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

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt; text-transform: uppercase"><b><span id="xdx_904_edei--EntityRegistrantName_c20220101__20221231_zq8ympLHPZTj"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityRegistrantName">Qilun
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>N/A</b></span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_909_edei--EntityAddressAddressLine3_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zXqttEOcAok7"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressAddressLine3">Futian
Street, Futian District</ix:nonNumeric></span>,</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90F_edei--EntityAddressCityOrTown_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z9zVCxFmymEe"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:EntityAddressCityOrTown">Shenzhen</ix:nonNumeric></span>,
Guangdong,</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>People&#8217;s
Republic of <span id="xdx_906_edei--EntityAddressCountry_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zzX2loVxnOsb"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">China</ix:nonNumeric></span></b></span></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tel:
+<span id="xdx_90D_edei--CountryRegion_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zto099TmCu7d"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:CountryRegion">86</ix:nonNumeric></span>-<span id="xdx_901_edei--CityAreaCode_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zfECCtMDiXQ6"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:CityAreaCode">755</ix:nonNumeric></span>-<span id="xdx_902_edei--LocalPhoneNumber_c20220101__20221231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z973KTPaUf99"><ix:nonNumeric contextRef="From2022-01-012022-12-31_dei_BusinessContactMember" name="dei:LocalPhoneNumber">83985414</ix:nonNumeric></span></b></span></p>

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

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

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

<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: 34%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of Each Class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
    Symbol(s)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of Each Exchange On Which Registered</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <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_902_edei--Security12bTitle_c20220101__20221231_zcIpzIOKbQM5"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:Security12bTitle">Ordinary Shares, $0.0001
    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">N/A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

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

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

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

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

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

<!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report (December 31, 2022): <span id="xdx_90A_edei--EntityCommonStockSharesOutstanding_iI_c20221231_zsibTNs8vS03"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">116,550,000</ix:nonFraction></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes&#160;&#9744;&#160;<span id="xdx_904_edei--EntityWellKnownSeasonedIssuer_c20220101__20221231_zHZMGVKWkBXa"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span>&#160;&#9746;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#160;&#9744;&#160;<span id="xdx_907_edei--EntityVoluntaryFilers_c20220101__20221231_zZTCx0jP2fW8"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span>&#160;&#9746;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#160;&#160;<span id="xdx_906_edei--EntityCurrentReportingStatus_c20220101__20221231_z8b0yEsZ7Pug"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityCurrentReportingStatus">No</ix:nonNumeric></span>&#160;&#9746;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files) <span id="xdx_907_edei--EntityInteractiveDataCurrent_c20220101__20221231_zfufqLe4wMw2"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span>&#160;&#9746;&#160;No&#160;&#9744;</span></p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 18%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large Accelerated
    Filer </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 13%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    Filer </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_edei--EntityFilerCategory_c20220101__20221231_zPClC1n4gXN2"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Non-Accelerated
    Filer</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 7%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 26%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging Growth
    Company </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--EntityEmergingGrowthCompany_c20220101__20221231_zrwJUc1Otsna"><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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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_902_edei--EntityExTransitionPeriod_c20220101__20221231_zX5b3PbCXwu3"><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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. <span id="xdx_90F_edei--IcfrAuditorAttestationFlag_c20220101__20221231_z3LyHn87f22a"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleanfalse" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></span></p>

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

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

<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: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_edei--DocumentAccountingStandard_c20220101__20221231_zqik3Cqzp4Xl"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric></span> &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 70%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
    Financial Reporting Standards as issued by the</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
    Accounting Standards Board &#9744;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other &#9744;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#160;&#9744;&#160;<span id="xdx_904_edei--EntityShellCompany_c20220101__20221231_zO1LhTXAhG44"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" format="ixt:booleanfalse" name="dei:EntityShellCompany">No</ix:nonNumeric></span>&#160;&#9746;</span></p>

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

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

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</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>Annual
Report on Form 20-F</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>Year
Ended December 31, 2022</b></span></p>

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

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<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: 10%"><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: top; 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; vertical-align: top; text-align: justify; width: 75%"><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: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page
    </b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ak_001">PART I</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 1.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ak_002">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ak_003">Directors and Senior Management</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ak_004">Advisors</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ak_005">Auditors</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 2.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ak_006">OFFER STATISTICS AND EXPECTED TIMETABLE</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 3.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ak_007">KEY INFORMATION</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ak_008">[Reserved]</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ak_009">Capitalization and Indebtedness</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ak_010">Reasons for the Offer and Use of Proceeds</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ak_011">Risk Factors</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 4.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#A_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INFORMATION ON THE COMPANY</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>History and Development of the Company</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">31<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business Overview</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Organizational Structure</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property, Plants and Equipment</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">48</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 4A.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#A_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNRESOLVED STAFF COMMENTS</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 5.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#A_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating Results</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity and Capital Resources</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">50</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research and Development, Patents and Licenses, Etc.</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">52</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trend Information</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#A_012">Critical Accounting Policies</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 6.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#A_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">59</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors and Senior Management</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>59</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">59</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board Practices</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">60</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share Ownership</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</span></td></tr>
</table>

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

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

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 7.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#A_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">61</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major Shareholders</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">61</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related Party Transactions</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">62</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interests of Experts and Counsel</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>62</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 8.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#A_024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL INFORMATION</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>62</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 10%"><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: top; width: 5%"><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; vertical-align: top; width: 75%; text-align: justify"><a href="#A_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated Statements and Other Financial Information</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>62</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant Changes</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>62</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 9.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#A_027"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE OFFER AND LISTING</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">62<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_028"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offer and Listing Details</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_029"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plan of Distribution</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#A_030"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Markets</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">62</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selling Shareholders</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dilution</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expenses of the Issue</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">63</td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <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: top; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 10.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#ed_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADDITIONAL INFORMATION</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>63</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 10%"><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: top; width: 5%"><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; vertical-align: top; width: 75%; text-align: justify"><a href="#ed_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share Capital</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>63</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Memorandum and Articles of Association</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">63</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material Contracts</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">63</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange Controls</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>63</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">66</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends and Paying Agents</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>70</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement by Experts</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">70</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Documents on Display</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">71</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiary Information</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">71</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 11.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#ed_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">71</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 12.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#ed_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Debt Securities</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">72</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants and Rights</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">72</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other Securities</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">72</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>American Depositary Shares</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">72</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#ed_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART II</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>72</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 13.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#ed_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">72<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 14.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#ed_023"><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></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">72</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 15.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#ed_024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONTROLS AND PROCEDURES</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disclosure Controls and Procedures</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management&#8217;s Annual Report on Internal Control Over Financial Reporting</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_027"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Attestation Report of the Registered Public Accounting Firm</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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; vertical-align: top; text-align: justify"><a href="#ed_028"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes in Internal Controls over Financial Reporting</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">73</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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: top"><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: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">73</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16A.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><a href="#ed_029">AUDIT COMMITTEE FINANCIAL EXPERT</a></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">73</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16B.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#ed_030"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CODE OF ETHICS</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">73</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16C.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#ed_031"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16D.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#ed_032"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16E.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#ed_033"><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></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">74</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16F.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#ed_034"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CHANGES IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">74</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16G.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#ed_035"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CORPORATE GOVERNANCE</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">74</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 16H.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#ed_036"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MINE SAFETY DISCLOSURE</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">74</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
    16I.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#ed_037"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">74</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#ed_038"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART III</b></span></a></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">74</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><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; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM 17.</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><a href="#ed_039"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL STATEMENTS</b></span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">74</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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

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

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

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

<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="width: 0.25in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Shares&#8221; are
    to our Ordinary Shares, $0.0001 par value per share;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">&#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, for the purposes of this Annual Report only, Hong Kong,
    Macau and Taiwan;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">&#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">Depending on the context,
    &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our company,&#8221; &#8220;our,&#8221;, &#8220;the Company&#8221;, and &#8220;Qilun&#8221;
    refer to Qilun Group Inc., a Cayman Islands company, its subsidiaries, Qilun Group (HK), Qilun Culture (HK), Qilun Holding (Shenzhen),
    Qilun Culture (Shenzhen), Qilun Enterprise Management Consultant, and Shenzhen Houhaitang;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">&#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;Qilun Group (HK)&#8221;
    are to the wholly owned subsidiary of Qilun Group Inc., Qilun Group Limited, a limited company that was organized under the laws
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">&#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;Qilun Culture (HK)&#8221;
    are to the wholly owned subsidiary of Qilun Group Inc., Qilun Culture (HK) Co., Limited, a limited company that was organized under
    the laws of Hong Kong;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">&#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;Qilun Holding (Shenzhen)&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">&#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;Qilun Culture (Shenzhen)&#8221;
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    Culture Development (Shenzhen) Co., Ltd.), a PRC limited liability company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">&#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;Qilun Enterprise
    Management Consultant&#8221; are to the wholly owned subsidiary of Qilun Culture (Shenzhen), Qilun Enterprise Management Consultant
    (Shenzhen) Co., Ltd., a PRC limited liability company&#160;;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;RMB&#8221; or &#8220;Renminbi&#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>&#160;</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: 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>&#160;</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">&#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;Shenzhen Houhaitang&#8221;
    are to the wholly owned subsidiary of Qilun Culture (Shenzhen), Shenzhen Houhaitang Culture Communication Co., Ltd., a PRC limited
    liability company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">&#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;OD&amp;SR Institute&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#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: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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">&#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;Yuan&#8221; or &#8220;&#165;&#8221;
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">&#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;Annual Report&#8221;
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
reporting currency is the U.S. Dollar. The functional currency of the Company in the PRC is the Renminbi.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
disclosure contains translations of certain Renminbi 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right">6.8973</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right">6.3614</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right">6.5326</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">6.7284</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">6.4518</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to historical information, this Annual Report on Form 20-F (the &#8220;Annual Report&#8221;) contains forward-looking statements
within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. We use words such as &#8220;believe,&#8221;
&#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;project,&#8221; &#8220;target,&#8221; &#8220;plan,&#8221; &#8220;optimistic,&#8221;
&#8220;intend,&#8221; &#8220;aim,&#8221; &#8220;will&#8221; or similar expressions which are intended to identify forward-looking statements.
Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing
products; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and
objectives of management for future operations; and any statements regarding future economic conditions or performance, as well as all
assumptions, expectations, predictions, intentions or beliefs about future events. Investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks and uncertainties, as well as assumptions, which, if they were
to ever materialize or prove incorrect, could cause the results of the Company to differ materially from those expressed or implied by
such forward-looking statements. Potential risks and uncertainties include, among other things, the possibility that we may not be able
to maintain or increase our net revenues and profits due to our failure to execute our business expansion plan, changes in domestic and
foreign laws, regulations and taxes, changes in economic conditions, uncertainties related to China&#8217;s legal system and economic,
political and social events in China, a general economic downturn, a downturn in the securities markets, and other risks and uncertainties
which are generally set forth under Item 3 &#8220;Key information&#8212;D. Risk Factors&#8221; and elsewhere in this report.</span></p>

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

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

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


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ak_001"></span>PART
I</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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ak_002"></span>ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></span></p>

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

<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"><b>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><span id="ak_003"></span>Directors and Senior
    Management</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<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"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ak_004"></span>Advisors</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<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"><b>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><span id="ak_005"></span>Auditors</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ak_006"></span>ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ak_007"></span>ITEM
3. KEY INFORMATION</b></span></p>

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

<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"><b>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"><span id="ak_008"></span>[Reserved] </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<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"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ak_009"></span>Capitalization and Indebtedness</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<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"><b>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><span id="ak_010"></span>Reasons for the Offer
    and Use of Proceeds</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<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"><b>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><span id="ak_011"></span>Risk Factors</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Factor Summary</b></span></p>

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

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our operating history may
    not be indicative of our future growth or financial results and we may not be able to sustain our historical growth rates.</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 global economy and
    the financial markets may negatively affect our business and clients, as well as the supply of and demand for works of art. </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 demand for art and
    collectibles is unpredictable, which may cause significant variability in our results of 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    creator and distributor of cultural and creative collectibles and artisanal home goods, we cannot guarantee that we will be able
    to design and develop products that are popular with consumers or that we will be able to maintain the popularity of our successful
    products.</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">Despite our marketing efforts,
    we may not be able to promote and maintain our brand in an effective and cost-efficient way and our business and results of operations
    may be harmed accordingly.</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">We operate in a highly
    competitive industry and may lose market share or experience margin erosion if we are unable to compete effectively.</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">Fraudulent activity in
    our marketplace could negatively impact our operating results, brand and reputation and cause the use of our services to decrease.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Our Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    limited operating history and our volatile historical results of operations could make it difficult for us to forecast our business
    and assess the seasonality and volatility in our 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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
    ongoing global coronavirus COVID-19 outbreak had caused significant disruptions in our business, which we expect will materially
    and adversely affect our results of operations and financial condition.</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">We have engaged in transactions
    with related parties, and such transactions present possible conflicts of interest that could have an adverse effect on our business
    and results of 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">We may not be able to successfully
    expand into new cities or markets or expand within cities or markets where we already have a presence.</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 monitor the
    quality of our products could adversely affect our 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">We face the risk of fluctuations
    in the cost, availability and quality of our raw materials, which could adversely affect our results of 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">We do not have long term
    contracts with our suppliers and they can reduce order quantities or terminate their sales to us at any 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">Due to the nature of our
    business, valuable works of art are stored at our facilities. Such works of art could be subject to damage or theft, which could
    have a material adverse effect on our operations, reputation and brand.</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 relative lack of public
    company experience of our management team may put us at a competitive disadvantage.</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">Increases in labor costs
    in the PRC may adversely affect our business and results of 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 we are unable to build
    and maintain sufficient sales and distribution network to meet increasing demand of our products, our ability to execute on our business
    plan as outlined in this Annual Report will be impaired.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Cayman Islands 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">&#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">Recently introduced economic
    substance legislation of the Cayman Islands may impact the Company or its 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain judgments obtained
    against us by our shareholders may not be enforceable.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Because all of our operations are in China, our business is subject to the complex and rapidly evolving laws and regulations there. The Chinese
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    operations at any time, which could result in a material change in our operations and/or the value of our Shares. &#8212; <i>See
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    Kong, our business is subject to the complex and rapidly evolving laws and regulations there. The Chinese government may exercise
    significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time,
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">We will be subject to the Trial Administrative Measures,
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    (ii) the main parts of the issuer&#8217;s business activities are conducted in mainland China, or its main places of business are
    located in mainland China, or the senior managers in charge of its business operation and management are mostly Chinese citizens or
    domiciled in mainland China; and, if required, we cannot assure you that we will be able to complete such process on time or at all.
    See &#8220;<i>Risk Factors &#8212; Risks Related to Doing Business in China and Hong Kong &#8212; We will be subject to the Trial Administrative Measures, as the Company has: (i) 50% or more of the
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    statements for the most recent accounting year is accounted for by PRC domestic companies; and (ii) the main parts of the
    issuer&#8217;s business activities are conducted in mainland China, or its main places of business are located in mainland China, or
    the senior managers in charge of its business operation and management are mostly Chinese citizens or domiciled in mainland China;
    and we cannot assure you that we will be able to complete such process on time or at all.</i>&#8221;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Chinese
    government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based
    issuers, such action could significantly limit or completely hinder our ability to offer or continue to offer securities to investors
    and cause the value of such securities to significantly decline or be worthless. &#8212; <i>See &#8220;Risks Related to Doing Business
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    conducted overseas and/or foreign investment in China-based issuers, such action could significantly limit or completely hinder our
    ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or
    be worthless&#8221; </i>on page 18 for more information. </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>
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    uncertainties in the PRC legal system may subject our structure to different interpretations or enforcement challenges, or subject
    us to severe penalties or force us to relinquish our interests in our operations.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;
    <i>See &#8220;Risks Related to Doing Business in China and Hong Kong </i>&#8212; <span><i>The uncertainties
    in the PRC legal system may subject our structure to different interpretations or enforcement challenges, or subject us to severe
    penalties or force us to relinquish our interests in our operations</i></span><i>&#8221; </i>on page 19 for more information.</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">Recent greater oversight
    by the Cyberspace Administration of China (the &#8220;CAC&#8221;) over data security, particularly for companies seeking to list
    on a foreign exchange, could adversely impact our business and our offering. &#8212; <i>See &#8220;Risks Related to Doing Business
    in China and Hong Kong </i>&#8212; <i>Recent greater oversight by the Cyberspace Administration of China (the &#8220;CAC&#8221;)
    over data security, particularly for companies seeking to list on a foreign exchange, could adversely impact our business and our
    offering&#8221; </i>on page 19 for more information.</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">Changes in China&#8217;s
    economic, political or social conditions or government policies could have a material adverse effect on our business and operations.
    &#8212; <i>See &#8220;Risks Related to Doing Business in China and Hong Kong </i>&#8212; <i>Changes in China&#8217;s economic, political
    or social conditions or government policies could have a material adverse effect on our business and operations&#8221; </i>on page
    20 for more information.</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">Non-compliance with labor-related
    laws and regulations of the PRC may have an adverse impact on our financial condition and results of operation. &#8212; <i>See &#8220;Risks
    Related to Doing Business in China and Hong Kong </i>&#8212; <i>Non-compliance with labor-related laws and regulations of the PRC
    may have an adverse impact on our financial condition and results of operation</i>&#8221; on page 20 for more information. </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">Uncertainties with respect
    to the PRC legal system could adversely affect us. &#8212; <i>See &#8220;Risks Related to Doing Business in China and Hong Kong </i>&#8212;
    <i>Uncertainties with respect to the PRC legal system could adversely affect us&#8221;</i> on page 21 for more information. </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">You may experience difficulties
    in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us or our management named
    in the Annual Report based on foreign laws. &#8212; <i>See &#8220;Risks Related to Doing Business in China and Hong Kong </i>&#8212;
    <i>You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China
    against us or our management named in the Annual Report based on foreign laws&#8221; </i>on page 22 for more information. </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">We may rely on dividends
    and other distributions on equity paid by the operating entities to fund any cash and financing requirements we may have, and any
    interventions in or the imposition of restrictions and limitations on the ability of our company or the operating entities by the
    PRC government to transfer cash or assets could have a material and adverse effect on our business. &#8212; <i>See &#8220;Risks Related
    to Doing Business in China and Hong Kong </i>&#8212; <i>We may rely on dividends and other distributions on equity paid by the operating
    entities to fund any cash and financing requirements we may have, and any interventions in or the imposition of restrictions and
    limitations on the ability of our company or the operating entities by the PRC government to transfer cash or assets could have a
    material and adverse effect on our business</i>&#8221; on page 22 for more information. </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">PRC regulation of loans
    to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay
    us from making loans or additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our
    liquidity and our ability to fund and expand our business. &#8212; <i>See &#8220;Risks Related to Doing Business in China and Hong
    Kong </i>&#8212; <i>PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental
    control of currency conversion may delay us from making loans or additional capital contributions to our PRC subsidiaries, which
    could materially and adversely affect our liquidity and our ability to fund and expand our business&#8221;</i> on page 22 for more
    information. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may be exposed
    to liabilities under the Foreign Corrupt Practices Act and Chinese anti-corruption laws. &#8212; <i>See &#8220;Risks Related to Doing
    Business in China and Hong Kong </i>&#8212; <i>We may be exposed to liabilities under the Foreign Corrupt Practices Act and Chinese
    anti-corruption laws&#8221;</i> on page 23 for more information. </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">Restrictions on the remittance
    of Renminbi into and out of China and governmental control of currency conversion may limit our ability to pay dividends and other
    obligations, and affect the value of your investment. &#8212; <i>See &#8220;Risks Related to Doing Business in China and Hong Kong
    </i>&#8212; <i>Restrictions on the remittance of Renminbi into and out of China and governmental control of currency conversion may
    limit our ability to pay dividends and other obligations, and affect the value of your investment&#8221; </i>on page 23 for more
    information. </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">Although
    the audit report included in this Annual Report was issued by Singapore auditors who are currently inspected by the PCAOB, if it is
    later determined that the PCAOB is unable to inspect or investigate our auditor completely, investors would be deprived of the
    benefits of such inspection and our ordinary shares may be delisted or prohibited from trading. &#8212; <i>See &#8220;Risks Related
    to Doing Business in China and Hong Kong </i>&#8212; <i>Although the audit report included in this Annual Report was issued by
    Singapore auditors who are currently inspected by the PCAOB, if it is later determined that the PCAOB is unable to inspect or
    investigate our auditor completely, investors would be deprived of the benefits of such inspection and our ordinary shares may be
    delisted or prohibited from trading</i>&#8221; on page 24 for more information.</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">Governmental control of
    currency conversion may limit our ability to utilize our revenues effectively and affect the value of your investment. &#8212; <i>See
    &#8220;Risks Related to Doing Business in China and Hong Kong </i>&#8212; <i>Governmental control of currency conversion may limit
    our ability to utilize our revenues effectively and affect the value of your investment</i>&#8221; on page 25 for more information.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain PRC regulations
    may make it more difficult for us to pursue growth through acquisitions. &#8212; <i>See &#8220;Risks Related to Doing Business in
    China and Hong Kong </i>&#8212; <i>Certain PRC regulations may make it more difficult for us to pursue growth through acquisitions&#8221;
    </i>on page 25 for more information.</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">PRC regulations relating
    to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial owners or our
    PRC subsidiary to liability or penalties, limit our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary&#8217;
    ability to increase their registered capital or distribute profits to us, or may otherwise adversely affect us. &#8212; <i>See &#8220;Risks
    Related to Doing Business in China and Hong Kong </i>&#8212; <i>PRC regulations relating to the establishment of offshore special
    purpose companies by PRC residents may subject our PRC resident beneficial owners or our PRC subsidiary to liability or penalties,
    limit our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary&#8217; ability to increase their registered
    capital or distribute profits to us, or may otherwise adversely affect us</i>&#8221; on page 26 for more information. </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 make adequate
    contributions to various employee benefit plans and withhold individual income tax on employees&#8217; salaries as required by PRC
    regulations may subject us to penalties. &#8212; <i>See &#8220;Risks Related to Doing Business in China and Hong Kong </i>&#8212;
    <i>Failure to make adequate contributions to various employee benefit plans and withhold individual income tax on employees&#8217;
    salaries as required by PRC regulations may subject us to penalties&#8221;</i> on page 27 for more information.</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 failure to comply with
    PRC regulations regarding the registration requirements for employee stock incentive plans may subject the PRC plan participants
    or us to fines and other legal or administrative sanctions. &#8212; <i>See &#8220;Risks Related to Doing Business in China and Hong
    Kong </i>&#8212; <i>Any failure to comply with PRC regulations regarding the registration requirements for employee stock incentive
    plans may subject the PRC plan participants or us to fines and other legal or administrative sanctions&#8221;</i> on page 27 for
    more information.</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">U.S. regulatory bodies
    may be limited in their ability to conduct investigations or inspections of our operations in China. &#8212; <i>See &#8220;Risks
    Related to Doing Business in China and Hong Kong </i>&#8212; <i>U.S. regulatory bodies may be limited in their ability to conduct
    investigations or inspections of our operations in China&#8221;</i> on page 27 for more information. </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 we are classified as
    a PRC resident enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences to us and
    our non-PRC shareholders. If we are classified as a PRC resident enterprise for PRC income tax purposes, such classification could
    result in unfavorable tax consequences to us and our non-PRC shareholders. &#8212; <i>See &#8220;Risks Related to Doing Business
    in China and Hong Kong </i>&#8212; <i>If we are classified as a PRC resident enterprise for PRC income tax purposes, such classification
    could result in unfavorable tax consequences to us and our non-PRC shareholders. If we are classified as a PRC resident enterprise
    for PRC income tax purposes, such classification could result in unfavorable tax consequences to us and our non-PRC shareholders&#8221;
    </i>on page 27 for more information.</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">We face uncertainty with
    respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies. &#8212; <i>See
    &#8220;Risks Related to Doing Business in China and Hong Kong </i>&#8212; <i>We face uncertainty with respect to indirect transfers
    of equity interests in PRC resident enterprises by their non-PRC holding companies&#8221;</i> on page 28 for more information.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

