, debt obligation or other securities of the Company.
All
instruments relating to transfers of property to or by the Company and all instruments relating to transactions in respect of the shares,
debt obligations or other securities of the Company and all instruments relating to other transactions relating to the business of the
Company are exempt from payment of stamp duty in the BVI. This assumes that the Company does not hold an interest in real estate in the
BVI.
There
are currently no withholding taxes or exchange control regulations in the BVI applicable to the Company or its members.
The
disclosure included in the Taxation Section of this report is the opinion of Maples & Calder, our BVI counsel, on the BVI tax consequences
of investing in the Company. In addition, Maples & Calder has confirmed rendering the tax opinion relating the BVI taxation contained
in this section in part of its legal opinion attached herein as
Exhibit 15.1.
United
States Federal Income Taxation
WE
URGE POTENTIAL PURCHASERS OF OUR ORDINARY SHARES TO CONSULT THEIR OWN TAXADVISORS CONCERNING THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S.
TAXCONSEQUENCES OF PURCHASING, OWNING AND DISPOSING OF OUR ORDINARY SHARES.
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The
following does not address the tax consequences to any particular investor or to persons in special tax situations such as:
●
banks;
●
financial
    institutions;
●
insurance
    companies;
●
regulated
    investment companies;
●
real
    estate investment trusts;
●
broker-dealers;
●
traders
    that elect to mark-to-market;
●
U.S.
    expatriates;
●
tax-exempt
    entities;
●
persons
    liable for alternative minimum tax;
●
persons
    holding our Ordinary Shares as part of a straddle, hedging, conversion or integrated transaction;
●
persons
    that actually or constructively own 10% or more of our voting shares (including by reason of owning our Ordinary Shares);
●
persons
    who acquired our Ordinary Shares pursuant to the exercise of any employee share option or otherwise as compensation; or
●
persons
    holding our Ordinary Shares through partnerships or other pass-through entities.
The
discussion set forth below is addressed only to U.S. Holders that purchase Ordinary Shares. Prospective purchasers are urged to consult
their own tax advisors about the application of the U.S. federal income tax rules to their particular circumstances as well as the state,
local, foreign and other tax consequences to them of the purchase, ownership and disposition of our Ordinary Shares.
Material
Tax Consequences Applicable to U.S. Holders of Our Ordinary Shares
The
following sets forth the material U.S. federal income tax consequences related to the ownership and disposition of our Ordinary Shares.
It is directed to U.S. Holders (as defined below) of our Ordinary Shares and is based upon laws and relevant interpretations thereof
in effect as of the date of this report, all of which are subject to change. This description does not deal with all possible tax consequences
relating to ownership and disposition of our Ordinary Shares or U.S. tax laws, other than the U.S. federal income tax laws, such as the
tax consequences under non-U.S. tax laws, state, local and other tax laws.
The
following brief description applies only to U.S. Holders (defined below) that hold Ordinary Shares as capital assets and that have the
U.S. dollar as their functional currency. This brief description is based on the federal income tax laws of the United States in effect
as of the date of this report and on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this report,
as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are
subject to change, which change could apply retroactively and could affect the tax consequences described below.
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The
brief description below of the U.S. federal income tax consequences to "U.S. Holders" will apply to you if you are a beneficial
owner of Ordinary Share and you are, for U.S. federal income tax purposes,
●
an
    individual who is a citizen or resident of the United States;
●
a
    corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the United
    States, any state thereof or the District of Columbia;
●
an
    estate whose income is subject to U.S. federal income taxation regardless of its source; or
●
a
    trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons
    for all substantial decisions or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a
    U.S. person.
Taxation
of Dividends and Other Distributions on our Ordinary Shares
Subject
to the passive foreign investment company rules discussed below, the gross amount of distributions made by us to you with respect to
the Ordinary Shares (including the amount of any taxes withheld therefrom) will generally be includable in your gross income as dividend
income on the date of receipt by you, but only to the extent that the distribution is paid out of our current or accumulated earnings
and profits (as determined under U.S. federal income tax principles). With respect to corporate U.S. Holders, the dividends will not
be eligible for the dividends-received deduction allowed to corporations in respect of dividends received from other U.S. corporations.
With
respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable
to qualified dividend income, provided that (1) the Ordinary Shares are readily tradable on an established securities market in the United
States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes an exchange
of information program, (2) we are not a passive foreign investment company (as discussed below) for either our taxable year in which
the dividend is paid or the preceding taxable year, and (3) certain holding period requirements are met. Because there is no income tax
treaty between the United States and the British Virgin Islands, clause (1) above can be satisfied only if the Ordinary Shares are readily
tradable on an established securities market in the United States. Under U.S. Internal Revenue Service authority, Ordinary Shares are
considered for purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are
listed on the Nasdaq Capital Market. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends
paid with respect to our Ordinary Shares, including the effects of any change in law after the date of this report. Non-corporate U.S.
Holders will also be subject to the 3.8% Net Investment Income Tax if their income exceeds the threshold amounts for such tax.
Dividends
will constitute foreign source income for foreign tax credit limitation purposes. If the dividends are taxed as qualified dividend income
(as discussed above), the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will
be limited to the gross amount of the dividend, multiplied by the reduced rate divided by the highest rate of tax normally applicable
to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income.
For this purpose, dividends distributed by us with respect to our Ordinary Shares will constitute "passive category income"
but could, in the case of certain U.S. Holders, constitute "general category income."
A
dividend distribution that exceeds our current and accumulated earnings and profits is treated as a tax-free return of your tax basis
in your Ordinary Shares, and to the extent that it exceeds your tax basis, as capital gain, but only if we determine our accumulated
earnings and profits under U.S. federal income tax principles. We do not intend to calculate our earnings and profits under U.S. federal
income tax principles. Therefore, a U.S. Holder should expect that a distribution will be treated as a dividend even if that distribution
would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above. The Net Investment
Income Tax also applies to capital gains.
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Taxation
of Dispositions of Ordinary Shares
Subject
to the passive foreign investment company rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other
taxable disposition of a share equal to the difference between the amount realized (in U.S. dollars) for the share and your tax basis
(in U.S. dollars) in the Ordinary Shares. The gain or loss will be capital gain or loss. Subject to the passive foreign investment company
rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a share equal to
the difference between the amount realized (in U.S. dollars) for the share and your tax basis (in U.S. dollars) in the Ordinary Shares.
The gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including an individual U.S. Holder, who has held
the Ordinary Shares for more than one year, you will generally be eligible for reduced tax rates. The deductibility of capital losses
is subject to limitations. Any such gain or loss that you recognize will generally be treated as United States source income or loss
for foreign tax credit limitation purposes which will generally limit the availability of foreign tax credits.
If
you are a non-corporate U.S. Holder, including an individual U.S. Holder, who has held the Ordinary Shares for more than one year, you
will generally be eligible for reduced tax rates. The deductibility of capital losses is subject to limitations. Any such gain or loss
that you recognize will generally be treated as United States source income or loss for foreign tax credit limitation purposes, which
will generally limit the availability of foreign tax credits.
Passive
Foreign Investment Company
Our
status as a Passive Foreign Investment Company.
A
non-U.S. corporation is considered a passive foreign investment company or "PFIC" for any taxable year if either:
●
at least 75% of its gross income for such taxable year is passive income (the "passive income test"); or
●
at least 50% of the value of its assets (based on an average of the quarterly values of the assets during a taxable year) is attributable
to assets that produce or are held for the production of passive income (the "asset test")
Passive
income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of
a trade or business) and gains from the disposition of passive assets.
In
determining whether we are a PFIC, we are permitted, under Internal Revenue Code ("Code") Section 1297(c), to take into account,
on a pro rata basis, the income and the assets of any entity of which we own (or are treated under the Code as owning) at least 25% of
the stock by value (a so-called "look-through subsidiary"). Because we own 100% of the stock of Wang & Lee Contracting
Limited ("Wang & Lee"), in determining our PFIC status we will take into account its income and assets (other than certain
assets, or the income therefrom, that are subject to intercompany transfers), as well as the income and assets of any other look-through
subsidiary.
Taking
into account the income and assets of Wang & Lee, our status as a PFIC will depend on the nature of our income and the income of
Wang & Lee (as well as the income and assets of any other look-through subsidiary). We expect Wang & Lee to have considerable
amounts of income from operations and so we expect that any passive income generated by us and by Wang & Lee (and our other 100%
owned subsidiary) will not amount to 75% of the total income from all the entities. Accordingly, based on our current operations we would
not expect to be a PFIC under the passive income test. (As discussed below, PFIC status is determined on an annual basis and our status
as a PFIC under the passive income test may change from year to year.)
In
determining whether we are a PFIC under the assets test, a number of different kinds of assets must be taken into account. Wang &
Lee has considerable assets used in its operations which would be counted as active assets. However, in our initial public offering we
expect to raise for our company cash in an amount that considerably exceeds the value of the operational assets of Wang & Lee. The
IRS has stated that cash, even if held as working capital, produces passive income and is therefore a passive asset. Our status as a
PFIC under the assets test will therefore depend in part on how quickly we spend the cash that we raise. Our status as a PFIC could also
depend on the value of our stock as determined by the market. PFIC status based on assets is calculated annually and is based on the
average quarterly value of our assets. Accordingly, our status as a PFIC based on the assets test could change from year to year.