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

<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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 market price for the
    Shares is volatile.</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 securities or industry
    analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding the Shares,
    the market price for the Shares and trading volume could decline.</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We currently do not expect
    to pay dividends in the foreseeable future and you must rely on price appreciation of our ordinary shares for return on your investment.</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">Substantial future sales
    or perceived potential sales of Shares in the public market could cause the price of the Shares to decline.</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">We may need additional
    capital and may sell additional Shares or other equity securities or incur indebtedness, which could result in additional dilution
    to our shareholders or increase our debt service 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain existing shareholders
    have substantial influence over our company and their interests may not be aligned with the interests of our other shareholders.</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">We are a foreign private
    issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S.
    domestic public 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">&#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 incur increased costs
    as a result of being a public 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">&#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 we fail to establish
    and maintain proper internal financial reporting controls, our ability to produce accurate financial statements or comply with applicable
    regulations could be impaired.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
operating history may not be indicative of our future growth or financial results and we may not be able to sustain our historical growth
rates.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operating history may not be indicative of our future growth or financial results. There is no assurance that we will be able to grow
our revenues in future periods. Our growth rates may decline for any number of possible reasons, and some of them are beyond our control,
including decreasing customer demand, increasing competition, emergence of alternative business models, or changes in government policies
or general economic conditions. We will continue to expand our sales network and product offerings to bring greater convenience to our
customers and to increase our customer base and number of transactions. However, the execution of our expansion plan is subject to uncertainty
and the total number of items sold and number of transacting customers may not grow at the rate we expect for the reasons stated above.
If our growth rates decline, investors&#8217; perceptions of our business and prospects may be adversely affected and the market price
of our common stock could decline.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
global economy and the financial markets may negatively affect our business and clients, as well as the supply of and demand for works
of art.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is affected by global, national and local economic conditions since the services we provide are discretionary and we depend,
to a significant extent, upon a number of factors relating to discretionary consumer spending in China and Hong Kong. These factors include
economic conditions and perceptions of such conditions by traders of collectibles and artwork, employment rates, the level of our customers&#8217;
disposable income, business conditions, interest rates, availability of credit and levels of taxation in regional and local markets.
There can be no assurance that our services will not be adversely affected by changes in general economic conditions in China, Hong Kong
and globally.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2020, the World Health Organization declared the COVID-19 as a pandemic and the global economy has also been materially negatively
affected. It is extremely uncertain about the China and global growth forecast, which could seriously affect peoples&#8217; investment
desires in China and internationally, including investment in artwork products and collectibles, which could negatively impact our business
and results of operations. The artwork and collectible markets are influenced over time by the overall strength and stability of the
global economy and the financial markets, although this correlation may not be immediately evident. In addition, political conditions
and world events may affect our business through their effect on the economy, as well as on the willingness of potential buyers and sellers
to invest and sell art in the wake of economic uncertainty.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
demand for art and collectibles is unpredictable, which may cause significant variability in our results of operations.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
demand for art is influenced not only by overall economic conditions, but also by changing trends in the art market as to which collecting
categories and artists are most sought after and by the preferences of individual collectors. These conditions and trends are difficult
to predict and may adversely impact our ability to obtain and sell consigned property, potentially causing significant variability in
our results of operations from period to period.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore,
it is essential for us to constantly respond to changes in the market and in the needs and preferences of our customers in order to remain
competitive, grow our business and maintain our market position. We intend to further expand our product categories to meet the needs
of our customers. New products or new business models may introduce risks and challenges that we do not currently face. Any new initiatives
may require us to devote significant financial and management resources and may not perform as expected. In addition, it may be difficult
for us to predict the needs and preferences of our customers, and the products we offer may not be accepted by the market or may become
obsolete or uneconomical. Accordingly, any inability to adapt to such changes may result in the inability to attract new customers or
retain existing customers, the occurrence of which may lead to 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
an artwork company and creator and distributor of cultural and creative collectibles and artisanal home goods, we cannot guarantee that
we will be able to design and develop products that are popular with consumers or that we will be able to maintain the popularity of
our successful products.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interests
of customers evolve very rapidly and change dramatically from time to time. It is essential for us to anticipate the trends of intellectual
property and products that will appeal to consumers and quickly develop and launch products that will capture consumers&#8217; limited
time, attention and spending. The changing consumer tastes and evolving interests, coupled with the changing and expanding consumer products
and content that consumers are interested in and receptive to, make some products and content unacceptable to consumers, while others
may be popular for a time and then quickly replaced.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, given the growing market for digital products and the increasing digitization of the arts and culture, consumer demand for
physical products may also decrease over time. Consumer demand for art and culture products can and does change without warning. Even
if our products are initially successful, there is no guarantee that we will be able to maintain their popularity with consumers. Therefore,
our success will depend in part on our ability to continually create and introduce new products that are of interest to consumers. If
we are unable to do so, our sales and profitability will be adversely affected. If we devote time and resources to developing and marketing
such products that are not sufficiently attractive to consumers or at all to meet our sales goals, our sales and profits could decline
and our business performance could be harmed.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Despite
our marketing efforts, we may not be able to promote and maintain our brand in an effective and cost-efficient way and our business and
results of operations may be harmed accordingly.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that effectively developing and maintaining awareness of our brand is critical to attracting new and retaining existing clients.
Successful promotion of our brand and our ability to attract quality clients depends largely on the effectiveness of our marketing efforts
and the success of the channels we use to promote our services. It is likely that our future marketing efforts will require us to incur
significant additional expenses as we expand our business. 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to successfully implement our growth strategy on a timely basis or at all.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future success depends, in large part, on our ability to implement our growth strategy, including expanding distribution and improving
placement of our products, attracting new consumers to our brands, introducing new products and product line extensions and expanding
into new markets. Our ability to implement this growth strategy depends, among other things, on our ability to:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increase
    our brand recognition by effectively implementing our marketing strategy and advertising initiatives;</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">create
    and maintain brand loyalty;</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">develop
    new products and product line extensions that appeal to consumers;</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">maintain
    and, to the extent necessary, improve our high standards for product quality, safety and integrity;</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">continue
    to effectively compete in our distribution channels;</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">maintain
    sources for the required supply of quality raw materials and ingredients to meet our growing demand; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identify
    and successfully enter and market our products in new geographic areas and market segments.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
operate in a highly competitive industry and may lose market share or experience margin erosion if we are unable to compete effectively.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
compete on the basis of product quality, design and performance, brand awareness and loyalty, product variety, reputation, price and
promotional efforts. We compete with a significant number of companies of varying sizes, including divisions or subsidiaries of larger
companies who may have greater financial resources and larger customer bases than we have. As a result, these competitors may be able
to identify and adapt to changes in consumer preferences more quickly than us due to their resources and scale. They may also be more
successful in marketing and selling their products, better able to increase prices to reflect cost pressures and better able to increase
their promotional activity, which may impact us and the entire art and collectible industry. If these competitive pressures cause our
products to lose market share or experience margin erosion, our business, financial conditions and results of operations may be materially
adversely affected.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fraudulent
activity in our marketplace could negatively impact our operating results, brand and reputation and cause the use of our services to
decrease.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the risk of fraudulent activity both in our marketplace and associated with traders and third parties handling their information.
Our resources, technologies and fraud detection tools may be insufficient to accurately detect and prevent fraud. Increases in fraudulent
activity, either in our marketplace or associated with participants of our marketplace, could negatively impact our brand and reputation,
reduce the volume of transactions facilitated through the WeChat&#169; app and lead us to take additional steps to reduce fraud risk,
which could increase our costs. High profile fraudulent activity could even lead to regulatory intervention, and may divert our management&#8217;s
attention and cause us to incur additional expenses and costs. Although we have not experienced any material business or reputational
harm as a result of fraudulent activities in the past, we cannot rule out the possibility that any of the foregoing may occur, causing
harm to our business or reputation in the future. If any of the foregoing were to occur, our results of operations and financial conditions
could be materially and adversely affected.</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
regard our trademarks, 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 and non-compete agreements
with our employees and others to protect our proprietary rights. See &#8220;Business&#8212;Intellectual Property.&#8221; Thus, we cannot
assure you that any of our intellectual property rights would not be challenged, invalidated, circumvented or misappropriated, or such
intellectual property will be sufficient to provide us with competitive advantages. In addition, because of the rapid pace of technological
change, parts of our business rely on Internet of Things (IoT) technology, the network of physical objects that feature an IP address
for internet connectivity, and the communication that occurs between these objects and other Internet-enabled devices and systems which
will alert the users under pre-set conditions, 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><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.
Confidentiality, invention assignment and non-compete agreements may be breached by counterparties, 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 can provide no assurance 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the application and interpretation of China&#8217;s intellectual property 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.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>From
time to time we may evaluate and potentially consummate strategic investments or acquisitions, which could require significant management
attention, disrupt our business and adversely affect our financial results.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may evaluate and consider strategic investments, combinations, acquisitions or alliances to further increase the value of our marketplace
and better serve our customers. These transactions could be material to our financial condition and results of operations if consummated.
If we are able to identify an appropriate business opportunity, we may not be able to successfully consummate the transaction and, even
if we do consummate such a transaction, we may be unable to obtain the benefits or avoid the difficulties and risks of such transaction.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Strategic
investments or acquisitions will involve risks commonly encountered in business relationships, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    in assimilating and integrating the operations, personnel, systems, data, technologies, products and services of the acquired business;</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>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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">inability of the acquired
    technologies, products or businesses to achieve expected levels of revenue, profitability, productivity or other benefits;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">difficulties in retaining,
    training, motivating and integrating key personnel;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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-top: 0pt; margin-bottom: 0pt; margin-left: 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="width: 0.25in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">diversion of
    management&#8217;s time and resources from our normal daily operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">&#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 successfully
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">&#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 maintaining
    uniform standards, controls, procedures and policies within the combined organizations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">&#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 retaining
    relationships with customers, employees and suppliers of the acquired business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">&#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 of entering markets
    in which we have limited or no prior experience;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">&#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">regulatory risks, including
    remaining in good standing with existing regulatory bodies or receiving any necessary pre-closing or post-closing approvals, as well
    as being subject to new regulators with oversight over an acquired business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">&#9679;</span></td>
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    obligations that contain terms that are not beneficial to us, require us to license or waive intellectual property rights or increase
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</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">&#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">liability for activities
    of the acquired business before the acquisition, including intellectual property infringement claims, violations of laws, commercial
    disputes, tax liabilities and other known and unknown liabilities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</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: 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>&#160;</td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not make any investments or acquisitions, or any future investments or acquisitions may not be successful, may not benefit our business
strategy, may not generate sufficient revenues to offset the associated acquisition costs or may not otherwise result in the intended
benefits. In addition, we cannot assure you that any future investment in or acquisition of new businesses or technology will lead to
the successful development of new or enhanced products or that any new or enhanced products, if developed, will achieve market acceptance
or prove to be profitable.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Relating to Our Operations</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
limited operating history and our volatile historical results of operations could make it difficult for us to forecast our business and
assess the seasonality and volatility in our business.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a relatively short operating history since 2021. Due to our limited operating history and historical data, as well as the limited
visibility into future demand trends for our products, we may not be able to accurately forecast our future total revenue and budget
our operating expenses accordingly. As most of our expenses are fixed in the short-term or incurred in advance of anticipated total revenue,
we may not be able to adjust our expenses in a timely manner in order to offset any shortfall in revenue.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may experience fluctuations in orders in the future. Our volatile historical results of operations could make it difficult to assess
the impact of seasonal factors on our business. If we or any of our third-party manufacturing service providers are unable to increase
production of new or existing products to meet any increases in demand due to seasonality or other factors, our total revenue would be
adversely affected and our reputation with our customers may be damaged.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
ongoing global coronavirus COVID-19 outbreak had caused significant disruptions in our business, which we expect will materially and
adversely affect our results of operations and financial condition.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
late January 2020, an outbreak of a novel coronavirus, later named COVID-19, has affected China and several regions around the world.
In response to the outbreak, China and other countries and regions around the world implemented extensive lockdowns, workplace closures,
and activity and travel restrictions to contain the spread of the virus. Around the fourth quarter of 2020, nearly all Chinese cities
have eased or lifted domestic travel restrictions and resumed normal social activities, commerce, work and production. However, the easing
of restrictions on economic and social activities could lead to new cases, which could result in the reimposition of restrictions. The
increase in cases in China has forced selective implementation of restrictions in affected areas. For example, in spring 2022, cases
increased in both Shenzhen and Shanghai in light of the emergence of a highly infectious variant of Omicron. The outbreak in Shanghai
spread to several other provinces and cities in China. In response to these new cases, several travel restrictions and other restrictions
have been implemented.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
negative impact of the COVID-19 outbreak has had a significant impact on our operating results in 2022. In 2022, the Chinese economy
is still in the process of recovering from the COVID-19 outbreak and there is significant uncertainty regarding the future progress of
the disease, particularly its long-term impact on the Chinese economy.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the beginning of 2022, temporary restrictions and other measures of varying degrees of severity have been reinstated to contain infections
caused by the Omicron variant strain. For example, during February 2022, the infrastructure and logistics services in Shenzhen were shut
down due to government controls, which made all our offices in Shenzhen shutdown for several weeks. These further had a material adverse
effect on our operating results and financial performance for the same period in 2022.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have taken and will continue to take steps to control the risk of virus transmission in our business operations, including providing
employees with information on COVID-19 prevention and control and requiring employees to take personal hygiene measures. However, if
any employee becomes or is suspected of becoming infected with any communicable disease or develops symptoms, local authorities may require
employees to be quarantined or offices to be closed and disinfected. As a result, business operations would be adversely affected.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
long-term trajectory of COVID-19 and the impact of virus mutations, both in terms of the scope and severity of the outbreak, as well
as the impact of the outbreak on the industry and the economy, remain difficult to assess or predict at this moment and pose significant
uncertainties that are difficult to quantify. If the situation in China does not improve or worsens, the business, results of operations
and financial condition could be materially and adversely affected.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have engaged in transactions with related parties, and such transactions present possible conflicts of interest that could have an adverse
effect on our business and results of operations.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into a number of transactions with related parties, including our shareholders and our sole director. For example, we have
entered into transaction with Shenzhen Yuanheng Culture and Art Creative Co., Ltd., which is 50% owned by our chief executive officer
and Director Ruowen Li. See &#8220;Related Party Transactions&#8221; for details. We may in the future enter into additional transactions
with entities in which our director and other related parties hold ownership interests.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
with the entities in which related parties hold ownership interests present potential for conflicts of interest, as the interests of
these entities and their shareholders may not align with the interests of the Company and our shareholders with respect to the negotiation
of, and certain other matters related to, our lease and services to such entities. Conflicts of interest may also arise in connection
with the exercise of contractual remedies under these transactions, such as the treatment of events of default.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on the laws of Cayman Islands, which provide that directors owe a duty of care and a duty of loyalty to our company. Nevertheless,
we may have achieved more favorable terms if such transactions had not been entered into with related parties and these transactions,
individually or in the aggregate, may have an adverse effect on our business and results of operations or may result in government enforcement
actions or other litigation.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to successfully expand into new cities or markets or expand within cities or markets where we already have a presence.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently operate primarily in Guangdong Province and other southern coastal provinces of China. Expansion into new cities or markets
or within cities or markets in which we already have a presence could expose us to significant legal and regulatory challenges, political
and economic instability or other adverse consequences. Such expansion may require new relationships with stakeholders who may have different
interests or standards from those stakeholders for whom our operations were originally designed and whose capabilities we may have limited
ability to leverage. Our lack of experience and operational expertise in these cities or markets may put us at a disadvantage relative
to our competitors who have more experience or ability to address related challenges.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
to monitor the quality of our products could adversely affect our business.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
outsource the manufacture of our products to suppliers, and we implement quality controls throughout the manufacturing process. In addition
to our manufacturers&#8217; internal quality control systems, we implement quality control systems related to raw materials, manufacturing
processes and finished products and require suppliers responsible for manufacturing processes to meet our selection criteria. However,
we may not be able to effectively control whether our suppliers will strictly adhere to our specifications and instructions, such as
the raw materials used to manufacture our products. The manufacture and sale of defective products could damage our reputation and lead
to product recalls, consumer litigation and other actions that could have a material adverse effect on our business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
face the risk of fluctuations in the cost, availability and quality of our raw materials, which could adversely affect our results of
operations.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost, availability and quality of our principal raw materials are important to our operations. We have established cooperative relationships
with raw material suppliers under a positive price negotiation and adjustment mechanism. However, if the cost of raw materials increases
due to policy changes, large market price fluctuation or any other reason, our business and results of operations could be adversely
affected.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lack
of availability of raw materials, whether due to shortages in supply, delays or interruptions in processing, failure of timely delivery
or otherwise, could interrupt our operations and adversely affect our financial results.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defective
raw materials or raw materials with quality issues could subject us to product liability claims or legal actions, which could adversely
affected our financial conditions and results of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
do not have long term contracts with our suppliers and they can reduce order quantities or terminate their sales to us at any time.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not have long term contracts with our suppliers. At any time, our suppliers can reduce the quantities of products they sell to us,
or cease selling products to us altogether. Such reductions or terminations could have a material adverse impact on our revenues, profits
and financial condition.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Due
to the nature of our business, valuable works of art are stored at our facilities. Such works of art could be subject to damage or theft,
which could have a material adverse effect on our operations, reputation and brand.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuable
works of art are stored at our facilities. Although we maintain security measures at our premises, valuable collectibles and artwork
may be subject to damage or theft. The damage or theft of valuable property despite these security measures could have a material adverse
impact on our business and reputation.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
currently do not have insurance coverage covering all risks related to our business and operations.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not maintain insurance policies covering all of our business risks, such as risks relating to properties, receivables, goods in transit
and public liability. We cannot assume you that the insurance coverage we currently have would be sufficient to cover our potential losses.
In the event there is any damage to any assets or incidents for which we do not have sufficient insurance coverage, if at all, we would
have to pay for the difference ourselves where our cash flow and liquidity could be negatively affected.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
relative lack of public company experience of our management team may put us at a competitive disadvantage.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management team lacks public company experience, which could impair our ability to comply with legal and regulatory requirements such
as those imposed by the Sarbanes-Oxley Act of 2002 (&#8220;Sarbanes-Oxley&#8221;). Our management does not have experience managing a
publicly traded company. Such responsibilities include complying with federal securities laws and making required disclosures on a timely
basis. Our management may be unable to implement programs and policies in an effective and timely manner or that adequately respond to
the increased legal, regulatory and reporting requirements associated with being a publicly traded company. Our failure to comply with
all applicable requirements could lead to the imposition of fines and penalties, distract our management from attending to the management
and growth of our business, result in a loss of investor confidence in our financial reports and have an adverse effect on our business
and stock price.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
lease our facilities from third parties and there is no assurance that we will be able to renew our leased facilities on favorable terms,
or at all.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently lease all of the properties we use to operate our business. We lease two offices, both of which are located in the city of
Shenzhen, province of Guangdong, China. If we are unable to renew these leases on favorable terms, or at all, we would be required to
find new leased space, which space may be more expensive to lease than our current facilities. Also, the lease may be terminated early
due to unexpected change of land usage by the local government.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business depends on the continued efforts of our management. If one or more of our key executives were unable or unwilling to continue
in their present positions, our business may be severely disrupted.</i></b></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Increases
in labor costs in the PRC may adversely affect our business and results of operations.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
our labor costs are generated in China, and the rising labor costs in China may have an adverse impact on our business and profitability,
especially in large cities. In recent years, China&#8217;s economy has experienced an increase in labor costs. China&#8217;s overall
economy and its average wage are expected to continue to grow. We expect our labor costs (including wages and employee benefits) to continue
to increase. Unless we are able to control our labor costs or pass on these increased labor costs to our customers or end users by increasing
the prices of our products, our financial condition and results of operations may be adversely affected.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to build and maintain sufficient sales and distribution network to meet increasing demand of our products, our ability
to execute on our business plan as outlined in this Annual Report will be impaired.</i></b></span></p>

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

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

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><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 Cayman Islands law.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our amended and restated
memorandum and articles of association, the Companies Act (2020 Revision) of the Cayman Islands (the &#8220;Companies Act&#8221;) and
the common law of the Cayman Islands. The rights of shareholders to take action against our director, actions by minority shareholders
and the fiduciary duties of our director to us under Cayman Islands law are to a large extent governed by the common law of the Cayman
Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands
as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court
in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our director under Cayman Islands law are not as clearly
established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman
Islands has a different body of securities laws than the United States. Some U.S. states, such as Delaware, have more fully developed
and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have standing
to initiate a shareholder derivative action in a federal court of the United States. There is no statutory recognition in the Cayman
Islands of judgments obtained in the United States, although the courts of the Cayman 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records or to obtain
copies of lists of shareholders of these companies. Our director has discretion under our articles of association to determine whether,
and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to
our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder
motion or to solicit proxies from other shareholders in connection with a proxy contest.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions such as the United 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-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recently
introduced economic substance legislation of the Cayman Islands may impact the Company or its operations</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cayman Islands, together with several other non-European Union jurisdictions, have recently introduced legislation aimed at addressing
concerns raised by the Council of the European Union as to offshore structures engaged in certain activities which attract profits without
real economic activity. Effective January 1, 2019, the International Tax Co-operation (Economic Substance) Act, 2018 (the &#8220;Substance
Law&#8221;) and issued Regulations and Guidance Notes came into force in the Cayman Islands introducing certain economic substance requirements
for &#8220;relevant entities&#8221; which are engaged in certain &#8220;relevant activities,&#8221; which in the case of exempted companies
incorporated before January 1, 2019, will apply in respect of fiscal years commencing July 1, 2019, onwards. A &#8220;relevant entity&#8221;
includes an exempted company incorporated in the Cayman Islands; however, it does not include an entity that is tax resident outside
the Cayman Islands. Accordingly, for so long as the Company is a tax resident outside the Cayman Islands, it is not required to satisfy
the economic substance test under the Substance Law. Although it is presently anticipated that the Substance Law will have little material
impact on the Company or its operations, as the legislation is new and remains subject to further clarification and interpretation it
is not currently possible to ascertain the precise impact of these legislative changes on the Company.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Certain
judgments obtained against us by our shareholders may not be enforceable.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a Cayman Islands company and substantially all of our assets are located outside of the United States. Substantially all of our current
operations are conducted in the PRC. In addition, our current officers are nationals and residents of countries other than the United
States. Substantially all of the assets of these persons are located outside the United States. As a result, it may be difficult or impossible
for you to bring an action against us or against these individuals in the United States in the event that you believe that your rights
have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this kind,
the laws of the Cayman Islands and of the PRC may render you unable to enforce a judgment against our assets or the assets of our director
and officer. For more information regarding the relevant laws of the Cayman Islands and the PRC, see &#8220;Enforceability of Civil Liabilities.&#8221;</span></p>

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


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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a business operating in China, we are subject to the laws and regulations of the PRC, which can be complex and evolve rapidly. The PRC
government has the power to exercise significant oversight and discretion over the conduct of our business, and the regulations to which
we are subject may change rapidly and with little notice to us or our shareholders. As a result, the application, interpretation, and
enforcement of new and existing laws and regulations in the PRC are often uncertain. In addition, these laws and regulations may be interpreted
and applied inconsistently by different agencies or authorities, and inconsistently with our current policies and practices. New laws,
regulations, and other government directives in the PRC may also be costly to comply with, and such compliance or any associated inquiries
or investigations or any other government actions may:</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case that restrict or otherwise
unfavorably impact the ability or manner in which we conduct our business and could require us to change certain aspects of our business
to ensure compliance, which could decrease demand for our products, reduce revenues, increase costs, require us to obtain more licenses,
permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required
to be implemented, our business, financial condition and results of operations could be adversely affected as well as materially decrease
the value of our ordinary shares.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chinese government has exercised, and continues to exercise, substantial control over virtually every sector of the Chinese economy through
regulation and state ownership. The operating entities&#8217; ability to operate in China may be harmed by changes in Chinese laws and
regulations, including those relating to securities regulation, data protection, cybersecurity and mergers and acquisitions and other
matters. The PRC central or local governments may impose new, stricter regulations or interpretations of existing regulations that would
require additional expenditures and efforts on the operating entities&#8217; part for compliance with such regulations or interpretations.
Government actions in the future could significantly affect economic conditions in China or particular regions thereof, and could require
the operating entities to materially change their operating activities or divest themselves of any interests they hold in Chinese assets.
The operating entities&#8217; business may be subject to various types of government and regulatory interference, such as requiring the
operating entities to gain the approval from CSRC before this listing and to conduct a cyber security review. The operating entities
may incur increased costs necessary to comply with existing and newly adopted laws and regulations or penalties for any failure to comply.
The operating entities&#8217; operations could be adversely affected by existing or future laws and regulations.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these events could result in a material change in the operations of the operating entities and the value of our ordinary shares. The
Chinese government has indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign
investment in China-based issuers. Any such actions by the Chinese government could significantly limit or completely hinder our ability
to offer or continue to offer securities to investors and cause the value of our securities to significantly decline or be worthless.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recent
greater oversight by the Cyberspace Administration of China (the &#8220;CAC&#8221;) over data security, particularly for companies seeking
to list on a foreign exchange, could adversely impact our business and our offering.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 28, 2021, 13 governmental departments of the PRC, including the CAC, jointly promulgated the Cybersecurity Review Measures,
which became effective on February 15, 2022. The Cybersecurity Review Measures provide that, in addition to critical information infrastructure
operators (&#8220;CIIOs&#8221;) that intend to purchase Internet products and services, net platform operators engaging in data processing
activities that affect or may affect national security must be subject to cybersecurity review by the Cybersecurity Review Office of
the PRC. According to the Cybersecurity Review Measures, a cybersecurity review assesses potential national security risks that may be
brought about by any procurement, data processing, or overseas listing. The Cybersecurity Review Measures require that an online platform
operator which possesses the personal information of at least one million users must apply for a cybersecurity review by the CAC if it
intends to be listed in foreign countries.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 14, 2021, the CAC published the Draft Regulations on the Network Data Security Administration (Draft for Comments) (the &#8220;Security
Administration Draft&#8221;), which provides that data processing operators engaging in data processing activities that affect or may
affect national security must be subject to cybersecurity review by the CAC. According to the Security Administration Draft, data processing
operators shall apply for a cybersecurity review by the relevant Cyberspace Administration of the PRC under certain circumstances, such
as (i) mergers, restructurings, and divisions of Internet platform operators that hold large amount of data relating to national security,
economic development, or public interest which affects or may affect the national security, (ii) overseas listings of data processors
that process personal data for more than one million individuals, (iii) Hong Kong listings of data processors that affect or may affect
national security, and (iv) other data processing activities that affect or may affect the national security. The deadline for public
comments on the Security Administration Draft was December 13, 2021.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC Data Security Law, which was promulgated by the Standing Committee of the National People&#8217;s Congress of the PRC (&#8220;SCNPC&#8221;)
on June 10, 2021 and took effect on September 1, 2021, requires data collection to be conducted in a legitimate and proper manner, and
stipulates that, for the purpose of data protection, data processing activities must be conducted based on data classification and hierarchical
protection system for data security.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 20, 2021, the SCNPC promulgated the Personal Information Protection Law of the People&#8217;s Republic of China, or the Personal
Information Protection Law, which integrates the scattered rules with respect to personal information rights and privacy protection and
took effect on November 1, 2021.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the PRC regulatory authorities have recently taken steps to strengthen the regulations on data protection and conducted several
rounds of relevant inspections. The Rules on the Scope of Necessary Personal Information for Common Types of Mobile Internet Applications,
which came into effect on May 1, 2021 (the &#8220;Necessary Personal Information Rules&#8221;), require that the operators of mobile
apps shall not deny the users who do not consent to the collection of unnecessary personal information from using the basic functions
and services of such apps. In addition, under the Necessary Personal Information Rules, &#8220;necessary personal information&#8221;
refers to personal information necessary for ensuring the normal operation of an app&#8217;s basic functional services. The basic functional
services of the operating entities&#8217; apps are providing instant messaging services through texts, pictures, voice, and video, where
the necessary personal information includes mobile phone numbers and account numbers of registered users and lists of accounts of instant
messaging contact persons.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
advised by our PRC legal counsel, DeHeng Law Offices (Shenzhen), neither we nor the operating entities are subject to cybersecurity review
by the CAC, since neither we nor the operating entities currently have over one million users&#8217; personal information and do not
anticipate that we will be collecting over one million users&#8217; personal information in the foreseeable future, which we understand
might otherwise subject us to the Cybersecurity Review Measures. As of the date of this Annual Report, we have not received any notice
from any authorities identifying the operating entities as CIIOs or requiring us or the operating entities to undergo a cybersecurity
review or network data security review by the CAC. The operating entities have taken measures to ensure their compliance with related
cybersecurity laws.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
remains uncertainty as to how the Cybersecurity Review Measures and the Security Administration Draft 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 Cybersecurity Review Measures and the Security Administration Draft. If any such new laws, regulations, rules, or implementation
and interpretation come into effect, we will take all reasonable measures and actions to comply and to minimize the adverse effect of
such laws on us. Furthermore, many specific requirements of the Personal Information Protection Law and other laws related to data securities
remain to be clarified by the CAC, other regulatory authorities, and the courts, for practical application. We may be required to adjust
our business practices to comply with the personal information protection laws and regulations. There is no assurance 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 should they be deemed to be applicable to the operations of the operating entities. There is no certainty as to how such review
or prescribed actions would impact such operations and we cannot guarantee that any clearance can be obtained, or maintained, if approved,
or any actions that may be required can be taken in a timely manner, or at all.</span></p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-compliance
with labor-related laws and regulations of the PRC may have an adverse impact on our financial condition and results of operation.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have been subject to stricter regulatory requirements in terms of entering into labor contracts with our employees and paying various
statutory employee benefits, including pensions, housing fund, work-related injury insurance, unemployment insurance and childbearing
insurance to designated government agencies for the benefit of our employees. Pursuant to the PRC Labor Contract Law, or the Labor Contract
Law, that became effective in January 2008 and its implementing rules that became effective in September 2008 and was amended in July
2013, employers are subject to stricter requirements in terms of signing labor contracts, minimum wages, paying remuneration, determining
the term of employees&#8217; probation and unilaterally terminating labor contracts. In the event that we decide to terminate some of
our employees or otherwise change our employment or labor practices, the Labor Contract Law and its implementation rules may limit our
ability to effect those changes in a desirable or cost-effective manner, which could adversely affect our business and results of operations.
We believe our current practice complies with the Labor Contract Law and its amendments. However, the relevant governmental authorities
may take a different view and impose fines on us.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the interpretation and implementation of labor-related laws and regulations are still evolving, we cannot assure you that our employment
practice does not and will not violate labor-related laws and regulations in China, which may subject us to labor disputes or government
investigations. If we are deemed to have violated relevant labor laws and regulations, we could be required to provide additional compensation
to our employees and our business, financial condition and results of operations could be materially and adversely affected.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China&#8217;s
economic, political and social conditions, as well as changes in any government policies, laws and regulations, could have a material
adverse effect on our business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our operations are located in China and substantially of our net revenues are derived from customers where the contracting entity
is located in China. Accordingly, our business, financial condition, results of operations, prospects and certain transactions we may
undertake may be subject, to a significant extent, to economic, political and legal developments in China.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China&#8217;s
economy differs from the economies of most developed countries in many respects, including the amount of government involvement, level
of development, growth rate, control of foreign exchange and allocation of resources. Although China&#8217;s economy has been transitioning
from a planned economy to a more market-oriented economy since the late 1970s, the PRC government continues to play a significant role
in regulating industry development by imposing industrial policies. The PRC government also exercises significant control over China&#8217;s
economic growth through allocating resources, controlling the incurrence and payment of foreign currency-denominated obligations, setting
monetary policy and providing preferential treatment to particular industries or companies. Changes in any of these policies, laws and
regulations could adversely affect the economy in China and could have a material adverse effect on our business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government has implemented various measures to encourage foreign investment and sustainable economic growth and to guide the allocation
of financial and other resources. However, we cannot assure you that the PRC government will not repeal or alter these measures or introduce
new measures that will have a negative effect on us. China&#8217;s social and political conditions may change and become unstable. Any
sudden changes to China&#8217;s political system or the occurrence of widespread social unrest could have a material adverse effect on
our business and results of operations.</span></p>