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Based
on the foregoing, it is not possible to determine whether we will be characterized as a PFIC for the 2022 taxable year or any subsequent
year until after the close of the relevant year. We must make a separate determination each year as to whether we are a PFIC (under either
the asset test or the passive income test), and there can be no assurance with respect to our status as a PFIC for 2022 or any future
taxable year.
If
we are a PFIC for any year during which you hold our Ordinary Shares, we will continue to be treated as a PFIC with respect to you for
all succeeding years during which you hold our Ordinary Shares, even if in a succeeding taxable year we are no longer classified as a
PFIC. However, if we cease to be a PFIC, you may avoid the adverse effects of the PFIC regime thereafter by making a "purging election"
(as described below) with respect to the Ordinary Shares. A discussion of other ways in which you may be able to mitigate some of the
adverse effects of PFIC status are also discussed below.
Consequences
to you of PFIC status.
If
we are a PFIC for a taxable year during which you hold Ordinary Shares, you will be subject to special tax rules with respect to any
"excess distribution" that you receive, and with respect to any gain that you realize from a sale or other disposition (including
a pledge) of the Ordinary Shares, in that year and subsequent years, unless you make a "mark-to-market" election as discussed
below. You will be subject to these rules for the first year in which we are a PFIC and for all subsequent years unless (i) we cease
to be classified as a PFIC and (ii) you make a "purging election", as discussed below.
"Excess
distributions" are distributions you receive from us in a taxable year that are greater than 125% of the average annual distributions
you received from us during (i) the three preceding taxable years or (ii) your holding period for the Ordinary Shares, whichever is shorter.
Under the special tax rules that apply to excess distributions, and to gains realized from a disposition of our Ordinary Shares,
●
the excess distribution or gain will be allocated ratably (on a daily basis) over your holding period for the Ordinary Shares;
●
the amount allocated to your current taxable year, and any amount allocated to any tax year(s) in your holding period prior to the first
taxable year in which we were a PFIC, will be treated as ordinary income arising in the current taxable year; and
●
the amount allocated to each of your other taxable year(s) – i.e., prior years during which we were a PFIC — will be subject
to the highest tax rate in effect for that year; moreover, interest charges generally applicable to underpayments of tax will be imposed
on the resulting tax attributable to each such year.
The
tax liability for amounts allocated to years prior to the year of excess distribution or disposition cannot be offset by any net operating
losses for such years, and gains (but not losses) realized on the sale of the Ordinary Shares cannot be treated as capital, even if you
hold the Ordinary Shares as capital assets.
"Mark-to-market"
election. To elect out of the excess distribution tax treatment discussed above, a U.S. Holder of "marketable stock" (as
defined below) in a PFIC may make a mark-to-market election for such stock. If you make a mark-to-market election for the first taxable
year which you hold (or are deemed to hold) Ordinary Shares and for which we are determined to be a PFIC, you will include in your income
each year an amount equal to the excess, if any, of the fair market value of the Ordinary Shares as of the close of such taxable year
over your adjusted basis in such Ordinary Shares. Such excess will be treated as ordinary income and not capital gain. Under the mark-to-market
rules you are allowed an ordinary loss for the excess, if any, of the adjusted basis of the Ordinary Shares over their fair market value
as of the close of the taxable year. However, such ordinary loss is allowable only to the extent of any net mark-to-market gains on the
Ordinary Shares included in your income for prior taxable years. Your basis in the Ordinary Shares will be adjusted to reflect any such
income or loss amounts.
In
you sell or otherwise dispose of any Ordinary Shares that are subject to a mark-to-market election, any gain on the sale or other disposition
is treated as ordinary income. Any loss incurred on such sale or disposition is treated as an ordinary loss, but only to the extent that
the amount of such loss does not exceed the net mark-to-market gains previously included for such Ordinary Shares.
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If
you make a valid mark-to-market election and if we subsequently make dividend distributions, the tax rules that apply to distributions
by corporations which are not PFICs would apply to such distributions, except that the lower applicable capital gains rate for qualified
dividend income discussed above under "— Taxation of Dividends and Other Distributions on our Ordinary Shares" generally
would not apply.
The
mark-to-market election is available only for "marketable stock", which is stock that is traded, other than in de minimis
quantities, on at least 15 days during each calendar quarter ("regularly traded") on a qualified exchange or other market
(as defined in applicable U.S. Treasury regulations), including the Nasdaq Capital Market. We will be listed on the Nasdaq Capital Market,
but we are uncertain as to whether our Ordinary Shares will be regularly traded. If our Ordinary Shares do not trade regularly on the
Nasdaq Capital Market, the mark-to-market election would not be available to you were we to be or become a PFIC.
"Purging
election." If you do not make a timely "mark-to-market" election (as described above), and if we were a PFIC at any
time during the period you hold our Ordinary Shares, then such Ordinary Shares will continue to be treated as stock of a PFIC with respect
to you even if we cease to be a PFIC in a future year, unless you make a "purging election" for the year we cease to be a
PFIC. A "purging election" creates a deemed sale of such Ordinary Shares at their fair market value on the last day of the
last year in which we are treated as a PFIC. The gain recognized by the purging election will be subject to the special tax and interest
charge rules, described above, that apply to excess distributions. But as long as we are not thereafter a PFIC, dividends distributed
by us (or gains from the sale of our Ordinary Shares) following a purging election will no longer be subject to the rules (described
above) that apply to excess distributions. As a result of the purging election, you will have a new basis (equal to the fair market value
of the Ordinary Shares on the last day of the last year in which we are treated as a PFIC) and a new holding period (which new holding
period will begin the day after such last day) in your Ordinary Shares for tax purposes.
In
some cases a U.S. Holder of stock in a PFIC may make a "qualified electing fund" election with respect to such PFIC to elect
out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC generally
includes in gross income for a taxable year such holder's pro rata share of the corporation's earnings and profits for the
taxable year. However, the qualified electing fund election is available only if the PFIC provides the U.S. Holder with certain information
regarding its earnings and profits as required under applicable U.S. Treasury regulations. We do not currently intend to prepare or provide
the information that would enable you to make a qualified electing fund election.
Reporting
requirements.
If you hold Ordinary Shares in any taxable year in which we are a PFIC, you will in all likelihood be required
to file U.S. Internal Revenue Service Form 8621 for each such year and provide certain annual information regarding such Ordinary Shares,
including information on distributions received on the Ordinary Shares and any gain realized on the disposition of the Ordinary Shares.
You should consult your tax advisor about Form 8621 filing requirements.
The
PFIC rules are complex and uncertain. You are urged to consult your tax advisor regarding the application of the PFIC rules to your investment
in our Ordinary Shares and the elections discussed above, including your ability to make a "protective election" if you are
uncertain about our PFIC status, and the PFIC filing requirements
Information
Reporting and Backup Withholding
Dividend
payments with respect to our Ordinary Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject
to information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding at a current rate of 24%. Backup withholding
will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification
on U.S. Internal Revenue Service Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish
their exempt status generally must provide such certification on U.S. Internal Revenue Service Form W-9. U.S. Holders are urged to consult
their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.
108
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Backup
withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability,
and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund
with the U.S. Internal Revenue Service and furnishing any required information. We do not intend to withhold taxes for individual shareholders.
However, transactions effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup
withholding), and such brokers or intermediaries may be required by law to withhold such taxes.
Certain
U.S. Holders are required to report information relating to our Ordinary Shares, subject to certain exceptions (including an exception
for Ordinary Shares held in accounts maintained by certain financial institutions), by attaching a complete Internal Revenue Service
Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold Ordinary Shares.
Additional
reporting requirements that apply if we are classified as a PFIC are discussed above under "Passive Foreign Investment Company
– Reporting Requirements".
F.
Dividends
    and Paying Agents
Not
Applicable.
G.
Statement
    by Experts
Not
Applicable.
H.
Documents
    on Display
We
previously filed a registration statement on Form F-1 with the SEC to register the sale of our Ordinary Shares in our initial public
offering.
We
are subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers and
are required to file reports and other information with the SEC. Specifically, we are required to file annually an annual report on Form
20-F within four months after the end of each fiscal year, which is December 31. All information filed with the SEC can be obtained over
the internet at the SEC's website at
www.sec.gov
. 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.
Our
annual reports will include a review of operations and annual audited combined and consolidated financial statements prepared in conformity
with U.S. GAAP, and we will make available all notices of shareholders' meetings and other reports and communications to our shareholders
in accordance with all applicable legislation and regulation. In accordance with the requirements of Nasdaq, we will post this annual
report on Form 20-F on our website at
http://www.wangnlee.com.hk
.
I.
Subsidiary
    Information
Not
applicable.
J.
Annual
    Report to Security Holders
Not
applicable.
ITEM 11.
QUANTITATIVE AND QUALITATIVE
  DISCLOSURES ABOUT MARKET RISK
Credit
risk - Account receivables and contract assets arising from contracts with customers
In
order to minimize the credit risk, the management of the Company has delegated
a team responsible for determination of credit limits and credit approvals. Other monitoring procedures are in place to ensure that follow-up
action is taken to recover overdue debts. Internal credit rating has been given to each category of debtors after considering aging, historical
observed default rates, repayment history and past due status of respective account receivables. Estimated loss rates are based on probability
of default and loss given default with reference to an external credit report and are adjusted for reasonable and supportable forward-looking
information that is available without undue costs or effort while credit-impaired trade balances were assessed individually. In this regard,
the directors consider that the Company's credit risk is significantly reduced. The maximum potential loss of account receivables
and contract assets for the year ended December 31, 2022 is $1,068,287 and $1,037,458, respectively.
Interest
risk - Cash flow interest rate risk
The
Company is exposed to cash flow interest rate risk through the changes in interest rates related mainly to the Company's variable-rates
line of credit, short-term bank loans and bank balances.
The
Company currently does not have any interest rate hedging policy in relation to fair value interest rate risk and cash flow interest
rate risk. The directors monitor the Company's exposures on an ongoing basis and will consider hedging the interest rate should
the need arises.
Foreign
currency risk
Foreign
currency risk is the risk that the holding of foreign currency assets will affect the Company's financial position as a result
of a change in foreign currency exchange rates.
The
Company's monetary assets and liabilities are mainly denominated in HK$, the Company did not have foreign currency denominated
monetary liabilities at the end of reporting period. the Company currently does not have a foreign currency hedging policy to eliminate
the currency exposures. However, the directors monitor the related foreign currency exposure closely and will consider hedging significant
foreign currency exposures should the need arise. The Company, the currency risk of $    is considered insignificant as
HK$ is pegged to $    and therefore no sensitivity analysis is presented.
Economic
and political risks
The
Company's operations are mainly conducted in HK SAR. Accordingly, the Company's business, financial condition, and results
of operations may be influenced by changes in the political, economic, and legal environments in HK SAR.
The
Company's operations in HK SAR are subject to special considerations and significant risks not typically associated with companies
in North America and Western Europe. 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 HK SAR, 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, among other things.
Environmental
risks
The
Company has procured environmental licenses required by the HK SAR government. Historically there was no penalties charged over the environmental
issue during any engagement of construction works. In addition, the Company also obtained a certification of complies with the requirements
of ISO 14001: 2015 Environmental Management System Standard to maintain and proved the quality service with less environmental risk.
Inflation
Risk
Management
monitors changes in price levels. Historically inflation has not materially impacted the Company's audited consolidated financial
statements; however, significant increases in the price of raw materials and labor that cannot be passed to the Company's customers
could adversely impact WLHK's results of operations.
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Table of Contents
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
Not
applicable.
PART
II.
ITEM
                                            13.
DEFAULTS,
                                            DIVIDEND ARREARAGES AND DELINQUENCIES
None.
ITEM
                                            14.
MATERIAL
                                            MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Material
Modifications to the Rights of Security Holders
None.
Use
of Proceeds
The following "Use of Proceeds"
information relates to the registration statement on Form F-1 in relation to our initial public offering of 1,600,000 Ordinary Shares,
at a purchase price of US$5.00. Our initial public offering was completed on April 24, 2023. The total expenses incurred for our Company's
account in connection with our initial public offering includes US$0.56 million in underwriting discounts and commissions and approximately
US$1.2 million in other costs and expenses. We raised approximately US$6.0 million in net proceeds from the issuance of new shares from
the initial public offering. As of the date of this report, we intend to use the proceeds from our initial public offering as disclosed
in our prospectus dated April 20, 2023.
ITEM 15.
CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
This
annual report does not include a report of management's assessment regarding internal control over financial reporting or an attestation
report by our independent registered public accounting firm due to a transition period established by rules of the SEC for newly listed
public companies.
Internal
Control Over Financial Reporting
In
connection with the audit of our combined and consolidated financial statements included in this annual report, we and our independent
registered public accounting firm identified one material weakness in our internal control over financial reporting. As defined in the
standards established by the U.S. Public Company Accounting Oversight Board, 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 annual or interim financial statements will not be prevented or detected on a timely basis.
The
material weakness that has been identified relates to lack of sufficient skilled staff with U.S. GAAP knowledge for the purpose of financial
reporting, to ensure proper financial reporting to comply with U.S. GAAP and SEC requirements. Neither we nor our independent registered
public accounting firm undertook a comprehensive assessment of our internal control for purposes of identifying and reporting material
weaknesses and other deficiencies in our internal control over financial reporting. Had we performed a formal assessment of our internal
control over financial reporting or had our independent registered public accounting firm performed an audit of our internal control
over financial reporting, additional deficiencies may have been identified.
110
Table of Contents
We
have implemented and plan to implement a number of measures to address the material weakness that has been identified in connection with
the audit of our combined and consolidated financial statements as of and for the year ended December 31, 2022. We have taken measures
and plan to continue to take measures to remediate these deficiencies. We have hired and will continue to hire more accounting personnel
to strengthen the financial reporting function and setting up a financial and system control framework. We are developing and are in
the process of implementing a comprehensive set of period-end financial reporting policies and procedures. We are committed to rectifying
this material weakness within six months from the completion of our initial public offering. We have budgeted $500,000 from the offering
proceeds to improve our internal controls.
However, we cannot assure you
that all these measures will be sufficient to remediate our material weakness in time, or at all. See "Item 3. Key Information —
D. Risk Factors —  Risks Related to Ownership of Our Ordinary Shares — Our internal controls over
financial reporting may not be effective and our independent registered public accounting firm may not be able to certify as to their
effectiveness, which could have a significant and adverse effect on our business and reputation."
As
a company with less than US$1.235 billion in revenue for the fiscal year of 2022, we qualify as an "emerging growth company"
pursuant to the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are
otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under
Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company's internal control over financial
reporting.
Changes
in Internal Control over Financial Reporting
There
has been no change in our internal controls over financial reporting other than the remediation of the material weakness relates to lack
of sufficient skilled staff with U.S. GAAP knowledge for the purpose of financial reporting as described above.
ITEM
16.
[Reserved]
ITEM 16.A.
AUDIT COMMITTEE FINANCIAL
  EXPERT
Our
board of directors has determined that Mr. Edmund Chan qualifies as an audit committee financial expert and has the accounting or financial
management expertise as defined under Item 407(d)(5) of Regulation S-K and required under NASDAQ Rule 5605(c)(2).
ITEM 16.B.
CODE OF ETHICS
Our
board of directors has adopted a code of ethics that applies to all of the directors, officers and employees. We have posted a copy of
our code of business conduct and ethics on our website at
http://www.wangnlee.com.hk
.
ITEM
                                            16.C.
PRINCIPAL
                                            ACCOUNTANT FEES AND SERVICES
The
following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
by WWC P.C., our principal external auditors, for the periods indicated.
2022
2021
Audit fees
(1)
$
170,000
60,000
All other fees
(2)
-
-
(1)
"Audit
    fees" means the aggregate fees billed in each of the fiscal years listed for professional services rendered by our principal
    auditors for the audit of our annual financial statements and assistance with and review of documents filed with the SEC.
(2)
"All
    other fees" means the aggregate fees billed in each of the fiscal years listed for professional services rendered by our principal
    auditors associated with certain permitted advisory services.
The
policy of our audit committee is to pre-approve all audit and non-audit services provided by WWC P.C., including audit services and other
services as described above, other than those for
de minimis
services which are approved by the audit committee prior to the completion
of the audit.
111
Table of Contents
ITEM
                                            16.D.
EXEMPTIONS
                                            FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not
applicable.
ITEM
                                            16.E.
PURCHASES
                                            OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
Not
applicable.
ITEM
                                            16.F.
CHANGE
                                            IN REGISTRANT'S CERTIFYING ACCOUNTANT
Not
applicable.
ITEM
                                            16.G.
CORPORATE
                                            GOVERNANCE
As
a BVI company listed on the Nasdaq Capital Market, we are subject to the Nasdaq Stock Market Rules. However, the Nasdaq Stock Market
Rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance
practices in the BVI, which is our home country, may differ significantly from the Nasdaq listing standards. We may choose to follow
additional home country practices in the future. As a result, our shareholders may be afforded less protection than they would otherwise
enjoy under the Nasdaq Stock Market's corporate governance listing standards applicable to U.S. domestic issuers. See "Item
3. Key Information — D. Risk Factors — Risks Related to Ownership of Our Ordinary Shares — You may face difficulties
in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated
under British Virgin Islands law."
ITEM
                                            16.H.
MINE
                                            SAFETY DISCLOSURE
Not
applicable.
ITEM
                                            16.I.
DISCLOSURE
                                            REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not
applicable.
PART
III.
ITEM
                                            17.
FINANCIAL
                                            STATEMENTS
We
have elected to provide financial statements pursuant to Item 18.
ITEM
                                            18.
FINANCIAL
                                            STATEMENTS
The
combined and consolidated financial statements of our Group are included at the end of this annual report.
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Table of Contents
ITEM
                                            19.
EXHIBITS
EXHIBIT
INDEX
Exhibit
    No.