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

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

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

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

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

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

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

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

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


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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may rely on dividends and other distributions on equity paid by the operating entities to fund any cash and financing requirements we
may have, and any interventions in or the imposition of restrictions and limitations on the ability of our company or the operating entities
by the PRC government to transfer cash or assets could have a material and adverse effect on our business.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a holding company incorporated in the Cayman Islands and we operate our business principally through the operating entities in the
PRC. We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements
we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect
on our ability to conduct our business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely principally on dividends and other distributions on equity from our PRC subsidiaries for our cash requirements, including for services
of any debt we may incur.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
PRC subsidiaries&#8217; ability to distribute dividends is based upon their distributable earnings. Current PRC regulations permit our
PRC subsidiaries to pay dividends to their respective shareholders only out of their accumulated profits, if any, determined in accordance
with PRC accounting standards and regulations. In addition, each of our PRC subsidiaries, as a Foreign Invested Enterprise, or FIE, are
required to draw 10% of its after-tax profits each year, if any, to fund a common reserve, which may stop drawing its after-tax profits
if the aggregate balance of the common reserve has already accounted for over 50 percent of its registered capital. These reserves are
not distributable as cash dividends. If our PRC subsidiaries incur debt on their own behalf in the future, the instruments governing
the debt may restrict their ability to pay dividends or make other payments to us. Any limitation on the ability of our PRC subsidiaries
to distribute dividends or other payments to their respective shareholders could materially and adversely limit our ability to grow,
make investments or acquisitions that could be beneficial to our business, pay dividends or otherwise fund and conduct our business.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Enterprise Income Tax Law and its implementation rules provide that a withholding tax rate of up to 10% will be applicable
to dividends payable by Chinese companies to non-PRC-resident enterprises unless otherwise exempted or reduced according to treaties
or arrangements between the PRC central government and governments of other countries or regions where the non-PRC resident enterprises
are incorporated.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>PRC
regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion
may delay us from making loans or additional capital contributions to our PRC subsidiaries, which could materially and adversely affect
our liquidity and our ability to fund and expand our business.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
funds we transfer to our PRC subsidiaries, either as a shareholder loan or as an increase in registered capital, are subject to approval
by or registration with relevant governmental authorities in China. According to the relevant PRC regulations on Foreign-Invested Enterprises,
or FIEs, in China, capital contributions to our PRC subsidiaries are subject to the approval of or filing with the Ministry of Commerce,
or MOFCOM or its local branches and registration with a local bank authorized by the State Administration of Foreign Exchange, or SAFE.
In addition, (i) a foreign loan of less one year duration procured by our PRC subsidiaries is required to be registered with SAFE or
its local branches and (ii) a foreign loan of one year duration or more procured by our PRC subsidiaries is required to be applied to
the National Development and Reform Commission, or NDRC, in advance for undergoing recordation registration formalities. Any medium or
long-term loan to be provided by us to our PRC operating subsidiaries, must be registered with the NDRC and the SAFE or its local branches.
We may not be able to complete such registrations on a timely basis, with respect to future capital contributions or foreign loans by
us to our PRC Subsidiary. If we fail to complete such registrations, our ability to capitalize our PRC operations may be negatively affected,
which could adversely affect our liquidity and our ability to fund and expand our business.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 30, 2015, the SAFE promulgated the Circular on Reforming the Management Approach Regarding the Foreign Exchange Capital Settlement
of Foreign-Invested Enterprises, or SAFE Circular 19, which took effect as of June 1, 2015. SAFE Circular 19 launched a nationwide reform
of the administration of the settlement of the foreign exchange capitals of FIEs and allows FIEs to settle their foreign exchange capital
at their discretion, but continues to prohibit FIEs from using the Renminbi fund converted from their foreign exchange capital for expenditure
beyond their business scopes, providing entrusted loans or repaying loans between nonfinancial enterprises. The SAFE issued the Circular
on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital Accounts, or SAFE Circular 16, effective
in June 2016. Pursuant to SAFE Circular 16, enterprises registered in China may also convert their foreign debts from foreign currency
to Renminbi on a self-discretionary basis. SAFE Circular 16 provides an integrated standard for conversion of foreign exchange under
capital account items (including but not limited to foreign currency capital and foreign debts) on a self-discretionary basis which applies
to all enterprises registered in China. SAFE Circular 16 reiterates the principle that Renminbi converted from foreign currency-denominated
capital of a company may not be directly or indirectly used for purposes beyond its business scope or prohibited by PRC laws or regulations,
while such converted Renminbi shall not be provided as loans to its non-affiliated entities. As this circular is relatively new, there
remains uncertainty as to its interpretation and application and any other future foreign exchange related rules. Violations of these
Circulars could result in severe monetary or other penalties. SAFE Circular 19 and SAFE Circular 16 may significantly limit our ability
to use Renminbi to fund our PRC operating subsidiaries, to invest in or acquire any other PRC companies through our PRC subsidiaries,
which may adversely affect our business, financial condition and results of operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be exposed to liabilities under the Foreign Corrupt Practices Act and Chinese anti-corruption laws.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the U.S. Foreign Corrupt Practices Act (the &#8220;FCPA&#8221;), and other laws that prohibit improper payments or offers
of payments to foreign governments and their officials and political parties by U.S. persons and issuers as defined by the statute for
the purpose of obtaining or retaining business. The operating entities are subject to Chinese anti-corruption laws, which strictly prohibit
the payment of bribes to government officials. The operating entities have operations, agreements with third parties, and make sales
in China, which may experience corruption. The activities in China create the risk of unauthorized payments or offers of payments by
the employees, consultants or distributors of our Company, because these parties are not always subject to our control.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we believe we have complied in all material respects with the provisions of the FCPA and Chinese anti-corruption laws as of the date
of this Annual Report, our existing safeguards and any future improvements may prove to be less than effective, and the employees, consultants
or distributors of our Company may engage in conduct for which we might be held responsible. Violations of the FCPA or Chinese anti-corruption
laws may result in severe criminal or civil sanctions, and we may be subject to other liabilities, which could negatively affect our
operating results and financial condition. In addition, the government may seek to hold our Company liable for successor liability FCPA
violations committed by companies in which we invest or that we acquire.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Restrictions
on the remittance of Renminbi into and out of China and governmental control of currency conversion may limit our ability to pay dividends
and other obligations, and affect the value of your investment.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government imposes controls and restrictions on the convertibility of the Renminbi into foreign currencies and, in certain cases,
the remittance of currency out of the PRC. The majority of our income is received in Renminbi and shortages in the availability of foreign
currencies may restrict our ability to pay dividends or other payments, or otherwise satisfy their foreign currency denominated obligations,
if any. Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest
payments and expenditures from trade-related transactions, can be made in foreign currencies without prior approval from SAFE, by complying
with certain procedural requirements. Approval from appropriate government authorities is required where Renminbi is to be converted
into foreign currency and remitted out of the PRC to pay capital expenses such as the repayment of loans denominated in foreign currencies.
The PRC government may, at its discretion, impose restrictions on access to foreign currencies for current account transactions and if
this occurs in the future, we may not be able to pay dividends in foreign currencies to our shareholders.</span></p>

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


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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of a continued regulatory focus in the United States on access to audit and other information currently protected by national law,
in particular mainland China&#8217;s, in June 2019, a bipartisan group of lawmakers introduced bills in both houses of the U.S. Congress
which, if passed, would require the SEC to maintain a list of issuers for which PCAOB is not able to inspect or investigate the audit
work performed by a foreign public accounting firm completely. The proposed Ensuring Quality Information and Transparency for Abroad-Based
Listings on our Exchanges (&#8220;EQUITABLE&#8221;) Act prescribes increased disclosure requirements for these issuers and, beginning
in 2025, the delisting from U.S. national securities exchanges of issuers included on the SEC&#8217;s list for three consecutive years.
It is unclear if this proposed legislation will be enacted. Furthermore, there have been recent deliberations within the U.S. government
regarding potentially limiting or restricting China-based companies from accessing U.S. capital markets. On May 20, 2020, the U.S. Senate
passed the Holding Foreign Companies Accountable Act (the &#8220;HFCAA&#8221;), which includes requirements for the SEC to identify issuers
whose audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely because of a restriction imposed
by a non-U.S. authority in the auditor&#8217;s local jurisdiction. The U.S. House of Representatives passed the HFCAA on December 2,
2020, and the HFCAA was signed into law on December 18, 2020. Additionally, in July 2020, the U.S. President&#8217;s Working Group on
Financial Markets issued recommendations for actions that can be taken by the executive branch, the SEC, the PCAOB or other federal agencies
and department with respect to Chinese companies listed on U.S. stock exchanges and their audit firms, in an effort to protect investors
in the United States. In response, on November 23, 2020, the SEC issued guidance highlighting certain risks (and their implications to
U.S. investors) associated with investments in China-based issuers and summarizing enhanced disclosures the SEC recommends China-based
issuers make regarding such risks. On December 2, 2021, the SEC adopted final rules relating to the implementation of certain disclosure
and documentation requirements of the HFCAA. We will be required to comply with these rules if the SEC identifies us as having a &#8220;non-inspection&#8221;
year (as defined in the interim final rules) under a process to be subsequently established by the SEC. The SEC is assessing how to implement
other requirements of the HFCAA, including the listing and trading prohibition requirements described above. Under the HFCAA, our securities
may be prohibited from trading on the U.S. stock exchanges if our auditor is not inspected by the PCAOB for three consecutive years,
and this ultimately could result in our Shares being delisted. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating
Holding Foreign Companies Accountable Act (&#8220;AHFCAA&#8221;), which, if enacted, would amend the HFCAA and require the SEC to prohibit
an issuer&#8217;s securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive
years instead of three. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for
the PCAOB to use when determining, as contemplated under the HFCAA, whether the Board is unable to inspect or investigate completely
registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.
On December 16, 2021, the PCAOB issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely
registered public accounting firms headquartered in: (1) mainland China of the People&#8217;s Republic of China, because of a position
taken by one or more authorities in mainland China; and (2) Hong Kong, a Special Administrative Region and dependency of the PRC, because
of a position taken by one or more authorities in Hong Kong.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 26, 2022, the PCAOB signed a Statement of Protocol with the CSRC and the Ministry of Finance of the PRC governing inspections
and investigations of audit firms based in China and Hong Kong, and stated the cooperation will be launched soon. The Statement scheduled
several important issues including the purpose, scope and form of the cooperation, use of information and specific data protection during
the cooperation, etc. In particular, Chinese authorities have committed to four critical items: First, in accordance with the Sarbanes-Oxley
Act, the PCAOB has independent discretion to select any issuer audits for inspection or investigation; Second, the PCAOB gets direct
access to interview or take testimony from all personnel of the audit firms whose issuer engagements are being inspected or investigated;
Third, the PCAOB has the unfettered ability to transfer information to the SEC, in accordance with the Sarbanes-Oxley Act; and Fourth,
PCAOB inspectors can see complete audit work papers without any redactions. On the last item, the PCAOB was able to establish view only
procedures &#8212; as it has done in the past with certain other jurisdictions &#8212; for targeted pieces of information (for example,
personally identifiable information). As uncertainties remain regarding the details of the cooperation and the implementation by the
authorities of the two sides, the risks we faced regarding the de-listing of our securities because of non-compliance to the laws and
regulations adopted by the U.S. authorities will still exist.</span></p>

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

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

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

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

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

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

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Among
other things, the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (&#8220;M&amp;A Rules&#8221;)
and Anti-Monopoly Law of the People&#8217;s Republic of China promulgated by the Standing Committee of the NPC which became effective
in 2008 (&#8220;Anti-Monopoly Law&#8221;), established additional procedures and requirements that could make merger and acquisition
activities by foreign investors more time-consuming and complex. Such regulation requires, among other things, that State Administration
for Market Regulation (SAMR) be notified in advance of any change-of-control transaction in which a foreign investor acquires control
of a PRC domestic enterprise or a foreign company with substantial PRC operations, if certain thresholds under the Provisions of the
State Council on the Standard for Declaration of Concentration of Business Operators, issued by the State Council in 2008, are triggered.
Moreover, the Anti-Monopoly Law requires that transactions which involve the national security, the examination on the national security
shall also be conducted according to the relevant provisions of the State. In addition, PRC Measures for the Security Review of Foreign
Investment which became effective in January 2021 require acquisitions by foreign investors of PRC companies engaged in military-related
or certain other industries that are crucial to national security be subject to security review before consummation of any such acquisition.
We may pursue potential strategic acquisitions that are complementary to our business and operations.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complying
with the requirements of these regulations to complete such transactions could be time-consuming, and any required approval processes,
including obtaining approval or clearance from the MOFCOM, may delay or inhibit our ability to complete such transactions, which could
affect our ability to expand our business or maintain our market share.</span></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
SAFE Circular 37, PRC residents who make, or have prior to the implementation of SAFE Circular 37 made, direct or indirect investments
in offshore special purpose vehicles, or SPVs, will be required to register such investments with SAFE or its local branches. In addition,
any PRC resident who is a direct or indirect shareholder of an SPV is required to update its filed registration with the local branch
of SAFE with respect to that SPV, to reflect any material change. Moreover, any subsidiary of such SPV in China is required to urge the
PRC resident shareholders to update their registration with the local branch of SAFE. If any PRC shareholder of such SPV fails to make
the required registration or to update the previously filed registration, the subsidiary of such SPV in China may be prohibited from
distributing its profits or the proceeds from any capital reduction, share transfer or liquidation to the SPV, and the SPV may also be
prohibited from making additional capital contributions into its subsidiary in China. On February 13, 2015, the SAFE promulgated a Notice
on Further Simplifying and Improving Foreign Exchange Administration Policy on Direct Investment, or SAFE Notice 13, which became effective
on June 1, 2015. Under SAFE Notice 13, applications for foreign exchange registration of inbound foreign direct investments and outbound
overseas direct investments, including those required under SAFE Circular 37, will be filed with qualified banks instead of SAFE. The
qualified banks will directly examine the applications and accept registrations under the supervision of SAFE.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of our shareholders that we are aware of are subject to SAFE regulations, and we expect all of these shareholders will have completed
all necessary registrations with the local SAFE branch or qualified banks as required by SAFE Circular 37. We cannot assure you, however,
that all of these shareholders may continue to make required filings or updates in a timely manner, or at all. We can provide no assurance
that we are or will in the future continue to be informed of identities of all PRC residents holding direct or indirect interest in our
company. Any failure or inability by such shareholders to comply with SAFE regulations may subject us to fines or legal sanctions, such
as restrictions on our cross-border investment activities or our PRC subsidiaries&#8217; ability to distribute dividends to, or obtain
foreign exchange-denominated loans from, our company or prevent us from making distributions or paying dividends. As a result, our business
operations and our ability to make distributions to you could be materially and adversely affected.</span></p>