Description
1.1
Amended
    and Restated Memorandum and Articles of Association of WANG & LEE GROUP, Inc. (incorporated herein by reference to Exhibit 3.2
    to the registration statement on Form F-1/A filed on March 28, 2023)
2.1
Registrant's
    Specimen Certificate for Ordinary Shares (incorporated herein by reference to Exhibit 4.1 to the registration statement on Form
    F-1/A filed on March 28, 2023)
4.1
Employment
    Agreement between the Company and its executive officers (incorporated herein by reference to Exhibit 10.1 to the registration
    statement  Form F-1/A filed on March 28, 2023)
4.2
Lease
    Agreement (incorporated herein by reference to Exhibit 10.2 to the registration statement on Form F-1/A filed on March 28,
    2023)
4.3
Underwriting Agreement (incorporated herein by reference to Exhibit 1.1 to the Current Report on Form 6-K filed on April 24, 2023)
8.1*
Subsidiary(ies) of the Registrant
11.1
Code of Business Conduct and Ethics of the Registrant (incorporated herein by reference to Exhibit 99.1 to the Form F-1/A filed on March 28, 2023)
12.1*
Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12.2*
Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13.1**
Certification by Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
13.2**
Certification by Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*
Inline
    XBRL Instance Document—this instance document does not appear in the Interactive Data File because its XBRL tags are embedded
    within the Inline XBRL document
101.SCH*
Inline
    XBRL Taxonomy Extension Scheme 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 Exhibit 101 Inline XBRL document set)
*
Filed with this Annual Report on Form 20-F.
**
Furnished with this Annual Report on Form 20-F.
113
Table of Contents
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements for filing its annual report on Form 20-F and that it has duly caused
and authorized the undersigned to sign this annual report on its behalf.
WANG
& LEE GROUP, Inc.
By:
/s/ Pui Lung, Ho
Pui Lung, Ho
Chief Executive Officer
(Principal Executive Officer)
/s/ Yuk Ming, Gary Ma
Yuk Ming, Gary Ma
Chief Financial Officer
Principal Accounting and Financial Officer
Date:
May 15, 2023
114
Table of Contents
WANG
& LEE GROUP, INC.
INDEX
TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
TABLE
OF CONTENTS
PAGE
Report of Independent Registered Public Accounting Firm
F-2
FINANCIAL
    STATEMENTS
Audited Consolidated Balance Sheets
F-4
Audited Consolidated Statements of Operations and Comprehensive Loss
F-5
Audited Consolidated Statements of Changes in Shareholders' Deficit
F-6
Audited Consolidated Statements of Cash Flows
F-7
Notes to the Audited Consolidated Financial Statements
F-8
F-
1
To:
The
    Board of Directors and Shareholders of
Wang & Lee Group Inc.
Report
of Independent Registered Public Accounting Firm
Opinion
on the Financial Statements
We have audited the accompanying consolidated balance
sheets of Wang & Lee Group Inc. and its subsidiaries (collectively the "Company") as of December 31, 2022 and 2021, and
the related consolidated statements of operations and comprehensive loss, changes in shareholders' deficit, and cash flows for each
of the years in the two-year period ended December 31, 2022, and the 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 each of the years in the two-year period ended December 31,
2022, 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 consolidated financial
statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial
statements, the Company has an accumulated deficit and has a working capital deficit, net cash outflows from operating activities
which raises substantial doubt about its ability to continue as a going concern. Management's plan in regard to these matters
are described in Note 1. These 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.
F-
2
Critical Audit Matters
The critical audit matters communicated below are
matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the
audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially
challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the
consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate
opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Revenue Recognition for Engineering and Construction
Contracts
As described in Note 2 to the consolidated financial
statements, the Company recognizes engineering and construction contract revenue over time, as performance obligations are satisfied,
using the percentage-of-completion method (an input method) based primarily on contract costs incurred to date compared to total estimated
contract costs. Revenue recognition under this method is judgmental, as it requires the Company to prepare estimates of total contract
revenue and total contract costs, including costs to complete in-process contracts.
Auditing the Company's estimates of total contract
revenue and costs used to recognize revenue on engineering and construction contracts involved significant auditor judgment, as it required
the evaluation of subjective factors, such as assumptions related to estimated material, labor and subcontractor costs. These assumptions
involved significant management judgment, which affects the measurement of revenue recognized by the Company.
The following are the primary procedures we performed
to address this critical audit matter. To test the Company's contract estimates related to revenues recognized on engineering and
construction projects, our audit procedures included selecting a sample of projects and, among other procedures, we obtained and inspected
related contract agreements to test the existence of customer arrangements and understand the scope and pricing of the related projects;
evaluated the reasonableness of the Company's estimated costs to complete by obtaining and inspecting supporting documentation for
a sample of cost estimate components; agreed actual costs incurred to supporting documentation; recalculated revenues recognized based
on the project's percentage of completion and management's estimate of total contract revenue; and compared contract profitability
estimates in the current year to historical estimates and actual performance for the same projects.
/s/ WWC, P.C.
WWC, P.C
.
Certified Public Accountants
PCAOB ID No.
1171
San Mateo, California
May 15, 2023
We have served as the Company's auditor since May 5, 2021.
F-
3
WANG
& LEE GROUP, INC.
AUDITED
CONSOLIDATED BALANCE SHEETS
AS
OF DECEMBER 31, 2022 AND 2021
(Stated
in US Dollars)
2022
2021
ASSETS
Cash and cash equivalents
$
609,616
$
537,738
Account receivables, net
1,068,287
681,449
Contract assets, net
1,037,458
943,369
Retention receivables – current, net
2,216
67,549
Other receivables
-
16,565
Other receivables – related parties
1,282
1,283
Advance and prepayments
159,741
16,625
Total current assets
2,878,600
2,264,578
Retention receivables – non-current, net
219,599
150,589
Plant and equipment, net
1,812
4,425
TOTAL ASSETS
$
3,100,011
$
2,419,592
LIABILITIES AND SHAREHOLDERS' DEFICIT
Short-term bank loans
$
455,103
$
258,539
Accounts payables
937,043
694,581
Other payables
47,730
76,119
Contract liabilities
867,132
227,371
Other payables – related parties
1,853,263
1,526,557
Total current liabilities
4,160,271
2,783,167
Bank loans – non-current
653,185
752,859
TOTAL LIABILITIES
$
4,813,456
$
3,536,026
Commitments and contingencies
-
-
Shareholders' Deficit
Ordinary share,
no
par value;
12,000,000
shares issued and outstanding as of December 31, 2022 and 2021.
$
2
$
2
Additional paid in capital
503,225
503,225
Accumulated deficit
(
2,221,822
)
(
1,624,941
)
Accumulated other comprehensive income
5,150
5,280
Total Shareholders' Deficit
(
1,713,445
)
(
1,116,434
)
TOTAL LIABILTIES AND SHAREHOLDERS' DEFICIT
$
3,100,011
$
2,419,592
The
accompanying notes are an integral part of these audited consolidated financial statements.
F-
4
WANG
& LEE GROUP, INC.
AUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR
THE YEAR ENDED DECEMBER 31, 2022 AND 2021
(Stated
in US Dollars)
2022
2021
Contract revenues
$
4,169,931
$
4,135,059
Contract costs
3,384,227
3,275,299
Gross profit
785,704
859,760
Selling expenses
-
-
General and administrative expenses
1,427,156
1,220,619
Total operating expenses
1,427,156
1,220,619
Operating loss
(
641,452
)
(
360,859
)
Other income (expenses)
Other income
79,948
19,428
Interest expense
(
35,377
)
(
13,312
)
Total other income
44,571
6,116
Loss before taxes
(
596,881
)
(
354,743
)
Provision for income taxes
-
-
Net loss
$
(
596,881
)
$
(
354,743
)
Other comprehensive (loss) income
Foreign currency translation adjustment
(
130
)
4,053
Total comprehensive loss
$
(
597,011
)
$
(
350,690
)
Loss per share – Basic and diluted
$
(
0.05
)
$
(
0.03
)
Basic and diluted weighted average shares outstanding
12,000,000
12,000,000
The
accompanying notes are an integral part of these audited consolidated financial statements.
F-
5
WANG
& LEE GROUP, INC.
AUDITED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT
FOR
THE YEAR ENDED DECEMBER 31, 2022 AND 2021
(Stated
in US Dollars)
Accumulated
Number
Additional
Other
of
Ordinary
Paid-in
Accumulated
Comprehensive
Shares
Shares
Capital
Deficit
Income
Total
Balance, January 1, 2021
12,000,000
$
2
$
503,225
$
(
1,270,198
)
$
1,227
$
(
765,744
)
Net loss
-
-
-
(
354,743
)
-
(
354,743
)
Foreign currency translation adjustment
-
-
-
-
4,053
4,053
Balance, December 31, 2021
12,000,000
$
2
$
503,225
$
(
1,624,941
)
$
5,280
$
(
1,116,434
)
Accumulated
Number
Additional
Other
of
Ordinary
Paid-in
Accumulated
Comprehensive
Shares
Shares
Capital
Deficit
Income
Total
Balance, January 1, 2022
12,000,000
$
2
$
503,225
$
(
1,624,941
)
$
5,280
$
(
1,116,434
)
Net loss
-
-
-
(
596,881
)
-
(
596,881
)
Foreign currency translation adjustment
-
-
-
-
(
130
)
(
130
)
Balance, December 31, 2022
12,000,000
$
2
$
503,225
$
(
2,221,822
)
$
5,150
$
(
1,713,445
)
The
accompanying notes are an integral part of these audited consolidated financial statements.