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this disclosure, The PRC residents have applied for foreign exchange registration under the SAFE Circular 37 and other
related rules. Although they are in the process of making foreign exchange registration, they may still face with the above said possible
fines in accordance with the PRC Laws.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
to make adequate contributions to various employee benefit plans and withhold individual income tax on employees&#8217; salaries as required
by PRC regulations may subject us to penalties.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
operating in China are required to participate in various government-mandated employee benefit contribution plans, including certain
social insurance, housing funds and other welfare-oriented payment obligations, and contribute to the plans in amounts equal to certain
percentages of salaries, including bonuses and allowances, of our employees up to a maximum amount specified by the local government
from time to time at locations where we operate our businesses. The requirement of employee benefit contribution plans has not been implemented
consistently by the local governments in China given the different levels of economic development in different locations. Companies operating
in China are also required to withhold individual income tax on employees&#8217; salaries based on the actual salary of each employee
upon payment. We may be subject to late fees and fines in relation to the underpaid employee benefits and under-withheld individual income
tax, our financial condition and results of operations may be adversely affected.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Any
failure to comply with PRC regulations regarding the registration requirements for employee stock incentive plans may subject the PRC
plan participants or us to fines and other legal or administrative sanctions.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Notices on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan
of Overseas Publicly-Listed Company, promulgated by SAFE in 2012, or SAFE Notices No. 7, PRC citizens and non-PRC citizens who reside
in China for a continuous period of no less than one year who participate in any stock incentive plan of an overseas publicly listed
company offered to the director, supervisor, senior management and other employees of, and any individual who has labor relationship
with its domestic affiliated entities are required to register with SAFE through a domestic qualified agent, which could be a PRC subsidiary
of such overseas listed company, and complete certain other procedures. In addition, an overseas entrusted institution must be retained
to handle matters in connection with the exercise or sale of stock options and the purchase or sale of shares and interests. We and our
director, our executive officers and other employees who are PRC citizens or who reside in the PRC for a continuous period of no less
than one year and who have been granted stock options are subject to these regulations. Failure to complete the SAFE registrations for
our employee incentive plans after our listing may subject them to fines and legal sanctions, and may also limit our ability to contribute
additional capital into our PRC subsidiaries and limit our PRC subsidiaries&#8217; ability to distribute dividends to us. We also face
regulatory uncertainties that could restrict our ability to adopt additional incentive plans for our director, our executive officers
and employees under PRC law.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the State Administration of Taxation, or SAT, has issued certain circulars concerning employee stock options and restricted
shares. Under these circulars, our employees working in China who exercise stock options or are granted restricted shares will be subject
to PRC individual income tax. Our PRC subsidiaries have obligations to file documents related to employee stock options or restricted
shares with relevant tax authorities and to withhold individual income taxes of those employees who exercise their share options or are
granted with restricted shares. If our employees fail to pay or we fail to withhold their income taxes according to relevant laws and
regulations, we may face sanctions imposed by the tax authorities or other PRC governmental authorities.</span></p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S.
regulatory bodies may be limited in their ability to conduct investigations or inspections of our operations in China.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
disclosure of documents or information located in China by foreign agencies may be subject to jurisdiction constraints and must comply
with China&#8217;s state secrecy laws, which broadly define the scope of &#8220;state secrets&#8221; to include matters involving economic
interests and technologies. There is no guarantee that requests from U.S. federal or state regulators or agencies to investigate or inspect
our operations will be honored by us, by entities who provide services to us or with whom we associate, without violating PRC legal requirements,
especially as those entities are located in China. Furthermore, under the current PRC laws, an on-site inspection of our facilities by
any of these regulators may be limited or prohibited.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the PRC Enterprise Income Tax Law and its implementation rules, an enterprise established outside of the PRC with its &#8220;de facto
management body&#8221; within the PRC is considered a &#8220;resident enterprise&#8221; and will be subject to the enterprise income
tax on its global income at the rate of 25%. The implementation rules define the term &#8220;de facto management body&#8221; as the body
that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties
of an enterprise. In 2009, the State Administration of Taxation, or SAT, issued a circular, known as SAT Circular 82, which provides
certain specific criteria for determining whether the &#8220;de facto management body&#8221; of a PRC-controlled enterprise that is incorporated
offshore is located in China. Although this circular applies only to offshore enterprises controlled by PRC enterprises or PRC enterprise
groups, not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT&#8217;s general
position on how the &#8220;de facto management body&#8221; text should be applied in determining the tax resident status of all offshore
enterprises. According to SAT Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group
will be regarded as a PRC tax resident by virtue of having its &#8220;de facto management body&#8221; in China, and will be subject to
PRC enterprise income tax on its global income only if all of the following conditions are met: (i) the primary location of the day-to-day
operational management is in the PRC; (ii) decisions relating to the enterprise&#8217;s financial and human resource matters are made
or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise&#8217;s primary assets, accounting books and
records, company seals, and board and shareholder resolutions are located or maintained in the PRC; and (iv) at least 50% of voting board
members or senior executives habitually reside in the PRC.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our company is not a PRC resident enterprise for PRC tax purposes. However, the tax resident status of an enterprise is subject
to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term &#8220;de facto management
body.&#8221; If the PRC tax authorities determine that our company is a PRC resident enterprise for enterprise income tax purposes, we
would be subject to PRC enterprise income on our worldwide income at the rate of 25%. Furthermore, we would be required to withhold a
10% tax from dividends we pay to our shareholders that are non-resident enterprises. In addition, non-resident enterprise shareholders
(including the common stockholders) may be subject to PRC tax on gains realized on the sale or other disposition of the common stock,
if such income is treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends paid to
our non-PRC individual shareholders (including the common stockholders) and any gain realized on the transfer of the common stock or
ordinary shares by such shareholders may be subject to PRC tax at a rate of 20% (which, in the case of dividends, may be withheld at
source by us). These rates may be reduced by an applicable tax treaty, but it is unclear whether non-PRC shareholders of our company
would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that we are treated
as a PRC resident enterprise. Any such tax may reduce the returns on your investment in our common stock.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 3, 2015, the SAT issued the Public Notice Regarding Certain Corporate Income Tax Matters on Indirect Transfer of Properties
by Non-Tax Resident Enterprises, or SAT Bulletin 7. SAT Bulletin 7 extends its tax jurisdiction to transactions involving the transfer
of taxable assets through offshore transfer of a foreign intermediate holding company. In addition, SAT Bulletin 7 has introduced safe
harbors for internal group restructurings and the purchase and sale of equity through a public securities market. SAT Bulletin 7 also
brings challenges to both foreign transferor and transferee (or other person who is obligated to pay for the transfer) of taxable assets,
as such persons need to determine whether their transactions are subject to these rules and whether any withholding obligation applies.</span></p>

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


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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
market price for the Shares may be volatile.</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading prices of the Shares are likely to be volatile and could fluctuate widely due to factors beyond our control. This may happen
because of broad market and industry factors, like the performance and fluctuation in the market prices or the underperformance or deteriorating
financial results of internet or other companies based in China that have listed their securities in the United States in recent years.
The securities of some of these companies have experienced significant volatility since their initial public offerings, including, in
some cases, substantial price declines in their trading prices. The trading performances of other Chinese companies&#8217; securities
after their offerings, including internet and e-commerce companies, may affect the attitudes of investors toward Chinese companies listed
in the United States, which consequently may impact the trading performance of the Shares, regardless of our actual operating performance.
In addition, any negative news or perceptions about inadequate corporate governance practices or fraudulent accounting, corporate structure
or other matters of other Chinese companies may also negatively affect the attitudes of investors towards Chinese companies in general,
including us, regardless of whether we have conducted any inappropriate activities. In addition, securities markets may from time to
time experience significant price and volume fluctuations that are not related to our operating performance, such as the large decline
in share prices in the United States, China and other jurisdictions in late 2008, early 2009 and the second half of 2011, which may have
a material adverse effect on the market price of the Shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the above factors, the price and trading volume of the Shares may be highly volatile due to multiple factors, including the
following:</span></p>

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

<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: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory
                                            developments affecting us, our consumers or our industry;</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: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">conditions
                                            in the artworks business and the public perception of the legitimacy and ethics of certain
                                            business practices of our competitors or other market players within the industry;</span></td></tr></table>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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; 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: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
                                            of studies and reports relating to the quality of our product and service offerings or those
                                            of our competitors;</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: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in the economic performance or market valuations of other artworks businesses;</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: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
                                            or anticipated fluctuations in our quarterly results of operations and changes or revisions
                                            of our expected 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; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in financial estimates by securities research analysts;</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: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
                                            by us or our competitors of new product and service offerings, acquisitions, strategic relationships,
                                            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; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions
                                            to or departures of our senior management;</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: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">detrimental
                                            negative publicity about us, our management or our industry;</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: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations
                                            of exchange rates between the Renminbi and the U.S. dollar;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">release
                                            or expiry of lock-up or other transfer restrictions on our outstanding Shares; 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; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales
                                            or perceived potential sales of additional Shares.</span></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for the Shares will depend in part on the research and reports that securities or industry analysts publish about us or
our business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who cover
us downgrade the Shares or publish inaccurate or unfavorable research about our business, the market price for our Shares would likely
decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, we could lose visibility
in the financial markets, which, in turn, could cause the market price or trading volume for the Shares to decline.</span></p>

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Director Ruowen Li has complete discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands law.
In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our
director. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or share premium account, provided
that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts as they fall due in
the ordinary course of business. Even if director decides to declare and pay dividends, the timing, amount and form of future dividends,
if any, will depend on our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions,
if any, received by us from the operating entities, our financial condition, contractual restrictions and other factors deemed relevant
by our director. Accordingly, the return on your investment in our ordinary shares will likely depend entirely upon any future price
appreciation of our ordinary shares. There is no guarantee that our ordinary shares will appreciate in value or even maintain the price
at which you purchased the ordinary shares. You may not realize a return on your investment in our ordinary shares and you may even lose
your entire investment in our ordinary shares.</span></p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 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 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantial future sales or perceived potential
sales of Shares in the public market could cause the price of the Shares to decline.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Sales of Shares in the public market, or the perception
that these sales could occur, could cause the market price of the Shares to decline. We have 100,000,000 Shares outstanding. All of our
executive officers, our director and shareholders holding at least ten percent of our common stock have agreed not to sell our Shares
for a period of 180 days following the effective date of this Annual Report, subject to extension under specified circumstances. Shares
subject to these lock-up agreements will become eligible for sale in the public market upon expiration of these lock-up agreements, subject
to volume and other restrictions as applicable under Rules 144 and 701 under the Securities Act. To the extent shares are released before
the expiration of the lock-up period and sold into the market, the market price of the Shares could decline. Moreover, the perceived risk
of this potential dilution could cause shareholders to attempt to sell their shares and investors to short our Shares. These sales also
may make it more difficult for us to sell equity or equity-related securities in the future at a time and price that we deem reasonable
or appropriate.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may need additional capital and may sell
additional Shares or other equity securities or incur indebtedness, which could result in additional dilution to our shareholders or increase
our debt service obligations.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">We may require additional cash resources due to changed
business conditions or other future developments, including any investments or acquisitions we may decide to pursue. If our cash resources
are insufficient to satisfy our cash requirements, we may seek to sell additional equity or debt securities or obtain a credit facility.
The sale of additional equity securities or equity-linked debt securities could result in additional dilution to our shareholders. The
incurrence of indebtedness would result in debt service obligations and could result in operating and financing covenants that would restrict
our operations. We cannot assure you that financing will be available in amounts or terms acceptable to us, if at all.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">UNIMOS Holdings Limited, which was 100% owned by Guangyi
Sui, owns approximately 52.34% of the total voting power of our outstanding Shares. As a result, they have substantial influence over
our business, including significant corporate actions such as mergers, consolidations, election of directors and other significant corporate
actions.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">They may take actions that are not in the best interest
of us or our other shareholders. This concentration of ownership may discourage, delay or prevent a change in control of our company,
which could deprive our shareholders of an opportunity to receive a premium for their shares as part of a sale of our company and may
reduce the price of the Shares. These actions may be taken even if they are opposed by our other shareholders. In addition, the significant
concentration of share ownership may adversely affect the trading price of the Shares due to investors&#8217; perception that conflicts
of interest may exist or arise. For more information regarding our principal shareholders and their affiliated entities, see &#8220;Principal
Shareholders.&#8221;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are an emerging growth company within the
meaning of the Securities Act and may take advantage of certain reduced reporting requirements.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">We are an &#8220;emerging growth company,&#8221; as
defined in the JOBS Act, and we may take advantage of certain exemptions from various requirements applicable to other public companies
that are not emerging growth companies including, most significantly, not being required to comply with the auditor attestation requirements
of Section 404 of the Sarbanes-Oxley Act of 2002 so long as we are an emerging growth company. As a result, if we elect not to comply
with such auditor attestation requirements, our investors may not have access to certain information they may deem important.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">In addition, 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 elected
to avail ourselves of an exemption that allows us to delay adopting new or revised accounting standards until such time as those standards
apply to private companies. As a result, we will not be subject to the same new or revised accounting standards as other public companies
that comply with the public company effective dates. We have also elected to take advantage of certain of the reduced disclosure obligations
in the registration statement of which this Annual Report is a part and may elect to take advantage of other reduced reporting requirements
in future filings. As a result of these elections, the information that we provide to our stockholders may be different than you might
receive from other public reporting companies.</p>

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


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

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">&#9679;</td>
    <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">&#160;</td>
    <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">&#160;</td>
    <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; 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">&#160;</td>
    <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>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">As a company incorporated in the Cayman Islands, we
are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the OTC
Markets corporate governance requirements; these practices may afford less protection to shareholders than they would enjoy if we complied
fully with the OTC Markets corporate governance requirements. Currently, we do not have any immediate plans to rely on home country practice
with respect to our corporate governance.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may lose our foreign private issuer status
in the future, which could result in significant additional costs and expenses.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">As discussed above, we are a foreign private issuer,
and therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act.
The determination of foreign private issuer status is made annually on the last business day of an issuer&#8217;s most recently completed
second fiscal quarter. We would lose our foreign private issuer status if, for example, more than 50% of our Shares are directly or indirectly
held by residents of the U.S. and we fail to meet additional requirements necessary to maintain our foreign private issuer status. In
the future, if we lose our foreign private issuer status as of the last date of our second fiscal quarter, we would be required to file
with the SEC periodic reports and registration statements on U.S. domestic issuer forms beginning on the following January 1, which are
more detailed and extensive than the forms available to a foreign private issuer. We would also have to mandatorily comply with U.S. federal
proxy requirements, and our officers, directors and principal shareholders would become subject to the short-swing profit disclosure and
recovery provisions of Section 16 of the Exchange Act. In addition, we would lose our ability to rely upon exemptions from certain corporate
governance requirements under the OTC Markets listing rules. As a U.S. listed public company that is not a foreign private issuer, we
would incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer, and accounting,
reporting and other expenses in order to maintain a listing on a U.S. securities exchange.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We incur costs as a result of being a public
company.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">We are a public company and incur significant legal,
accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently
implemented by the SEC and the OTC Markets, 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 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.</p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">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. 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 SEC. For example, as a result of becoming a public company, we will need to increase
the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We also expect
that operating as a public company will make it more difficult and more expensive for us to obtain director and officer liability insurance,
and 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.</p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_001"></span>ITEM 4. INFORMATION ON THE COMPANY</b></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_002"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">History and Development of the Company</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company is an exempted company incorporated under
the laws of the Cayman Islands on May 24, 2022. The Company is the 100% owner of the Company&#8217;s Hong Kong operating subsidiary: Qilun
Culture (HK), a limited company that was organized under the laws of Hong Kong on November 12, 2021, and is the 100% owner of the Company&#8217;s
Hong Kong holding subsidiary: Qilun Group (HK), a limited company that was organized under the laws of Hong Kong on June 14, 2022.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Our principal executive offices are located at Room
2201, Modern International Building, No. 3038, Jintian Road, Gangxia Community, Futian Street, Futian District, Shenzhen City, Guangdong
Province, People&#8217;s Republic of China. Our telephone number at this address is +86-755-83985414. Our registered office in the Cayman
Islands is 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands and is currently located
at the office of 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands, which may be
changed from time to time at the discretion of our director. Our agent for service of process in the United States is The Crone Law Group
P.C., 420 Lexington Avenue, Suite 2446, New York, NY 10170.</p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Our website address is www.qilungroup.com.cn.
Our website and the information contained on, or that can be accessed through, the website is not deemed to be incorporated by reference
in, and is not considered part of, this Annual Report. The Securities and Exchange Commission, or SEC, maintains an Internet site that
contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at <span style="text-decoration: underline">http://www.sec.gov</span>.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Qilun Culture (Shenzhen) is the 100% owner of the
Company&#8217;s PRC operating subsidiaries:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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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">Qilun Enterprise Management Consultant, a limited company organized under the laws of the PRC on December 7, 2021.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Qilun Culture (HK) was wholly-owned by Qilun Culture
(Shenzhen) since its incorporation; on August 24, 2022, 100% equity of Qilun Culture (HK) was transferred from Qilun Culture (Shenzhen)
to the Company.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Qilun Culture (Shenzhen) was wholly acquired by Qilun
Holding (Shenzhen) in October 2022. Qilun Culture (Shenzhen) has been in the business of the research, development, design, outsourced
production and sales of Chinese cultural and creative art collectibles and artwork home goods since inception.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Shenzhen Houhaitang has been in the business of retail
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company did not have any significant corporate
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Qilun&#8217;s subsidiaries are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</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; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p>