F-
6
WANG
& LEE GROUP, INC.
AUDITED
CONSOLIDATED STATEMENTS OF CASH FLOW
FOR
THE YEAR ENDED DECEMBER 31, 2022 AND 2021
(Stated
in US Dollars)
2022
2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss
$
(
596,881
)
$
(
354,743
)
Depreciation
2,603
3,629
Expected credit loss allowance and bad debt written-off
168,817
108,456
Contract assets
(
233,069
)
(
747,043
)
Account receivables
(
413,098
)
772,607
Other receivables
16,496
-
Retention receivables
(
5,786
)
86,744
Advance and prepayments
(
142,557
)
(
659
)
Account payables
226,336
(
34,441
)
Other payables
(
12,922
)
(
14,348
)
Contract liabilities
637,297
(
303,003
)
Net cash used in operating activities
(
352,764
)
(
482,801
)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of bank loans
(
440,623
)
(
1,411,310
)
Proceeds from new bank loans
537,371
2,068,614
Advance from a director
325,783
1,523,639
Repayments to directors
-
(
1,158,138
)
Repayments to a related company
-
(
3,335
)
Advance to a holding company
-
(
1,287
)
Net cash provided by financing activities
422,531
1,018,183
Net increase of cash and cash equivalents
69,767
535,382
Effect of foreign currency translation on cash and cash equivalents
2,111
(
5,863
)
Cash and cash equivalents, beginning of year
537,738
8,219
Cash and cash equivalents, end of year
$
609,616
$
537,738
Supplementary cash flow information:
Taxes paid
$
-
$
-
Interest paid
$
35,377
$
13,312
Listing fee
$
328,699
$
458,013
The
accompanying notes are an integral part of these audited consolidated financial statements.
F-
7
WANG
& LEE GROUP, INC.
NOTES
TO THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE YEAR ENDED DECEMBER 31, 2022 AND 2021
(Stated
in US Dollars)
NOTE
1 -
ORGANIZATION AND PRINCIPAL ACTIVITIES
WANG
& LEE GROUP, Inc. (the "Company") was incorporated in the British Virgin Islands ("BVI") on May 20, 2021
as an investment holding company. The Company conducts its primary operations through its indirectly wholly owned subsidiary WANG &
LEE CONTRACTING LIMITED ("WLHK") which is incorporated and domiciled in Hong Kong SAR; WLHK provides contract engineering,
installation and out-fitting of the following products and services: low voltage (220v/phase 1 or 380v/phase 3) electrical systems, mechanical
ventilation and air-conditioning systems ("MVAC"), fire safety systems, and water supply and sewage disposal systems.
The
Company owns WANG & LEE HOLDINGS, Inc. ("WL Holdings") an investment holding company that was incorporated in the BVI
on May 27, 2021. The primary purpose of WL Holding is to hold WLHK. WLHK was incorporated on December 3, 1992, in Hong Kong SAR and provides
the services above to large corporate customers that are primary located in Hong Kong SAR.
The
following is an organization chart of the Company and its subsidiaries:
GOING
CONCERN
As of December 31, 2021, the Company has incurred
a net loss of $
354,743
and had an accumulated deficit $
1,624,941
and a working capital deficit of $
518,589
, and its net cash used in operating
activities for the year ended December 31, 2021 was $
482,801
. These circumstances gave rise to substantial doubt that the Company would
continue as a going concern subsequent to December 31, 2021.
As of December 31, 2022, the Company has incurred
a net loss of $
596,881
and had an accumulated deficit $2,221,822 and a working capital deficit of $
1,281,671
, and its net cash used in
operating activities for the year ended December 31, 2022 was $
352,764
; accordingly, as of the date of this report, there still exist
substantial doubt that the Company will continue as going concern. Management plans to focus its resources on smaller scale engineering
projects that generate sustainable positive profit margins. Additionally, the Company plans to raise capital via private placement and
public offering in the event that the Company does not have adequate liquidity to meet its current obligations.
F-
8
NOTE
1 - ORGANIZATION AND PRINCIPAL ACTIVITIES (CONTINUED)
The
accompanying audited consolidated financial statements have been prepared assuming the Company will continue as a going concern, which
contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These audited consolidated
financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities
that might be necessary should the Company be unable to continue as a going concern.
NOTE
2 -
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Method
of accounting
The
accompanying audited consolidated financial statements include the accounts of the Company and its subsidiaries (collectively the "Company").
In addition, the financials include WL Holding and WLHK, entities combined with the Company as of December 31, 2022 and 2021 based on
common control. The Company eliminates all significant intercompany balances and transactions in its audited consolidated financial statements.
Management
has prepared the accompanying audited consolidated financial statements and these notes in accordance to generally accepted accounting
principles in the United States ("US GAAP"). The Company maintains its general ledger and journals with the accrual method
accounting.
Principles
of consolidation
The
accompanying audited consolidated financial statements reflect the activities of the Company, and each of the following entities:
Place of
Attributable
equity
Registered
Name of Company
incorporation
interest %
capital
WANG & LEE GROUP, Inc.
BVI
100
$
2
WANG & LEE HOLDINGS, Inc.
BVI
100
100
WANG & LEE CONTRACTING LIMITED
Hong Kong SAR ("HK SAR")
100
503,225
Management
has eliminated all significant inter-company balances and transactions in preparing the accompanying audited consolidated financial statements.
On
May 20, 2021, the Company incorporated in the BVI. On May 27, 2021, the Company incorporated WL Holding, a limited company incorporated
in the BVI.
F-
9
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Principles
of consolidation (Continued)
On
July 2, 2021, we acquired WLHK. WLHK was owned
99
%
by Sau Lee Shirley Kam and
1
%
by Pui Lung Ho. Pui Lung Ho owns
100
%
of the common
stock of WANG & LEE GROUP, Inc. through his ownership of WANG & LEE BROTHERS, Inc. Sau Lee Shirley Kam is mother of Pui Lung
Ho. Since there is a family relationship between Sau Lee Shirley Kam and Pui Lung Ho, the acquisition of WLHK has been accounted for
as a business combination under common control in accordance to ASC-805-30-5, in which the assets and liabilities of WLHK has been presented
at their carrying values at the date of the transaction.
The
accompanying financial statements have been prepared assuming the Company and its subsidiaries WL Holdings and WLHK were wholly owned
by the Company from the beginning of the first period presented.
Use
of estimates
The
preparation of the audited consolidated financial statements in conformity with accounting principles generally accepted in the United
States of America ("U.S. GAAP"), requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the date of the audited consolidated financial statements
and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information
available when the calculations are made; however, actual results could differ materially from those estimates.
Cash
and cash equivalents
The
Company considers cash, bank deposit and all highly liquid investments with original maturities of three months or less when purchased
to be cash and cash equivalents. Cash consists primarily of cash in accounts held at a financial institution. Certain of these accounts
are designated as zero balance accounts wherein the balance is swept out nightly to reduce the Company's line of credit balance,
if any.
F-
10
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Advance
and prepayments
The
Company makes a deposit payment to suppliers and vendors for the procurement of materials. Upon physical receipt and inspection of the
materials from suppliers, the applicable amount is reclassified from deposit and prepayments, and advance to contract costs due to those
materials are ordered only when needed by specific projects.
Plant
and equipment, net
Plant
and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the
straight-line method. The Company typically applies a salvage value of
0
%
. The estimated useful lives of the plant and equipment are as
follows:
Furniture & fixtures
5
years
Equipment
5
years
Motor vehicle
5
years
The
cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss
are included in the Company's results of operations. The costs of maintenance and repairs are recognized as incurred; significant
renewals and betterments are capitalized.
Accounting
for the impairment of long-lived assets
The
Company annually reviews its long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying
amount of assets may not be recoverable. Impairment may become obsolete from a difference in the industry, introduction of new technologies,
or if the Company has inadequate working capital to utilize the long-lived assets to generate adequate profits. Impairment is present
if the carrying amount of an asset is less than its expected future undiscounted cash flows.
If
an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value
of the asset. Assets to be disposed of are reported lower the carrying amount or fair value fewer costs to selling.
F-
11
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Foreign
currency translation
The
accompanying audited consolidated financial statements are presented in United States dollars ("$"). The functional currency
of the Company is the Hong Kong Dollars ("HK$"). WLHK's assets and liabilities are translated into $ from HK$ at year-end
exchange rates. Its revenues and expenses are translated at the average exchange rate during the period. Capital accounts are translated
at their historical exchange rates when the capital transactions occurred.
2022
2021
Period-end $: HK$ exchange rate
7.7990
7.7971
Period average $: HK$ exchange rate
7.8298
7.7723
Adoption
of new accounting standard
Effective
January 1, 2022, the Company adopted ASU No. 2021-04,
Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Subtopic
470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic
815-40): Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options
.
This ASU provides guidance for a modification or an exchange of a freestanding equity-classified written call option that is not within
the scope of another Topic. It specifically addresses measurement, treatment and recognition of a freestanding equity-classified written
call option modification or exchange. The adoption of this standard did not have an impact on the consolidated financial statements.
Effective
January 1, 2022, the Company adopted ASU 2021-10,
Government Assistance (Topic 832), Disclosures by Business Entities About Government
Assistance
, which requires entities to provide disclosures on material government assistance transactions for annual reporting periods.
The disclosures include information around the nature of the assistance, the related accounting policies used to account for government
assistance, the effect of government assistance on the entity's financial statements and any significant terms and conditions of
the agreements, including commitments and contingencies. The adoption of this standard did not have an impact on the consolidated financial
statements.
F-
12
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Revenue
Recognition
As
discussed in Note 1, the Company provides a variety of engineering and related professional services to customers located throughout
the HK SAR. The Company enters into agreements with clients that create enforceable rights and obligations and for which it is probable
that the Company will collect the consideration to which it will be entitled as services transfer to the customer. It is customary practice
for the Company to have written agreements with its customers and revenue on oral or implied arrangements is generally not recognized.
The Company recognizes revenue based on the consideration specified in the applicable agreement.
Revenue
from contracts with customers is recognized using the following five steps:
1.
Identify
    the contract(s) with a customer;
2.
Identify
    the performance obligations in the contract;
3.
Determine
    the transaction price;
4.
Allocate
    the transaction price to the performance obligations in the contract; and
5.
Recognize
    revenue when (or as) the entity satisfies a performance obligation.
Generally,
revenues are recognized when the Company has negotiated the terms of the transaction, which includes determining either the overall price,
or price for each performance obligation in the form of a service or a product, the service or product has been delivered to the customer,
no obligation is outstanding regarding that service or product, and the Company is reasonably assured that funds have been or will be
collected from the customer.
The
Company recognizes revenue using the percentage-of-completion method, based primarily on contract costs incurred to date compared to
total estimated contract costs. The percentage-of-completion method (an input method) is the most representative depiction of the Company's
performance because it directly measures the value of the services or products transferred to the customer. Subcontractor materials,
labor and equipment are included in revenue and cost of revenue when management believes that the Company is acting as a principal rather
than as an agent (e.g., the Company integrates the materials and labor into the deliverables promised to the customer or is otherwise
primarily responsible for fulfillment and acceptability of the materials and labor). In the contracts with customer, there are terms
that allow for the Company to implement variation order without seeking additional approval from their customers within a pre-approved
range set forth in the contract; these variations may be for additional labor or materials necessary to fulfill the contract. The Company
typically integrates the deliverables as part of the general performance obligation of the contract as a whole. Historically, any contract
acquisition costs have been immaterial; in the event that such costs arose, the Company expenses such costs incurred as periodic cost.
Any project mobilization costs such as obtaining government zoning, approvals and permits are included in project costs, and constitute
a part of the overall performance obligation.
F-
13
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Revenue
Recognition (Continued)
The
Company contracts set forth payment terms that require their customer to make payment within 30 days of billing which is triggered by
the Company reaching the milestone to bill the customer after the Company has received certification that it has discharged its responsibilities
under the terms of the contract.
Management
does not believe that its contracts include a significant financing component because the period between delivery or the contracting
services to the customer and the time of payment do not typically exceed one year.
For
service contracts, such as fire safety systems inspection services, the Company recognizes revenue at a point in time when the service
has been rendered to the customer which is evidenced by the Company submitting the annual inspection certificate to the Director of the
Fire Services Department of the Government of the HK SAR.
The
Company generally provides limited warranties for work that it has performed under its engineering and construction contracts; these
warranty periods are known as the defect liabilities period ("DLP"). The DLP typically extends for a duration of one year
from the substantial completion of the project for the customer. Historically, warranty claims have not resulted in significant costs.
Contracts will include a provision whereby the Customer will withhold 5 to 10% of the total contract value until the end of the DLP at
which point the customer will release the retention amounts to the Company.
The
details of revenue and cost of revenue of the Company is as follows:
December 31,
2022
2021
Contract Revenue
$
4,169,931
$
4,135,059
Contract Costs
3,384,227
3,275,299
Gross Profit
$
785,704
$
859,760
Gross Profit Margin
19
%
21
%
Contract
related assets and liabilities are classified as current assets and current liabilities. Significant balance sheet accounts related to
the revenue cycle are as follows:
F-
14
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Revenue
Recognition (Continued)
Account
receivables, net
Account
receivables, net (contract receivables) include amounts billed under the contract terms. The amounts are stated at their net realizable
value. The Company maintains an allowance for expected credit loss to provide for the estimated number of receivables that will not be
collected. The Company considers several factors in its estimate of the allowance, including knowledge of a client's financial
condition, its historical collection experience, and other factors relevant to assessing the collectability of such receivables. Bad
debts are written off against allowances.
Contract
assets
Contract
assets are recorded when progress to completion revenue earned on contracts exceeds amounts actually billed under the contract.
Contract
liabilities
Contract
liabilities are recorded when amounts actually billed under a contract exceeds the progress to completion revenue earned under the contract.
Deferred
income
In
the contracts,
5
to
10
%
of the contract sum ("Retention Revenue") usually assign to be withheld at the end of a project for the limited
warranties of work performed under its engineering and construction contracts to ensure that the Company meets the contract
requirements. Once the defect liabilities period ("DLP") started, the Company recognized retention receivable and
deferred income. The Retention Revenue will be recognized once the DLP is ended and signed off by the customer.
Expected
credit loss
ASU
No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments requires entities
to use a current lifetime expected credit loss methodology to measure impairments of certain financial assets. Using this methodology
will result in earlier recognition of losses than under the current incurred loss approach, which requires waiting to recognize a loss
until it is probable of having been incurred. There are other provisions within the standard that affect how impairments of other financial
assets may be recorded and presented, and that expand disclosures. WLHK adopted the new standard effective January 1, 2019, the first
day of the Company's fiscal year and applied to account receivables, contract assets, retention receivables and other financial instruments. The adoption
of this guidance did not materially impact the net earning and financial position and has no impact on the cash flows.
F-
15
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Retirement
benefits
Retirement
benefits in the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred or allocated
to wages as part of cost of services.
Income
Taxes
The
Company recognizes deferred income tax assets or liabilities for expected future tax consequences of events recognized in the audited
consolidated financial statements or tax returns. Under this method, deferred income tax assets or liabilities are determined based upon
the difference between the audited consolidated financial statement and income tax bases of assets and liabilities using enacted tax
rates expected to apply when the differences settle or become realized. Valuation allowances are provided when it is more likely than
not that a deferred tax asset is not realizable or recoverable in the future.
The
Company determines that the tax position is more likely than not to be sustained and records the largest amount of benefit that is more
likely than not to be realized when the tax position is settled. the Company recognizes interest and penalties, if any, related to uncertain
tax positions in income tax expense.
Financial
instruments
The
Company's financial instruments, including cash and cash equivalents, accounts and other receivables, accounts and other payables,
accrued liabilities, and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC
Topic 820, "Fair Value Measurements and Disclosures" requires disclosing the fair value of financial instruments held by
WLHK. ASC Topic 825, "Financial Instruments" defines fair value and establishes a three-level valuation hierarchy for disclosures
of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the audited
consolidated balance sheets for cash, accounts receivable, other receivables, prepayments, accounts payable, other payables and short
term loans each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between
the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation
hierarchy are defined as follows:
●
Level
    1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets.
F-
16
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Financial
instruments (Continued)
●
Level
    2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and information
    that are observable for the asset or liability, either directly or indirectly, for substantially the financial instrument's
    full term.
●
Level
    3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.
The
Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, "Distinguishing Liabilities
from Equity" and ASC 815.
Recent
accounting pronouncements
In October 2021, the FASB issued ASU 2021-08, Business
Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires entities
to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASU 2014-09,
Revenue
from Contracts with Customers (Topic 606)
. The update will generally result in an entity recognizing contract assets and contract
liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value.
The new standard is effective on a prospective basis for fiscal years beginning after December 15, 2022, with early adoption permitted.
This standard is effective for the Company on January 1, 2023 and the Company does not expect a significant impact to the consolidated
financial statements upon adoption. However, the ultimate impact is dependent upon the size and frequency of future acquisitions.
The
Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material
effect on the Company's audited consolidated balance sheets, statement of operations and comprehensive income and statement of
cash flows.