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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following diagram illustrates our corporate structure,
including our holding company, as of the date of this Annual Report:</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_001.jpg" alt="" style="height: 377px; width: 670px" /></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">* Each of Qilun Holding (Shenzhen) Co., Ltd.,
Qilun Culture (Shenzhen) Group Co., Ltd., Qilun Enterprise Management Consultant (Shenzhen) Co., Ltd. and Shenzhen Houhaitang Culture
Communication Co., Ltd. are organized under the laws of the PRC. The other listed entities are organized under the laws of the indicated
jurisdictions as indicated in the chart above.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">On October 14, 2022, the Company completed a corporate
reorganization to combine several controlled entities (now referred to as the &#8220;subsidiaries&#8221;) into Qilun. The specific transactions
related to this reorganization are as follows:</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The reorganization involved the incorporation of Qilun,
and its wholly-owned subsidiaries, Qilun Group (HK), Qilun Culture (HK) and Qilun Holding (Shenzhen); and the transfer of all equity ownership
of Qilun Culture (Shenzhen).</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">On May 24, 2022, Qilun Group Inc. issued 61,000,000
of its common shares, representing 61% of all outstanding common shares, to UNIMOS Holdings Limited, a wholly owned holding company of
Guangyi Sui.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">On June 14, 2022 and August 29, 2022, Qilun established
its wholly-owned subsidiaries, Qilun Group (HK) and Qilun Holding (Shenzhen).</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">On October 14, 2022, the original shareholders of
Qilun Culture (Shenzhen) signed Equity Transfer Agreements with Qilun Holding (Shenzhen), whereby shareholders of Qilun Culture (Shenzhen)
transferred 100% of the controlling interest in Qilun Culture (Shenzhen) to Qilun Holding (Shenzhen).</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">As a result of the transaction, Guangyi Sui hold 61%
of the Company&#8217;s outstanding shares through his wholly owned holding company UNIMOS Holdings Limited. Prior to the transaction,
Guangyi Sui controlled Qilun Culture (Shenzhen). Therefore, the transaction was accounted for as a business combination of entities under
common control in accordance to ASC 805-50-30-5. Accordingly, the assets and liabilities of the Company and its subsidiaries are presented
at the their carrying values at the date of the transaction; the Company&#8217;s historical stockholders&#8217; equity was retroactively
restated to the first period presented, as the established and acquisition of Qilun Group (HK), Qilun Holding (Shenzhen), Qilun Culture
(Shenzhen) and its wholly-owned subsidiaries Qilun Culture HK and Qilun Enterprise Management Consultant was treated as a business combination
of entities under common control. Since the Company and its subsidiaries are effectively controlled by the same group of shareholders
before and after the reorganization, they are considered under common control. The above-mentioned transactions were accounted for as
a recapitalization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the
basis as if the transactions had become effective as of the beginning of the first period presented in the consolidated financial statements.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Before this transaction Guangyi Sui was the controlling
shareholder of Qilun Culture (Shenzhen) since its establishment, during which period Guangyi Sui had voting and managerial control over
Qilun Culture (Shenzhen).</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">On December 31, 2021, Qilun Culture (Shenzhen) acquired
100% of the ownership of Houhaitang from the original shareholders of Houhaitang, the total consideration for the acquisition is $15,720
(RMB 100,000), the Company recognized the gain on bargain purchase of $158,675 recognized in connection with the acquisition.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">On August 23, 2022, Qilun Culture (Shenzhen), a wholly-owned
subsidiary of the company, filed lawsuits in the regional district court in Shenzhen City, Guangdong Province, against two non-affiliated
PRC companies to protect its reputation. The defendants had previously published news articles questioning the reputation of Guangyi Sui,
a majority shareholder of the Company. The defendants subsequently deleted the online articles relating to Mr. Sui. The Shenzhen City,
Guangdong Province regional court dismissed both lawsuits and both defendants ceased publishing the articles regarding Mr. Sui which the
Company perceived to be defamatory. The Company maintains that although Mr. Sui is neither an officer or director of the Company, the
Company reserves the right and option to continue to legally defend Mr. Sui&#8217;s reputation as the Company determines is necessary
or advisable.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">For the fiscal years ended December 31, 2022, 2021
and 2020, the Company did not have any significant corporate transactions since inception and capital expenditures and divestitures.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">As of the date of this Annual
Report, our Cayman Islands holding company has not declared or paid dividends or made distributions to the Chinese operating
entities or to investors in the past, nor any dividends or distributions were made by a Chinese operating entity to the Cayman
Islands holding company. Our sole director Ruowen Li has complete discretion on whether to distribute dividends, subject to
applicable laws. We do not have any current plan to declare or pay any cash dividends on our ordinary shares in the foreseeable
future. See <i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Risk Factors &#8212; Risks related to the
Shares &#8212; We currently do not expect to pay dividends in the foreseeable future and you must rely on price appreciation of our
ordinary shares for return on your investment&#8221;</i> beginning on page 28 of this Annual Report. Subject to certain contractual,
legal and regulatory restrictions, cash and capital contributions may be transferred among our Cayman Islands holding company and
the Chinese operating entities. If needed, our Cayman Islands holding company can transfer cash to the Chinese operating entities
through loans and/or capital contributions, and the Chinese operating entities can transfer cash to our Cayman Islands holding
company through loans and/or issuing dividends or other distributions. There are limitations on the ability to transfer cash between
the Cayman Islands holding company, the Chinese operating entities or investors. Cash transfers from the Cayman Islands holding
company to the Chinese operating entities are subject to the applicable PRC laws and regulations on loans and direct investment. See <i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Risk
Factors &#8212; Risks Related to Doing Business in China and Hong Kong &#8212; PRC regulations of loans and direct investment by
offshore holding companies to PRC entities may delay or prevent us from using the proceeds of our offshore financing to make loans
or additional capital contributions to the operating entities, which could materially and adversely affect our liquidity and
business&#8221;</i> beginning on page 24 of this Annual Report. If any of the operating entities incurs debt on its own behalf in
the future, the instruments governing such debt may restrict their ability to pay dividends to us. Cash transfers from the Chinese
operating entities to the Cayman Islands holding company are subject to the current PRC regulations, which permit the Chinese
operating entities to pay dividends to their shareholders only out of their accumulated profits, if any, determined in accordance
with PRC accounting standards and regulations. See <i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Risk
Factors &#8212; Risks Related to Doing Business in China and Hong Kong &#8212; We may rely on dividends and other distributions on
equity paid by the operating entities to fund any cash and financing requirements we may have, and any interventions in or the
imposition of restrictions and limitations on the ability of our company or the operating entities by the PRC government to transfer
cash or assets could have a material and adverse effect on our business&#8221;</i> beginning on page 20 of this Annual Report. Cash
transfers from the Cayman Islands holding company to the investors is subject to the restrictions on the remittance of Renminbi into
and out of China and governmental control of currency conversion. See <i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Risk
Factors &#8212; Risks Related to Doing Business in China and Hong Kong &#8212; Restrictions on the remittance of Renminbi into and
out of China and governmental control of currency conversion may limit our ability to pay dividends and other obligations, and
affect the value of your investment&#8221;</i> beginning on page 21 of this Annual Report. Additionally, to the extent cash
or assets in the business is in China or a Chinese operating entity, the funds or assets may not be available to fund operations or
for other use outside of China due to interventions in or the imposition of restrictions and limitations on the ability of our
company or the operating entities by the PRC government to transfer cash or assets.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">As of the date of this Annual Report, we have not
maintained any cash management policies that dictate the purpose, amount and procedure of fund transfers among our Cayman Islands holding
company, our subsidiaries, or investors. Rather, the funds can be transferred in accordance with the applicable laws and regulations.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Implications of Being an Emerging Growth Company</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">As a company with less than $1.07 billion in revenue
during our last fiscal year, we qualify as an &#8220;emerging growth company&#8221; as defined in the Jumpstart Our Business Startups
Act of 2012, as amended, or the JOBS Act. As long as we remain an emerging growth company, we may rely on exemptions from some of the
reporting requirements applicable to public companies that are not emerging growth companies. These exemptions include: (1) being permitted
to provide only two years of selected financial data (rather than five years) and only two years of audited financial statements (rather
than three years), in addition to any required unaudited interim financial statements, with correspondingly reduced &#8220;Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations&#8221; disclosure; (2) not being required to comply with the
auditor attestation requirements of the Sarbanes-Oxley Act of 2002 in the assessment of our internal control over financial reporting;
and (3) not being required to comply with any new or revised financial accounting standards until such date that a private company is
otherwise required to comply with such new or revised accounting standards. We have taken, and may continue to take, advantage of some
of these exemptions until we are no longer an emerging growth company. The JOBS Act also provides that an emerging growth company does
not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required
to comply with such new or revised accounting standards. However, we have elected to &#8220;opt out&#8221; of this provision and, as a
result, we will comply with new or revised accounting standards as required when they are adopted for public companies. This decision
to opt out of the extended transition period under the JOBS Act is irrevocable.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">We will remain an emerging growth company until the
earliest of: (1) the last day of our fiscal year during which we have total annual gross revenues of at least $1.07 billion; (2) the last
day of our fiscal year following the fifth anniversary of the completion of our initial public offering; (3) the date on which we have,
during the previous three-year period, issued more than $1.00 billion in non-convertible debt; or (4) the date on which we become a &#8220;large
accelerated filer&#8221; under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), which would occur if
we have been a public company for at least 12 months and the market value of our Shares held by non-affiliates exceeds $700 million as
of the last business day of our most recently completed second fiscal quarter. We will not be entitled to the above exemptions if we cease
to be an emerging growth company.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Implications of Our Foreign Private Issuers Status</b></p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_003"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Overview</b></span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General</i></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">Qilun is in the business of the
research, development, design, outsourced production and sales of Chinese cultural and creative art collectibles, art house decorations
and artwork home goods. As a pioneer of an innovative brand of new Chinese culture, the Company partners with famous artists and brand
experts from all over the world to explore the practice and product application value of this new emerging Chinese culture.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">In the process of research, development
and design, the Company integrates many Chinese cultural elements and the intellectual property of well-known artists, including original
and reproduced paintings and other visual arts, home decorations, home goods and other products. Our products are distributed and sold
in a variety of provinces and regions across China.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The Company believes its cultural
and creative products are grounded in Chinese cultural themes which derive market value through creative transformation and presentation
of such cultural themes. Our value-added products rely on the wisdom, skills and talents of our content-creating designers and artists.
We derive success through the commercial development and application of the intellectual property of our creative artists and content
designers.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">Our principal product lines consist
of:</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The Company takes efforts to
develop new types of art house decorations and artwork home goods.</p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">Key components of our growth
strategy include the following:</p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cooperating with more artists, artwork designers and content-creators to increase our intellectual property and proprietary brands;</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expanding our product lines to cater to demands of different types of customers; and</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">We are dedicated to the development,
design, production and sales of high quality products that reflect our innovative brand of new Chinese culture, inspired by five thousand
years of Chinese tradition. Our competitive strengths include:</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">We believe our proprietary brands
and products are widely loved by our customers. The Company currently has close relationships with than three artists and have collaborated
with three additional artists in China through licensing or collaborative arrangements.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The Company notes the following
operational, marketing, and strategic challenges:</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">Based on market feedback and consumer
recognition, we plan to develop new products and services lines, and to partner with more well-known artists and content creators. We
expect to improve our sales network to effectively reach our target customers and provide a superb purchase experience for high-end retail
consumers.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The COVID-19 pandemic has had a significant adverse
impact and created many uncertainties related to our business, and we expect that it will continue to do so. The Company is experiencing
challenges in sales, which have increased the Company&#8217;s financial uncertainty. Our future business outlook and expectations are
very uncertain due to the impact of the COVID-19 pandemic and are very difficult to quantify. It is difficult to assess or predict the
impact of this unprecedented event on our business, financial results or financial condition. Factors that will impact the extent to which
the COVID-19 pandemic affects our business, financial results and financial condition include: the duration, spread and severity of the
pandemic; the actions taken to contain the virus or treat its impact, including government actions to mitigate the economic impact of
the pandemic; and how quickly and to what extent normal economic and operating conditions can resume, including whether any future outbreaks
interrupt the economic recovery.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Recently, there has been an increasing number of COVID-19
cases, including cases involving the COVID-19 Delta and Omicron variants, in multiple cities in China. The Chinese local authorities have
reinstated certain measures to keep COVID-19 in check, including compulsory quarantine arrangements, travel restrictions and stay-at-home
orders. The reinstatement of these restrictions in 2022 have adversely affected our operations by, for example, making it more difficult
to conduct our sales and marketing and promotional efforts. The COVID-19 global pandemic has resulted in, and may intensify, global economic
distress, and the duration and extent of the impact of COVID-19 outbreak is highly uncertain at this time. We are unable to predict the
extent to which the pandemic and related impacts will continue to adversely impact our business operations, financial performance, results
of operations, financial position and the achievement of our strategic objectives.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Other than the factors listed above we do not know
of any trends, events or uncertainties that have had or are reasonably expected to have a material impact on our net sales or revenues
or income from continuing operations.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">We market and sell our products through a comprehensive
and extensive sales and distribution network to reach consumers, including: (i) self-sales and marketing by our sales and marketing personnel;
(ii) regional distribution network; (iii) our online sales and marketing program.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company&#8217;s sales and marketing department
is comprised of eight sales employees who are responsible for development and implementation of marketing strategies, sales of products
to retail customers, and coordination with distribution channels of the Company. Our sales and marketing team organizes offline exhibitions
and promotion events from time to time in the exhibition room of our offices and event places of third-parties to promote and sell our
products to retail customers.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">We cooperate with large and small distribution channels
in different geographic areas across China to promote and sell our products. The Company continues to search for distribution channels
to partner with in order to expand our products into broader areas in China.</p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">We also sell our products online through a WeChat<sup style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#169;</sup>
mini-program, named as &#8220;Qilun Shuzhai&#8221;, that is managed and operated by our sales and marketing personnel. WeChat<sup style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#169;
</sup>mini-programs are &#8220;sub-applications&#8221; within the WeChat<sup style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#169; </sup>ecosystem, and provide advanced features to
users such as e-commerce, virtual store tour, task management, coupons, and other services. Qilun Shuzhai was created with &#8220;Xiaoe-Tech&#8221;
platform which is a WeChat<sup style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#169;</sup> mini-program helps users on WeChat<sup style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#169; </sup>online-shop creation and decoration, content
production, user management, etc. The creation process includes uploading business license, bank account information, legal representative&#8217;s
identification and other information and being verified by Xiaoe-Tech. Qilun Shuzhai delivers articles encompassing a variety of cultural
themes and advertisement of our products to its followers who may subsequently forward the articles and advertisement to other users of
WeChat<sup style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#169;</sup>.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company markets and sells its products both to
retail customers and regional distributors across China. During the fiscal year ended December 31, 2022, sales revenue from the top three
customers was US$988,773, or approximately 14.01% of the Company&#8217;s total sales for the year. During the fiscal year ended December
31, 2021, sales revenue from the top three customers was US$597,040, or approximately 39.3% of the Company&#8217;s total sales for the
year.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company&#8217;s top ten customers for the fiscal
year ended December 31, 2022, and for the fiscal year ended December 31, 2021, were:</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td colspan="7" style="font: bold 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">FISCAL
    YEAR ENDED DECEMBER 31, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.</span></td><td style="font: bold 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: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer</span></td><td style="font: bold 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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    of Sales</span></td><td style="font: bold 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; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenzhen
    Deli Tianhe Cultural Creative Co., LTD</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="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">4.80</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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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">3.88</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>
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    Chen</span></td><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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yongmei
    Tang</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="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">3.60</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jingxia
    Yang</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="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">3.44</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>
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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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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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: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</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)">
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
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  </table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%">
  <tr style="vertical-align: bottom">
    <td colspan="7" style="font-weight: bold; text-align: center">FISCAL YEAR ENDED DECEMBER 31, 2021</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">No.</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Customer</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">% of Sales</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 6%; text-align: center">1.</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">2.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">3.</td><td>&#160;</td>
    <td style="text-align: left">Jingxia Yang</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">4.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">5.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">6.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">7.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">8.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">9.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center; padding-bottom: 1.5pt">10.</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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  </table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company does not purchase any raw materials. All
raw materials are purchased and utilized in production by third-party suppliers and counter-parties. The increase of the costs of raw
materials may lead to the increase of the charges of third-party suppliers and counter-parties against the Company. If the supplies of
raw materials are not sufficient, the production of third-party suppliers and counter-parties may be adversely affected and the Company
may encounter a shortage of final goods.</p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company does not own or operate any manufacturing
facilities. All of our products are manufactured or produced by suppliers.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company&#8217;s top ten vendors for the fiscal
year ended December 31, 2022, and for the fiscal year ended December 31, 2021, were:</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%">
  <tr style="vertical-align: bottom">
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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)">
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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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  <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)">
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    <td style="text-align: left">Artron Culture (Group) Co. LTD</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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%">
  <tr style="vertical-align: bottom">
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    <td style="width: 6%; text-align: center">1.</td><td style="width: 2%">&#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 style="text-align: center">3.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">Shenzhen Houhaitang Culture Communication Co., LTD</td><td>&#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">
    <td style="text-align: center">6.</td><td>&#160;</td>
    <td style="text-align: left">Shenzhen Handing Cultural Development Co., LTD</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: left">Shenzhen Weixin Printing Co. LTD</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)">
    <td style="text-align: center">9.</td><td>&#160;</td>
    <td style="text-align: left">Shenzhen Luohu District JiyaYilang Arts and Crafts Shop</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="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">78.13</td><td style="font-weight: bold; text-align: left">%</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</b></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company does not believe that its operations,
sales or financial results are significantly impacted by seasonality.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Artworks market in China is highly competitive.
Artworks providers compete for customers based on factors including (i) attractiveness of products to customers; (ii) sales and marketing
ability; (iii) pricing and diversity of products; (iv) brand awareness and reputation; and (v) experience and expertise of the management
team.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify">&#160;</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>
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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">&#160;</td>
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    <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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -0.25in">&#160;</p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we also face potential
competitors, including:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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">
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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">&#160;</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">manufacturers
and sellers of non-artwork home goods and house decorations, for example, M&amp;G Group, a China listed company that is the largest comprehensive
stationery manufacturer and supplier in China with creativity integrated in its products; 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">&#160;</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">&#160;entities/institutes with a large reserve of Chinese classical cultural elements, such as regional history museums in China.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Even though we do not have direct competition with
potential competitors at present, these potential competitors may expand their businesses into our field in the future and make use of
their mature development, production and sales capabilities and reserves of artists and content-creators to have adverse impact on our
business.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Although some of our major and potential competitors
may have greater financial resources or larger customer bases than we do, we believe that our high-quality products, our sales and marketing
capability, and strong brand recognition in the industry, will enable us to compete effectively in the fast-evolving artworks industry
in China.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">We operate our business in the
PRC under a legal regime consisting of the National People&#8217;s Congress, which is the country&#8217;s highest legislative body, the
State Council, which is the highest authority of the executive branch of the PRC central government, and several ministries and agencies
under its authority, including the State Administration of Foreign Exchange, or SAFE, the Ministry of Commerce, or MOFCOM, the National
Development and Reform Commission, or NDRC, the State Administration for Market Regulation, or SAMR, formerly known as the State Administration
for Industry and Commerce, or SAIC, and their respective authorized local counterparts.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">This section sets forth a summary
of the most significant rules and regulations that affect our business activities in the PRC.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC Company Law and Foreign Investment Laws</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The Company Law of the PRC (the
&#8220;Company Law&#8221;) was promulgated on December 29, 1993 and was subsequently amended on December 25, 1999, August 28, 2004, October
27, 2005, December 28, 2013 and October 26, 2018. Limited liability companies and stock limited companies established in China shall be
subject to the Company Law. Foreign invested enterprises (&#8220;FIEs&#8221;) must comply with the Company Law, unless the PRC foreign
investment laws provide otherwise.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The Foreign Investment Law of
the PRC (the &#8220;Foreign Investment Law&#8221;) was adopted by the National People&#8217;s Congress on March 15, 2019, which came into
force as of January 1, 2020, and replaced the Law of the PRC on Sino-Foreign Equity Joint Ventures, the Law of the PRC on Sino-Foreign
Contractual Joint Ventures and the Law of the PRC on Wholly Foreign-owned Enterprises to become the legal foundation for foreign investment
in the PRC. Under the Foreign Investment Law, the State Council of the People&#8217;s Republic of China, or the State, shall implement
the management systems of pre-entry national treatment and negative list for foreign investment, according to which the treatment given
to foreign investors and their investments during the investment access stage shall be no less favorable than that given to their domestic
counterparts, and the State shall give national treatment to foreign investment beyond the negative list where special administrative
measures for the access of foreign investment in specific fields is specified. Besides, the State shall protect foreign investors&#8217;
investment, earnings and other legitimate rights and interests within the territory of the PRC in accordance with the law. The State will
take measures to prompt foreign investment such as ensuring fair competition for foreign-invested enterprises to participate in government
procurement activities, and protecting the intellectual property rights of foreign investors and foreign-invested enterprises. In respect
of administration of foreign investment, foreign investment projects shall go through relevant verification and record-filing formalities
if required by relevant PRC laws and regulations. The organization form, institutional framework and standard of conduct of a foreign-invested
enterprise shall be subject to the provisions of the Company Law or the Partnership Enterprise Law of the PRC, if applicable.</p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">According to the Catalogue for
the Guidance of Foreign Investment Industries first promulgated on June 20, 1995 and amended from time to time and the Provisions for
Guiding Foreign Investment Direction issued by the State Council on February 11, 2002 and implemented on April 1, 2002, the foreign-invested
projects can be classified into the following categories by industries: encouraged, permitted, restricted and prohibited. The industries
not listed in the catalogue belong to the permitted industries for foreign investment projects. According to the Catalogue of Industries
for Encouraging Foreign Investment (2020 Version) which was promulgated on December 27, 2020 and became effective on January 27, 2021
and the Special Administrative Measures for the Admission of Foreign Investment (Negative List) (2021 Edition) which was promulgated on
December 27, 2021 and became effective on January 1, 2022, the industry in which our PRC subsidiaries are primarily engaged does not fall
into the category of restricted or prohibited industries.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">Measures on Reporting of Foreign
Investment Information was promulgated by the Ministry of Commerce and State Administration for Market Regulation on December 30, 2019
and took effect on January 1, 2020, which repealed the Provisional Methods for Filing Management. According to the Measures on Reporting
of Foreign Investment Information, foreign investors or foreign-invested enterprises shall submit investment information through submission
of initial reports, change reports, deregistration reports, annual reports etc. Such investment information shall be submitted to the
commerce administrative authorities through the Enterprise Registration System and the National Enterprise Credit Information Publicity
System. The market regulatory authorities shall promptly forward the aforesaid investment information submitted by foreign investors and
foreign-invested enterprises to the commerce administrative authorities.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">China has adopted comprehensive
legislation governing intellectual property rights, including trademarks and copyrights. China is a signatory to the primary international
conventions on intellectual property rights and has been a member of the Agreement on Trade Related Aspects of Intellectual Property Rights
since its accession to the WTO in December 2001.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">In September 1990, the SCNPC
promulgated the Copyright Law of the People&#8217;s Republic of China, effective in June 1991 and amended in 2001 and 2010 respectively.
The amended Copyright Law extends copyright protection to internet activities, products disseminated over the internet and software products.
In addition, there is a voluntary registration system administered by the Copyright Protection Centre of China.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">In order to further implement
the Computer Software Protection Regulations, promulgated by the State Council in December 2001 and amended in 2011 and 2013 respectively,
the National Copyright Administration issued Computer Software Copyright Registration Procedures in February 2002, which specify detailed
procedures and requirements with respect to the registration of software copyrights.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">According to the Trademark Law
of the People&#8217;s Republic of China, promulgated by the SCNPC in August 1982, and amended in 1993, 2001, 2013 and 2019 respectively,
the Trademark Office of China National Intellectual Property Administration is responsible for the registration and administration of
trademarks and is also responsible for resolving trademark disputes in China. Registered trademarks are valid for ten years from the date
the registration is approved. A registrant may apply to renew a registration within twelve months before the expiration date of the registration.
If the registrant fails to apply in a timely manner, a grace period of six additional months may be granted. If the registrant fails to
apply before the grace period expires, the registered trademark shall be deregistered. Renewed registrations are valid for ten years.
In April 2014, the State Council issued the revised Implementation of the Trademark Law, which specified the requirements of applying
for trademark registration and review.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">According to the Patent Law of
the People&#8217;s Republic of China promulgated by the SCNPC in 1984 and amended in 1992, 2000, 2008 and 2020, respectively, a patentable
invention or a utility model must meet three criteria: novelty, inventiveness and practicability. A patent is valid for a twenty-year
term for an invention and a ten-year term for a utility model or design, starting from the application date.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">In May 2012, the China Internet
Network Information Center issued the Implementing Rules for Domain Name Registration setting forth the detailed rules for registration
of domain names. In August 2017, the MIIT promulgated the Administrative Measures on Internet Domain Names, or the Domain Name Measures.
The Domain Name Measures regulate the registration of domain names, such as the top-level domain name &#8220;.cn&#8221;. MIIT adopts the
&#8220;first to file&#8221; principle with respect to the registration of domain names. Domain name registrations are handled through
domain name service agencies established under the relevant regulations, and applicants become domain name holders upon successful registration.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The Regulation of the PRC on
Foreign Exchange Control, promulgated by the State Council on January 29, 1996 and most recently amended on August 5, 2008, is the principal
regulation on foreign exchange in the PRC. According to such regulation, Renminbi is freely convertible for current account items after
due process, including distribution of dividends, trade-related foreign exchange transactions and service-related foreign exchange transactions,
whereas foreign exchange for capital account items, such as direct investments or loans, requires prior approval of and registration with
the State Administration of Foreign Exchange (the &#8220;SAFE&#8221;).</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">According to the Circular of
State Administration of Foreign Exchange on the Reform of Administrative Approach for the Settlement of Foreign Exchange Capital Funds
of Foreign-funded Enterprises which was promulgated on March 30, 2015 and effective as from June 1, 2015, the voluntary settlement of
foreign exchange capital funds for foreign-funded enterprises will be implemented. The foreign exchange capital funds in a foreign-funded
enterprise&#8217;s capital account which have been recognized by a foreign exchange bureau as the interests of monetary capital contributions
or registered with a bank as commercial capital contributions, can be settled in banks according to such enterprise&#8217;s actual business
operation requirements. The provisional percentage for the voluntary settlement of foreign exchange capital funds for foreign-funded enterprises
is 100%.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">According to the Notice of State
Administration of Foreign Exchange on Reforming and Standardizing Capital Account Foreign Exchange Settlement Administration Policies
issued by SAFE on June 9, 2016, it has been specified that, for the capital account foreign exchange income subject to voluntary foreign
exchange settlement (including the repatriation of the proceeds from overseas listing), the domestic institutions may conduct the foreign
exchange settlement at the banks according to their operation needs. The proportion of the capital account foreign exchange income subject
to voluntary foreign exchange settlement was tentatively set as 100%, provided that SAFE may adjust the aforesaid proportion according
to the international payment balance status in good time.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">On January 26, 2017, SAFE promulgated
the Circular on Further Improving the Reform of Foreign Exchange Administration and Optimizing Genuineness and Compliance Verification
(the &#8220;SAFE Circular 3&#8221;), which became effective on the same date and stipulates several capital control measures with respect
to the outbound remittance of profit from domestic entities to offshore entities, including: to process outbound remittance of profits
in an amount equivalent to above USD 50,000 for domestic entities (i) banks shall, under the principle of genuine transaction, check board
resolutions regarding profit distribution, the original version of tax filing records and audited financial statements, and affix seals
on the original version of the tax filing records to indicate the amount and the date of the outbound remittance; and (ii) domestic entities
shall use profits to make up for previous years&#8217; losses before remitting the profits. Further, pursuant to the SAFE Circular 3,
domestic entities shall make detailed explanations of the sources of capital and utilization arrangements, and provide board resolutions,
contracts and other proof when completing the registration procedures in connection with an outbound investment.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">According to the PRC Company
Law and Foreign Investment Law, each of our PRC subsidiaries, as a foreign invested enterprise, or FIE, are required to draw 10% of its
after-tax profits each year, if any, to fund a common reserve, which may stop drawing its after-tax profits if the aggregate balance of
the common reserve has already accounted for over 50% of its registered capital. These reserves are not distributable as cash dividends.
Furthermore, under the EIT Law, which became effective in January 2008, the maximum tax rate for the withholding tax imposed on dividend
payments from PRC foreign invested companies to their overseas investors that are not regarded as &#8220;resident&#8221; for tax purposes
is 20%. The rate was reduced to 10% under the Implementing Regulations for the EIT Law issued by the State Council. However, a lower withholding
tax rate might be applied if there is a tax treaty between China and the jurisdiction of the foreign holding companies, such as tax rate
of 5% in the case of Hong Kong companies that holds at least 25% of the equity interests in the foreign-invested enterprise, and certain
requirements specified by PRC tax authorities are satisfied.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The Labor Law of the People&#8217;s
Republic of China, or the Labor Law, which became effective in January 1995 and was amended in 2018, and the Labor Contract Law of the
People&#8217;s Republic of China, or the Labor Contract Law, effective in January 2008 and amended in 2012, require employers to provide
written contracts to their employees, restrict the use of temporary workers and aim to give employees long-term job security. Employers
must pay their employees&#8217; wages equal to or above local minimum wage standards, establish labor safety and workplace sanitation
systems, comply with state labor rules and standards and provide employees with appropriate training on workplace safety. In September
2008, the State Council promulgated the Implementing Regulations for the PRC Labor Contract Law which became effective immediately and
interprets and supplements the provisions of the Labor Contract Law.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The PRC governmental authorities
have passed a variety of laws and regulations regarding social insurance and housing funds from time to time, including, among others,
the Social Insurance Law of the People&#8217;s Republic of China, the Regulation of Insurance for Labor Injury, the Regulations of Insurance
for Unemployment, the Provisional Insurance Measures for Maternal Employees, the Interim Administrative Provisions on Registration of
Social Insurance and the Administrative Regulations on the Housing Provident Fund. Pursuant to these laws and regulations, enterprises
in the PRC shall provide their employees with welfare schemes covering pension insurance, unemployment insurance, maternity insurance,
occupational injury insurance and medical insurance, as well as housing fund and other welfare plans. Failure to comply with such laws
and regulations may result in various fines and legal sanctions and supplemental contributions to the local social insurance and housing
fund regulatory authorities.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Social Insurance and Housing Provident Funds</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt">The PRC social insurance system
is mainly governed by the Social Insurance Law of the PRC (the &#8220;Social Insurance Law&#8221;). The Social Insurance Law was promulgated
by the SCNPC on 28 October 2010, became effective on July 1, 2011 and was amended on December 29, 2018. According to the Social Insurance
Law, the Decision of the State Council on the Establishment of the Medical Insurance Program for Urban Workers (effective from December
14, 1998), the Regulation of Insurance for Work-Related Injuries (effective from January 1, 2004 and amended on December 20, 2010), Trial
Measures for Maternity Insurance of the Staff and Workers in Enterprises (effective from January 1, 1995), the Regulations on Unemployment
Insurance (effective from January 22, 1999), the Interim Regulations on the Collection and Payment of Social Insurance Premiums(effective
from January 22, 1999 and most recently amended on March 24, 2019), employers in the PRC shall make social insurance registration with
the competent authorities, and pay five basic types of social insurance premiums for their employees, or rather, basic pension insurance,
basic medical insurance, work-related injury insurance, unemployment insurance and maternity insurance. According to the Social Insurance
Law, if an employing entity does not pay the full amount of social insurance premiums as scheduled or required, the social insurance premium
collection institution shall order it to make the payment or make up the difference within the stipulated period and impose a daily fine
equivalent to 0.05% of the overdue payment from the day on which the payment is overdue. If the payment is not made within the prescribed
time, the social insurance authority shall impose a fine ranging from one to three times of the overdue payment amount.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt">According to the Regulations on
Management of Housing Provident Funds which was promulgated by the State Council and came into effect on April 3, 1999 and was amended
on March 24, 2002 and March 24, 2019, all business entities (including foreign invested enterprises) are required to register with the
local housing provident funds management center and then maintain housing provident fund accounts and pay the related funds for their
employees. In addition, for both employees and employers, the payment rate for housing provident fund shall not be less than 5% of the
average monthly salary of the employees in the previous year. The payment rate may be raised if the employer desires so. Where an entity
fails to deposit the housing provident fund in full within the time limit, it shall be ordered by the housing provident fund management
center to deposit the fund within a time limit; if it still fails to deposit the fund within the time limit, the housing provident fund
management center may apply to the People&#8217;s Court for enforcement.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt">In accordance with the Law on Production
Safety of the PRC (the &#8220;Production Safety Law&#8221;), which was promulgated on June 29, 2002, became effective on November 1, 2002
and was amended on August 27, 2009, August 31, 2014 and June 10, 2021 respectively, entities engaging in production are required to implement
production safety measures specified in the Production Safety Law and other relevant laws, administrative regulations, national standards
and industry standards. Any entity that does not implement such measures for safe production is prohibited from engaging in production
and business operation activities. Entities are required to provide their employees with education and training on production safety.
Entities shall also provide their employees with protective gear that meet national and industry standards as well as supervision and
proper training to ensure their correct utilization.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The PRC Customer Rights and Interests
Protection Law, or Customer Protection Law, as amended on October 25, 2013 and effective on March 15, 2014, sets out the obligations of
business operators and the rights and interests of the customers. Pursuant to this law, business operators must guarantee that the commodities
they sell satisfy the requirements for personal or property safety, provide customers with authentic information about the commodities,
and guarantee the quality, function, usage and term of validity of the commodities. Failure to comply with the Customer Protection Law
may subject business operators to civil liabilities such as refunding purchase prices, exchange of commodities, repairing, ceasing damages,
compensation, and restoring reputation, and even subject the business operators or the responsible individuals to criminal penalties if
business operators commit crimes by infringing the legitimate rights and interests of customers.</p>