F-
17
NOTE
3 –
ACCOUNT RECEIVABLES, NET
Account
receivables consist of the following:
December 31,
2022
2021
Account receivables
$
1,104,187
$
689,622
Less: allowance for expected credit loss
(
35,900
)
(
8,173
)
$
1,068,287
$
681,449
The
movement of allowances for expected credit loss is as follow:
December 31,
2022
2021
Balance at beginning of the year
$
(
8,173
)
$
(
3,062
)
Provision
(
27,619
)
(
5,146
)
Exchange adjustment
(
108
)
35
Ending balance
$
(
35,900
)
$
(
8,173
)
NOTE
4 –
CONTRACT ASSETS, NET
Contract
assets consist of the following:
December 31,
2022
2021
Contract assets
Balance at beginning of the year
$
943,369
$
305,928
Additions
797,302
1,609,920
Changes due to billings
(
804,156
)
(
862,830
)
Allowance for expected credit loss and bad debt written-off
100,486
(
109,013
)
Exchange adjustment
457
(
636
)
Balance at end of year
$
1,037,458
$
943,369
The
movement of allowances for expected credit loss is as follow:
December 31,
2022
2021
Balance at beginning of the year
$
(
108,965
)
$
(
3,519
)
Provision
(
3,628
)
(
105,802
)
Bad debt written-off
104,114
-
E
xchange adjustment
425
356
Ending balance
$
(
8,054
)
$
(
108,965
)
F-
18
NOTE
5 –
RETENTION RECEIVABLES, NET
Retention
receivables consist of the following:
December 31,
2022
2021
Retention receivables – current
$
2,237
$
67,549
Less: allowance for expected credit loss
(
21
)
-
$
2,216
$
67,549
Retention receivables – non-current
$
221,658
$
150,589
Less: allowance for expected credit loss
(
2,059
)
-
$
219,599
$
150,589
The
movement of allowances for expected credit loss is as follow:
December 31,
2022
2021
Balance at beginning of the year
$
-
$
(
2,500
)
(Provision) Reversal of provision
(
2,071
)
2,492
Exchange adjustment
(
9
)
8
Ending balance
$
(
2,080
)
$
-
NOTE
6 –
PLANT AND EQUIPMENT, NET
Plant
and equipment, net consist of the following:
December 31,
2022
2021
At cost:
Furniture and fixtures
$
3,176
$
3,195
Equipment
28,083
28,250
Motor vehicle
27,809
27,976
59,068
59,421
Less: accumulated depreciation
(
57,256
)
(
54,996
)
Total
$
1,812
$
4,425
Depreciation
expense for the year ended December 31, 2022 and 2021 was $
2,603
and $
3,629
, respectively.
F-
19
NOTE
7 –
CONTRACT LIABILITIES
Contract
liabilities consist of the following:
December 31,
2022
2021
Balance at beginning of year
$
227,371
$
532,456
Additions
664,259
106,493
Recognized to revenue during the year
(
26,962
)
(
409,495
)
Exchange adjustment
2,464
(
2,083
)
Balance at end of year
$
867,132
$
227,371
NOTE
8 –
SHORT-TERM AND LONG-TERM BANK LOANS
Short-term
and long-term bank loans consist of the following:
Credit agreement
entered date
Provider
Facilities
Interest
rate
Limits
Utilized as of
December 31,
2022
2021
August 23, 2021
The
    Bank of East Asia, Limited ("BEA")
General banking facilities
641,262
-
-
(i)
    Invoice financing loan
Higher
    of HIBOR +2.5% or Prime rate -1%
-
241,884
(ii)
    Bank overdraft
Higher
    of HIBOR +3% or Prime rate
-
-
September
    27, 2021
BEA
Non-revolving
    term loan under SME Financing Guarantee Scheme
Prime
    Rate -2.50%
769,514
-
-
-
    Short-term loan portion
99,640
16,655
-
    Long-term loan portion
653,185
752,859
August
    1, 2022
BEA
General banking facilities
641,109
-
-
(i)
    Invoice financing loan
Higher
    of HIBOR +2.5% or Prime rate -1%
99,020
-
(ii)
    Revolving loan
Higher
    of HIBOR +3% or Prime rate -0.5%
256,443
-
(iii)
    Bank overdraft
Higher
    of HIBOR +3% or Prime rate
-
-
On
August 1, 2022, the new credit agreement offers from BEA replaced the credit agreement offers from BEA entered on August
23, 2021.
F-
20
NOTE
8 – SHORT-TERM AND LONG-TERM BANK LOANS (CONTINUED)
As of December 31, 2022 and 2021, invoice financing and revolving loans
were secured by the personal deposit from the director of the Company and a related party, and limited personal guarantee provided by
the director and a related party. The amounts due are based on scheduled repayment dates set out in the banking facilities letters or
loan agreements. All the Company's invoice financing and revolving loans carried variable interest at the higher of 1-month Hong
Kong Interbank Offered Rate (the "HIBOR") plus
2.5
%
to
3
%
per annum or the Prime Rate less
0.5
%
to
1
%
per annum.
As
of December 31, 2022 and 2021, the non-revolving term loan under SME Financing Guarantee Scheme was issued by the HKMC Insurance Limited under the SME Financing Guarantee Scheme
and secured by personal guarantee provided by the director and a related party for HK$
6,000,000
(equivalent to $
769,330
).
The amounts due are based on scheduled repayment dates set out in the banking facilities letters. The bank loan carrying by
2.5
%
per annum below the prime lending rate for Hong Kong Dollars quoted by HKMC.
The
effective interest rate of the years 2022 and 2021 for the Company's short-term and long-term bank loans ranged from
2.75
%
to
7.53
%
per annum. Except the balance of $
653,185
(2021: $
752,859
)
of the non-revolving term loan under SME Financing Guarantee Scheme are repayable more than one year, all the Company's
short-term and long-term bank loans are repayable on demand or repayable within one year.
Interest
expense on the short-term and long-term bank loans totaled $
35,377
and $
13,312
during
the year ended December 31, 2022 and 2021, respectively.
As
of December 31, 2022 and 2021, the Company was granted the general banking facilities stated above with the following
pledges:
-
Personal
    guarantee limited to HK$
5
million (equivalent to $
641,109
) provided by Pui Lung Ho, the director of the Company and Sau Lee Shirley
    Kam, who is a family member of the director of the Company; and
-
Pledged
deposit amounted approximately to HK$
3
million (equivalent to approximately $
384,665
)
by Pui Lung Ho, the director of the Company.
F-
21
NOTE
9 –
EQUITY
The
equity of the Company as of December 31, 2022 and 2021 represents
12,000,000
ordinary shares amounting to $
2
.
NOTE
10 –
EMPLOYEE BENEFIT PLANS
The
Company has a defined contribution pension scheme for its qualifying employees. The scheme assets are held under a provident fund managed
by an independent fund manager. The Company and its employees are each required to make contributions to the scheme calculated at
5
%
of the employees' basic salaries on monthly basis.
NOTE
11 –
PROVISION FOR INCOME TAXES
British
Virgin Islands
WANG
& LEE GROUP, Inc. and WANG & LEE HOLDINGS, Inc. are incorporated in the British Virgin Islands and are not subject to tax on
income or capital gains under current British Virgin Islands law. In addition, upon payments of dividends by these entities to their
shareholders, no British Virgin Islands withholding tax will be imposed.,
HK
SAR
On
21 March 2018, the HK SAR Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017 (the "Bill") which
introduces the two-tiered profits tax rates regime. The Bill was signed into law on 28 March 2018 and was gazetted on the following day.
Under the two-tiered profits tax rates regime, the first HK$
2
million of profits of the qualifying group entity will be taxed at
8.25
%,
and profits above HK$
2
million will be taxed at
16.5
%. The profits of group entities not qualifying for the two-tiered profits tax rates
regime will continue to be taxed at a flat rate of
16.5
%.
Accordingly,
starting from the current year, the HK SAR profits tax is calculated at
8.25
% on the first HK$
2
million of the estimated assessable profits
and at
16.5
% on the estimated assessable profits above HK$
2
million.
The
following tables provide the reconciliation of the differences between the statutory and effective tax expenses following as of December
31, 2022 and 2021.
December 31,
2022
2021
Income before tax
$
(
596,881
)
$
(
354,743
)
HK SAR Profits Tax at
16.5
%
(
98,485
)
(
58,533
)
Tax effect on non-deductible expenses
54,664
476,534
Tax effect on deductible temporary differences
(
122
)
(
139
)
Tax effect on tax loss not recognized
43,943
-
Tax effect on utilization of tax losses
-
(
417,862
)
Income tax
$
-
$
-
F-
22
NOTE
11 – PROVISION FOR INCOME TAXES (CONTINUED)
The
Company's effective tax rate was as follows as of December 31, 2022 and 2021:
December 31,
2022
2021
HK SAR Profits Tax at
16.5
%
16.5
%
16.5
%
Tax effect of income not taxable
(
16.5
)%
(
16.5
)%
The Company's effective tax rate
0
%
0
%
NOTE
12 –
CONCENTRATIONS OF RISK
Contract
Assets Concentrations
The
following table sets forth information as to each customer that accounted for top 5 of the Company's contract assets as of December
31, 2022 and 2021.
For the years ended
Customers
December 31, 2022
December 31, 2021
Amount $
%
Amount $
%
A
357,853
28
-
-
B
240,559
19
240,616
23
C
207,659
16
341,394
32
D
205,616
16
374,588
36
E
128,997
10
95,783
9
F-
23
NOTE
12 – CONCENTRATIONS OF RISK (CONTINUED)
Retention
Receivables Concentrations
The
following table sets forth information as to each customer that accounted for top 5 of the Company's retention receivables as of
December 31, 2022 and 2021.
For the years ended
Customers
December 31, 2022
December 31, 2021
Amount $
%
Amount $
%
A
118,605
53
136,474
63
B
87,421
39
62,104
28
C
9,787
4
17,003
8
D
5,845
3
-
-
E
2,237
1
-
-
F
-
-
2,557
1
Customers
Concentrations
The
following table sets forth information as to each customer that accounted for top 5 of the Company's revenues as of December 31,
2022 and 2021.