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

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The PRC Enterprise Income Tax
Law was promulgated in March 2007 and was most recently amended in December 2018. The PRC Enterprise Income Tax Law applies a uniform
25% enterprise income tax rate to both foreign-invested enterprises and domestic enterprises, except where tax incentives are granted
to special industries and projects. Under the PRC Enterprise Income Tax Law, an enterprise established outside China with &#8220;de facto
management bodies&#8221; within China is considered a &#8220;resident enterprise&#8221; for PRC enterprise income tax purposes and is
generally subject to a uniform 25% enterprise income tax rate on its worldwide income. Under the implementation regulations to the PRC
Enterprise Income Tax Law, a &#8220;de facto management body&#8221; is defined as the body that exercises full and substantial control
and overall management over the business, productions, personnel, accounts and properties of an enterprise.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">In April 2009, the Ministry of
Finance, or MOF, and SAT jointly issued the Notice on Issues Concerning Process of Enterprise Income Tax in Enterprise Restructuring Business,
or the Circular 59. In December 2009, SAT issued the Notice on Strengthening Administration of Enterprise Income Tax for Share Transfers
by Non-PRC Resident Enterprises, or the Circular 698. Both Circular 59 and Circular 698 became effective retroactively as of January 2008.
In March 2011, SAT issued the Notice on Several Issues Regarding the Income Tax of Non-PRC Resident Enterprises, or the SAT Circular 24,
effective in April 2011. By promulgating and implementing these circulars, the PRC tax authorities have enhanced their scrutiny over the
direct or indirect transfer of equity interests in a PRC resident enterprise by a non-resident enterprise.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">In February 2015, SAT issued
the Notice on Certain Corporate Income Tax Matters on Indirect Transfer of Properties by Non-PRC Resident Enterprises, or the SAT Circular
7, to supersede existing provisions in relation to the indirect transfer as set forth in Circular 698, while the other provisions of Circular
698 remain in force. SAT Circular 7 introduces a new tax regime that is significantly different from that under Circular 698. SAT Circular
7 extends its tax jurisdiction to capture not only indirect transfers as set forth under Circular 698 but also transactions involving
transfer of immovable property in China and assets held under the establishment, and placement in China, of a foreign company through
the offshore transfer of a foreign intermediate holding company. SAT Circular 7 also addresses transfer of the equity interest in a foreign
intermediate holding company broadly. In addition, SAT Circular 7 provides clearer criteria than Circular 698 on how to assess reasonable
commercial purposes and introduces safe harbor scenarios applicable to internal group restructurings. However, it also brings challenges
to both the foreign transferor and transferee of the indirect transfer as they have to determine whether the transaction should be subject
to PRC tax and to file or withhold the PRC tax accordingly. In October 2017, SAT issued the Announcement on Issues Relating to Withholding
at Source of Income Tax of Non-resident Enterprises, or the SAT Circular 37, amended in June 2018. The SAT Circular 37 superseded the
Non-resident Enterprises Measures and SAT Circular 698 as a whole and partially amended some provisions in SAT Circular 24 and SAT Circular
7. SAT Circular 37 purports to clarify certain issues in the implementation of the above regime, by providing, among others, the definition
of equity transfer income and tax basis, the foreign exchange rate to be used in the calculation of withholding amount, and the date of
occurrence of the withholding obligation. Specifically, SAT Circular 37 provides that where the transfer income subject to withholding
at source is derived by a non-PRC resident enterprise in installments, the installments may first be treated as recovery of costs of previous
investments. Upon recovery of all costs, the tax amount to be withheld must then be computed and withheld.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">The PRC Provisional Regulations
on Value-Added Tax were promulgated by the State Council on December 13, 1993, which became effective on January 1, 1994 and were subsequently
amended from time to time. The Detailed Rules for the Implementation of the PRC Provisional Regulations on Value-Added Tax (2011 Revision)
was promulgated by the Ministry of Finance on December 25, 1993 and subsequently amended on December 15, 2008 and October 28, 2011. On
November 19, 2017, the State Council promulgated the Decisions on Abolishing the PRC Provisional Regulations on Business Tax and Amending
the PRC Provisional Regulations on Value-Added Tax. Pursuant to these regulations, rules and decisions, all enterprises and individuals
engaged in sale of goods, provision of processing, repair, and replacement services, sales of services, intangible assets, real property,
and the importation of goods within the PRC territory are VAT taxpayers. On March 21, 2019, the Ministry of Finance, the SAT, and the
General Administration of Customs jointly issued the Announcement on Relevant Policies on Deepen the Reform of Value-Added Tax. Sales
revenue represents the invoiced value of goods, net of VAT. The VAT is based on gross sales price, starting from April 1, 2019, VAT rate
was lowered to 13%.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulation of Overseas Investment by PRC Residents</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt">On July 4, 2014, the SAFE promulgated
the Circular on Relevant Issues Relating to Domestic Resident&#8217;s Investment and Financing and Roundtrip Investment through Special
Purpose Vehicles, or SAFE Circular 37, which replaced the former Notice on Relevant Issues Concerning Foreign Exchange Administration
for PRC Residents to Engage in Financing and Inbound Investment via Overseas Special Purpose Vehicles (generally known as SAFE Circular
75) promulgated by SAFE on October 21, 2005. On February 13, 2015, SAFE further promulgated the Circular on Further Simplifying and Improving
the Administration of the Foreign Exchange Concerning Direct Investment, or SAFE Circular 13, which took effect on June 1, 2015. This
SAFE Circular 13 has amended SAFE Circular 37 by requiring PRC residents or entities to register with qualified banks rather than SAFE
or its local branch in connection with their direct establishment or indirect control of an offshore entity established for the purpose
of overseas investment or financing, for the purpose of overseas investment and financing, with such PRC residents&#8217; legally owned
assets or equity interests in domestic enterprises or offshore assets or interests. Qualified local banks will directly examine and accept
foreign exchange registration for overseas direct investment, including the initial foreign exchange registration and amendment registration,
under Circular 37 from June 1, 2015.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt">These circulars further require
amendment to the registration in the event of any significant changes with respect to the special purpose vehicle, such as an increase
or decrease of capital contributed by PRC residents, share transfer or exchange, merger, division or other material events. In the event
that a PRC resident holding interests in a special purpose vehicle fails to complete the required SAFE registration, the PRC subsidiary
of that special purpose vehicle may be prohibited from making profit distributions to the offshore parent and from carrying out subsequent
cross-border foreign exchange activities, and the special purpose vehicle may be restricted in its ability to contribute additional capital
into its PRC subsidiary. Failure to comply with the various SAFE registration requirements described above could result in liability under
PRC law for evasion of foreign exchange controls.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt">On December 28, 2021, the Cyberspace
Administration of China (the &#8220;CAC&#8221;) jointly with the relevant authorities formally published Measures for Cybersecurity Review
(2021) which took effect on February 15, 2022 and replace the former Measures for Cybersecurity Review (2020). Measures for Cybersecurity
Review (2021) stipulates that operators of critical information infrastructure purchasing network products and services, and online platform
operator (together with the operators of critical information infrastructure, the &#8220;Operators&#8221;) carrying out data processing
activities that affect or may affect national security, shall conduct a cybersecurity review, any online platform operator who controls
more than one million users&#8217; personal information must go through a cybersecurity review by the cybersecurity review office if it
seeks to be listed in a foreign country. Given that: (i) we do not possess personal information on more than one million users in our
business operations; and (ii) 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, our PRC legal counsel has advised we are not be required to apply for a cybersecurity review
under the Measures for Cybersecurity Review (2021).</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt">The Regulations on Mergers and
Acquisitions of Domestic Companies by Foreign Investors, or the M&amp;A Rules, adopted by six PRC regulatory agencies in 2006 and amended
in 2009, requires an overseas special purpose vehicle formed for listing purposes through acquisitions of PRC domestic companies and controlled
by PRC companies or individuals to obtain the approval of the China Securities Regulatory Commission, or the CSRC, prior to the listing
and trading of such special purpose vehicle&#8217;s securities on an overseas stock exchange. According to our PRC legal counsel, DeHeng
Law Offices (Shenzhen), we will not be required to submit an application to the CSRC for the approval under the M&amp;A Rules for an offering
because (i) the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like ours are subject
to this regulation; and (ii) we did not acquire any equity interests or assets of a &#8220;PRC domestic company&#8221; as such terms are
defined under the M&amp;A Rules. However, our PRC legal counsel has further advised us that there remains some uncertainty as to how the
M&amp;A Rules will be interpreted or implemented in the context of an overseas offering and its opinions summarized above are subject
to any new laws, rules and regulations or detailed implementations and interpretations in any form relating to the M&amp;A Rules.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt">On February 17, 2023, the CSRC
issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises and the five application
guidelines, which will become effective on March 31, 2023 (the &#8220;Overseas Listing Regulations&#8221;). The Overseas Listing Regulations
are applicable to overseas securities offerings and/or listings conducted by issuers who are (i) companies incorporated in the PRC (&#8220;PRC
domestic companies&#8221;) and (ii) companies incorporated overseas with substantial operations in the PRC. The Overseas Listing Regulations
stipulate that such issuer shall fulfill the filing procedures within three working days after it makes an application for initial public
offering and listing in an overseas stock market.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt">Neither we nor any of our subsidiaries
has not obtained the approval or clearance from either the CSRC, the CAC or any other regulators in China. However, if the CSRC, CAC or
other regulatory agencies later promulgate new rules or explanations requiring that we obtain their approvals for any follow-on offering,
we may be unable to obtain such approvals and we may face sanctions by the CSRC, CAC or other PRC regulatory agencies for failure to seek
their approval which could significantly limit or completely hinder our ability to offer or continue to offer securities to our investors
and the securities currently being offered may substantially decline in value and be worthless.</p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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; 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"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_004"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Organizational Structure</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">See &#8220;A. <i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">History and Development of the Company&#8212;Corporate
Structure</i>&#8221; above for details of our current organizational structure.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_005"></span>D.</b></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company leases two offices, both of which are
located in the city of Shenzhen, province of Guangdong, China:&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#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="width: 46%; text-align: left">2201B, Modern International Building, No. 3038, Jintian Road, Gangxia Community, Futian Street, Futian District, Shenzhen</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">250</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company does not own any real property. The Company
believes that its existing leased facilities will be sufficient for operations for the next year.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_006"></span>ITEM 4A. UNRESOLVED STAFF COMMENTS</b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_007"></span>ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Since 2021, our subsidiary, Qilun Culture (Shenzhen),
has been involved in developing and implementing its business plan. We plan to continue to expand our operations. We will concentrate
on the following areas to grow our operations:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_008"></span>A.</b></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Our operating results are primarily affected by the
following factors:</p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Year Ended December 31, 2022 Compared to Year
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following table summarizes our operating results
for the year ended December 31, 2022 as compared to the year ended December 31, 2021.</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company began operations in the beginning of 2021.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">During the year ended December 31, 2022, our revenue
was $7,060,496 and was attributable to the sale of cultural products and services provide, primarily derived from sales of painting, calligraphy,
magazine, and design, exhibition installation and other services. Comparing to the year ended December 31, 2021, our revenue was $1,519,266,
and was attributable to the sale of cultural products and services provide, primarily derived from sales of painting, calligraphy, magazine,
and design, exhibition installation and other services.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">As of year ended December 31, 2022, we operate through
three entities: Qilun Culture (Shenzhen), Qilun Enterprise Management Consultant and Shenzhen Houhaitang, each of which are established
in Shenzhen, Guangdong Province of China.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Cost of revenue mainly consists of our products sales
and cost for service providers who perform stand construction, image and video production, design and renovation and other services for
our customers. During the year ended December 31, 2022, our cost of revenue was $1,859,008, with the result that our gross profit was
$5,201,488, a gross margin of more than 73%. Comparing the year ended December 31, 2021, our cost of revenue was $411,290, with the result
that our gross profit was $1,107,976, a gross margin of no more than 73%. Gross margin at that level was sufficient to operate profitably.
The Company continues to invest heavily in advertising and promotion expenses in the near future as it continues to establish and expand
its brand and products and services.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Operating expenses consist primarily of advertising
and promotion expenses, salaries and benefits, office expenses, and depreciation and amortization. Our operating expenses in fiscal year
2022 was $3,830,650, comparing to the fiscal year 2021 was $775,504 and primarily included:</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">As described above, our net income for the year ended
December 31, 2022 was $1,036,900 whereas for the year ended December 31, 2021 was $484,379.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Our reporting currency is the U.S. dollar. Our mainly
local currency, the Renminbi (RMB), is our functional currency. Results of operations and cash flow are translated at average exchange
rates during the period being reported upon, and assets and liabilities are translated at the unified exchange rate as quoted by OANDA
on the balance sheet date. Translation adjustments resulting from this process are included in other comprehensive income. For the years
ended December 31, 2022, and December 31, 2021, foreign currency translation adjustments of $(103,706) and $6,884, respectively, have
been reported as other comprehensive income in the consolidated statement of operations and comprehensive income.</p>