For the years ended
Customers
December 31, 2022
December 31, 2021
Amount $
%
Amount $
%
A
2,023,154
49
-
-
B
636,467
15
-
-
C
490,940
12
1,313,900
32
D
356,516
9
1,367,752
33
E
155,649
4
-
-
F
-
-
476,884
12
G
-
-
264,558
6
H
-
-
201,190
5
The
following table sets forth information as to each customer that accounted for top 5 of the Company's account receivables as of
December 31, 2022 and 2021.
For the years ended
Customers
December 31, 2022
December 31, 2021
Amount $
%
Amount $
%
A
641,109
58
-
-
B
158,047
14
170,960
25
C
135,430
12
308,154
45
D
52,571
5
-
-
E
35,319
3
-
-
F
-
-
93,102
14
G
-
-
53,481
8
H
-
-
43,159
6
F-
24
NOTE
12 – CONCENTRATIONS OF RISK (CONTINUED)
Suppliers
Concentrations
The
following table sets forth information as to each supplier that accounted for top 5 of the Company's purchase as of December 31,
2022 and 2021.
For the years ended
Suppliers
December 31, 2022
December 31, 2021
Amount $
%
Amount $
%
A
513,533
16
315,760
10
B
383,152
12
-
-
C
255,586
8
-
-
D
252,014
8
-
-
E
222,456
7
-
-
F
-
-
361,030
11
G
-
-
293,494
9
H
-
-
234,358
7
I
-
-
214,423
7
NOTE
13 –
CONTRACT REVENUES AND CONTRACT COSTS
The
Company's main business operations are: (i) low voltage (220v/phase 1 or 380v/phase 3) electrical systems; (ii) mechanical ventilation
and air-conditioning systems ("MVAC"); (iii) out-fitting; (iv) water supply and sewage disposal systems installation; and
(v) fire safety systems.
December 31,
Total contract revenues as of
2022
2021
Low voltage electrical system
$
1,028,162
$
2,628,625
MVAC systems
502,556
299,985
Out-fitting
1,998,726
1,103,692
Water supply and sewage disposal system installation
288,480
71,516
Fire safety system
352,007
31,241
Total Contract Revenues
$
4,169,931
$
4,135,059
December 31,
Total contract costs as of
2022
2021
Low voltage electrical system
$
898,100
$
2,235,698
MVAC systems
462,400
262,322
Out-fitting
1,562,551
701,688
Water supply and sewage disposal system installation
205,693
52,320
Fire safety system
255,483
23,271
Total Contract Costs
$
3,384,227
$
3,275,299
F-
25
NOTE
14 –
RISKS
A.
Credit
    risk
Account
    receivables, contract assets and retention receivables arising from contracts with customers
In
    order to minimize the credit risk, the management of the Company has delegated a team responsible for determination of credit limits
    and credit approvals. Other monitoring procedures are in place to ensure that follow-up action is taken to recover overdue debts.
    Internal credit rating has been given to each category of debtors after considering aging, historical observed default rates,
    repayment history and past due status of respective account receivables. Estimated loss rates are based on probability of default
    and loss given default with reference to an external credit report and are adjusted for reasonable and supportable forward-looking
    information that is available without undue costs or effort while credit-impaired trade balances were assessed individually. In this
    regard, the directors consider that the Company's credit risk is significantly reduced. The maximum potential loss of account
    receivables, contract assets and retention receivables for the year ended December 31, 2022 is $
1,068,287
,
    $
1,037,458
and $
221,815
,
    respectively.
Bank
    balances
The
    credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit-rating
    agencies. The Company is exposed to concentration of credit risk on liquid funds which are deposited with several banks with high
    credit ratings.
Deposit
    and other receivables
The
    Company assessed the impairment for its other receivables individually based on internal credit rating and ageing of these debtors
    which, in the opinion of the directors, have no significant increase in credit risk since initial recognition. Based on the impairment
    assessment performed by the Company, the directors consider the loss allowance for other receivables as of 31 December 2022 and 2021
    was insignificant and accordingly no allowance for credit losses was provided.
F-
26
NOTE
14 – RISKS (CONTINUED)
B.
Interest
    risk
Cash
    flow interest rate risk
The
    Company is exposed to cash flow interest rate risk through the changes in interest rates related mainly to the Company's variable-rates
    short-term and long-term bank loans and bank balances.
The
    Company currently does not have any interest rate hedging policy in relation to fair value interest rate risk and cash flow interest
    rate risk. The directors monitor the Company's exposures on an ongoing basis and will consider hedging the interest rate should
    the need arises
Sensitivity
    analysis
The
    sensitivity analysis below has been determined assuming that a change in interest rates had occurred at the end of the reporting
    period and had been applied to the exposure to interest rates for financial instruments in existence at that date.
1
%
increase or
    decrease is used when reporting interest rate risk internally to key management personnel and represents management's assessment
    of the reasonably possible change in interest rates.
If
    interest rates had been
1
%
higher or lower and all other variables were held constant, the Company's post tax loss for the
    year ended December 31, 2022 and 2021 would have increased or decreased by approximately $
13,069
and $
1,954
, respectively.
Foreign
    currency risk
Foreign
    currency risk is the risk that the holding of foreign currency assets will affect the Company's financial position as a result
    of a change in foreign currency exchange rates.
The
    Company's monetary assets and liabilities are mainly denominated in HK$, the Company did not have foreign currency denominated
    monetary liabilities at the end of reporting period. the Company currently does not have a foreign currency hedging policy to eliminate
    the currency exposures. However, the directors monitor the related foreign currency exposure closely and will consider hedging significant
    foreign currency exposures should the need arise.
In
    the opinion of the directors of the Company, the currency risk of $ is considered insignificant as HK$ is pegged to $ and therefore
    no sensitivity analysis is presented.
F-
27
NOTE
14 – RISKS (CONTINUED)
C.
Economic
    and political risks
The
    Company's operations are mainly conducted in HK SAR. Accordingly, the Company's business, financial condition, and results
    of operations may be influenced by changes in the political, economic, and legal environments in HK SAR.
The
    Company's operations in HK SAR are subject to special considerations and significant risks not typically associated with companies
    in North America and Western Europe. 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 HK SAR, 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, among other things.
D.
Environmental
    risks
The
    Company has procured environmental licenses required by the HK SAR government. Historically there was no penalties charged over the
    environmental issue during any engagement of construction works. In addition, the Company also obtained a certification of complies
    with the requirements of ISO 14001: 2015 Environmental Management System Standard to maintain and proved the quality service with
    less environmental risk.
In
    the opinion of the directors of the Company, there is no environmental risk for the Company.
E.
Inflation
    Risk
Management
    monitors changes in price levels. Historically inflation has not materially impacted the Company's audited consolidated financial
    statements; however, significant increases in the price of raw materials and labor that cannot be passed to the Company's customers
    could adversely impact WLHK's results of operations.
F-
28
NOTE
15 –
RELATED PARTY TRANSACTIONS
The
summary of amount due from and due to related parties as the following:
December 31,
2022
2021
Due from related parties consist of the following:
WANG & LEE BROTHERS., Inc.
Due from ultimate holding company
1,282
1,283
$
1,282
$
1,283
Due to related parties consist of the following:
Pui Lung Ho
Due to director
1,853,263
1,526,557
$
1,853,263
$
1,526,557
For
the year ended December 31, 2022 and 2021, the amounts due to the director, Pui Lung Ho, is $
1,853,263
and $
1,526,557
, respectively,
are unsecured, interest free and repayable on demand.
NOTE
16 –
Impact of COVID-19
The
Coronavirus Disease 2019 ("COVID-19") pandemic has negatively impacted the global economy, disrupted consumer spending and
global supply chains, and created significant volatility and disruption of financial markets. We have experienced some resulting disruptions
to our business operations, and we expect the COVID-19 pandemic could have a material adverse impact on our business and financial performance.
Due
to ongoing recession caused by the COVID-19 Pandemic, the Company's business is likely to be adversely impacted. The effects of
recession can also increase economic instability with our vendors, developers and subcontractors.
NOTE
17 –
SUBSEQUENT EVENT
The
Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There
are two types of subsequent events: (1) recognized, or those that provide additional evidence with respect to conditions that existed
at the dates of the balance sheets, including the estimates inherent in the process of preparing financial statements, and (2) non-recognized,
or those that provide evidence with respect to conditions that did not exist at the date of the balance sheet but arose subsequent to
that date.  The
Company has analyzed its operations subsequent to December 31, 2022 to the date of May 15, 2023, these audited consolidated financial
statements were issued, unless as disclosed below, there are not any material subsequent events that require disclosure in these audited
consolidated financial statements.
On March 20, 2023, the Company completed a private
placement of an aggregate 1,400,000 Ordinary Shares at $0.25 per share to the Selling Shareholders for aggregate gross proceeds of $350,000.
On
April 20, 2023, the Company completed its initial public offering whereby it sold
1,600,000
Ordinary Shares at a public offering
price of $
5.00
per share, for proceeds of $
8
million.
F-
29