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


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<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"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_009"></span>B.</b></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">As of December 31, 2022, the Company had $11,948,756
in cash. On the same date, we had a working capital of $9,503,318, of which $11,948,756 was cash and cash equivalents, and $6,270,107
was debt to customer which is the customers&#8217; prepayment for future using on our services and products.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">As of December 31, 2021, the Company had $1,767,042
in cash. On the same date, we had a working capital of $206,071, of which $1,767,042 was cash and cash equivalents, and $968,812 was debt
to customer which is the customers&#8217; prepayment for future using on our services and products.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">We anticipate that our future liquidity requirements
will arise from the need to fund growth of our businesses, including developing new products and services lines, expanding our marketing
and distribution network, and partnering with more well-known artists and content creators. The primary sources of funding for such requirements
are expected to be cash generated from operations and raising additional funds. We expect Ruowen Li, our Director and Chief Executive
Officer, to continue to provide support in the future, if needed. However, we can provide no assurances that we will be able to generate
sufficient cash flows from operations and/or obtain additional financing on terms satisfactory to us, if at all, to remain a going concern.</p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Cash Provided by Operating Activities</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">For the year ended December 31, 2022, we had cash
provided by operating activities of $6,119,015, an increase of $4,727,683 from the same period of 2021. Cash provided by operations during
fiscal 2022 was primarily generated from an increase in deposits received of $5,446,257 of the company.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">For the year ended December 31, 2021, we had cash
provided by operating activities of $1,391,332, an increase of $1,391,332 from the same period of 2020, during which we had no operating
activities. Cash provided by operations during fiscal 2021 was primarily generated from an increase in customer deposits of $967,688.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Cash Used in Investing Activities</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">For the year ended December 31, 2022, we had net cash
used in investing activities of $1,065,026, an increase of $886,082 from the same period of 2021. The cash was mainly used for the payment
of amounts due from related parties of $775,492 and the purchase of $289,534 fixed assets for Qilun Culture (Shenzhen), mainly to purchase
office equipment and furniture for operations.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">For the year ended December 31, 2021, we had net cash
used in investing activities of $178,944, an increase of $178,944 from the same period of 2020, during which we had no investing activities.
The cash was mainly used for the purchase of $190,503 fixed assets for Qilun Culture (Shenzhen), mainly to purchase office equipment and
furniture for operations.</p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Cash Provided by Financing Activities</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">For the year ended December 31, 2022, we had net cash
provided by financing activities of $5,427,700, an increase of $4,897,804 from the same period of 2021. For the year ended December 31,
2022, the Company received an amount of $3,310,000 for the sale of 16,550,000 shares and shareholder contribution of $1,915,793 for Qilun
Culture (Shenzhen) from its original shareholder for the year ended December 31, 2022.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">For the year ended December 31, 2021, we had net cash
provided by financing activities of $529,896, an increase of $529,896 from the same period of 2020, during which we had no financing activities.
The cash was mainly provided by the amounts advanced to related parties&#160;&#160; of $623,548.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application of Critical Accounting Policies</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">In preparing our financial statements, we are required
to formulate working policies regarding valuation of our assets and liabilities and to develop estimates of those values. In the preparation
of the financial statements for the year ended December 31, 2022, there was no estimate that was (a) subject to a high degree of uncertainty
and (b) material to our results.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trends, Events and Uncertainties &#8211; COVID-19</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The COVID-19 pandemic has had a significant adverse
impact and created many uncertainties related to our business, and we expect that it will continue to do so. The Company is experiencing
challenges in sales, which have increased the Company&#8217;s financial uncertainty. Our future business outlook and expectations are
very uncertain due to the impact of the COVID-19 pandemic and are very difficult to quantify. It is difficult to assess or predict the
impact of this unprecedented event on our business, financial results or financial condition. Factors that will impact the extent to which
the COVID-19 pandemic affects our business, financial results and financial condition include: the duration, spread and severity of the
pandemic; the actions taken to contain the virus or treat its impact, including government actions to mitigate the economic impact of
the pandemic; and how quickly and to what extent normal economic and operating conditions can resume, including whether any future outbreaks
interrupt the economic recovery.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Recently, there has been an increasing number of COVID-19
cases, including cases involving the COVID-19 Delta and Omicron variants, in multiple cities in China. The Chinese local authorities have
reinstated certain measures to keep COVID-19 in check, including compulsory quarantine arrangements, travel restrictions and stay-at-home
orders. The reinstatement of these restrictions in early 2022 have adversely affected our operations by, for example, making it more difficult
to conduct our sales and marketing and promotional efforts. The COVID-19 global pandemic has resulted in, and may intensify, global economic
distress, and the duration and extent of the impact of COVID-19 outbreak is highly uncertain at this time. We are unable to predict the
extent to which the pandemic and related impacts will continue to adversely impact our business operations, financial performance, results
of operations, financial position and the achievement of our strategic objectives.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Other than the factors listed above we do not know
of any trends, events or uncertainties that have had or are reasonably expected to have a material impact on our net sales or revenues
or income from continuing operations.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">We do not currently have any off-balance sheet arrangements
that have or are reasonably likely to have a current or future effect on our financial condition or results of operations.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">We do not have any loans, other commitments, or contingencies
as of the fiscal year ended December 31, 2022.</p>

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


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<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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_010"></span>C.</b></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patents. </i></b>As of the
date of this Annual Report, the Company owns one patent, which is held in the name of the Company&#8217;s PRC operating subsidiary Qilun
Culture (Shenzhen):</p>

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

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">03/31/2022</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>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trademarks. </i></b>The
following table contains a list of all trademarks obtained by the Company as of the date of this Annual Report (all trademarks are registered
in the name of the Company&#8217;s PRC operating subsidiary Qilun Culture (Shenzhen):</p>

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

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 22%"><p style="margin-top: 0; margin-bottom: 0"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination of</b></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exclusive rights</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; 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: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Classification/ Category</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; text-align: center"><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: 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">56032921</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">graphics</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12/13/2031</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><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: 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">56032923</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">graphics</span></td>
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    <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">35</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; text-align: center"><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: 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">56035604</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">graphics</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">2031-12-20</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">39</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><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: 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">56027961</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">graphics</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">2031-12-20</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">41</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</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">56022598</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">graphics</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">2031-12-20</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">42</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</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">59779761</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">Text</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">&#8212;</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">14</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</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">59779761</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">Text</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">&#8212;</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">15</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</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">59779761</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">Text</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">&#8212;</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">16</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</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">59779761</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">Text</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">&#8212;</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">18</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</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">59779761</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">Text</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">&#8212;</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">20</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</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">59779761</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">Text</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">&#8212;</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">22</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</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">59779761</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">Text</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">&#8212;</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">26</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</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">59779761</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">Text</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">&#8212;</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">27</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</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">59779761</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">Text</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">&#8212;</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">35</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59779761</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">Text</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">&#8212;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59779761</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">Text</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">&#8212;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59783733</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">Text</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">&#8212;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59783733</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">Text</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">&#8212;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</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">59802726</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">TAO OF TITANS</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60115167</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">Sui Guangyi</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">&#8212;</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">35</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60115167</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">Sui Guangyi</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">&#8212;</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">36</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</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">59802726</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">TAO OF TITANS</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</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">41</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</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">60115167</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>
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    <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">&#8212;</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">41</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td>
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    <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">graphics</span></td>
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    <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">1</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</span></td>
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    <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">graphics</span></td>
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    <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">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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61466802</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">graphics</span></td>
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    <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">3</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</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">61464451</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">graphics</span></td>
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    <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">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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</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">61449660</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">graphics</span></td>
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    <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">5</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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>


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

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


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

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copyrights. </i></b>The
following table contains a list of all copyrights obtained by the Company as of the date of this Annual Report (all copyrights are registered
in the name of the Company&#8217;s PRC operating subsidiary Qilun Culture (Shenzhen):</p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No.</b></span></td>
    <td style="vertical-align: bottom; 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; vertical-align: bottom; text-align: center; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration #</b></span></td>
    <td style="vertical-align: bottom; 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; vertical-align: bottom; text-align: center; width: 22%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="vertical-align: bottom; 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; vertical-align: bottom; text-align: center; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Application date</b></span></td>
    <td style="text-align: center; width: 2%; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; width: 20%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorization Date</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guozuoji - 2022-F-10083147</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qilun
        culture</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LOGO
    -text</span></p></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021-02-28 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-04-24</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guozuoji - 2022-F-10083148</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qilun
        culture</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LOGO
    -graphics</span></p></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021-02-28 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-04-24</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guozuoji - 2022-F-10127078</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ruyi libra</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021-11-18 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-06-27</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuoji - 2021-F-00296652</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">What the gas</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021-02-26 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-01-18</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuoji - 2021-F-00296653</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Giant rattan of Jiaoling Gupo Mountain</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021-02-26 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-01-18</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuoji - 2021-F-00296654</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wu Dong Shan Qi Feng</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021-02-26 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-01-18</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuoji - 2021-F-00296655</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xiang Fen Foon with domes</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021-02-26 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-01-18</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuoji - 2021-F-00296656</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The peak of Tumet Left Banner</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021-02-26 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-01-18</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuoji - 2021-F-00296657</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jade takes advantage of the wind</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021-02-26 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-01-18</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2022-F-10209195</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 1</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-04-27 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-10-09</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2022-F-10202431</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 2</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-04-28 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-09-23</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2022-F-10175021</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 3</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-06-10 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-08-24</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2022-F-10175020</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 4</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-06-10 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-08-24</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2022-F-10175018</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 5</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-06-10 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-08-24</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2022-F-10175019</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 6</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-06-10 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-08-24</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2022-F-10204018</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 7</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-06-28 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-09-27</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2022-F-10204014</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 8</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-06-28 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-09-27</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2022-F-10204015</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 9</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-06-28 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-09-27</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2022-F-10204012</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 10</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-06-28 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-09-27</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2022-F-10204016</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 11</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-07-04 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-09-27</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2022-F-10204017</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 12</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-07-04 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-09-27</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2022-F-10204013</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 13</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-07-04 </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-09-27</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046042</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 14</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-12-30</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045990</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 15</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-12-30</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046002</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 16</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-12-30</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046001</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 17</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-12-30</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046011</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 18</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-12-30</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046000</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 19</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022-12-30</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045976</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 20</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-12</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045999</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 21</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-14</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046014</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 22</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-14</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046037</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 23</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-14</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046047</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 24</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-14</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046010</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 26</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-13</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045989</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 27</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-16</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045988</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 28</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-16</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046038</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 29</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-16</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</span></td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045987</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-16</span></td>
    <td>&#160;</td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046032</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 45</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 48</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046004</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 50</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046003</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 51</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-16</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046041</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 52</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-16</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045986</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 53</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-16</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045985</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 54</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-16</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045984</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 55</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-16</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046019</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 56</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-16</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045978</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 57</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-16</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045983</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 59</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-16</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046048</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 61</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-19</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045997</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 62</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-19</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045996</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 64</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-19</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046017</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 65</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-19</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046050</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 66</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-20</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045995</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 68</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-20</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045977</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 69</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-20</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046031</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 70</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-20</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046049</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 71</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-20</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046030</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 72</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-20</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046016</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-20</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046029</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 74</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046013</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 75</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-20</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046015</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 76</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-20</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046012</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 77</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-20</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046028</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 78</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-20</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045994</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 80</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-20</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046036</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 81</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-28</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046035</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 82</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-28</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045993</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 84</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-28</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046018</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 85</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-28</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046034</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 86</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-28</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046033</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 87</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-28</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046045</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 90</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-28</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046044</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 91</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-28</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046043</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 92</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-28</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045998</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 94</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-28</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045982</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 95</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-28</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046040</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 96</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-28</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045980</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 97</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-28</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00046039</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 98</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-28</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guo Zuo Deng Zi-2023-F-00045979</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bai Hua Hua Gui Tu volume 99</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-01-28</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023-03-15</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internet domain name.</i></b>
As of the date of this Annual Report, the Company owns two internet domain names, which are both held by the Company&#8217;s PRC operating
subsidiary Qilun Culture (Shenzhen):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#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">
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    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domain Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><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: center; width: 2%"><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: center; 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: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><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: 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">Guangdong ICP Prep 2022034555-2</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">qilungroup.com.cn</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">Qilungroup.com.cn</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">05/06/2022</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">06/05/2027</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><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: 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">Guangdong ICP Prep 2022034555-1</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">qilunwenhua.com</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">Qilunwenhua.com</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">09/23/2021</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">09/23/2023</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_011"></span>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trend Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The COVID-19 pandemic has had a significant adverse
impact and created many uncertainties related to our business, and we expect that it will continue to do so. The Company is experiencing
challenges in sales, which have increased the Company&#8217;s financial uncertainty. Our future business outlook and expectations are
very uncertain due to the impact of the COVID-19 pandemic and are very difficult to quantify. It is difficult to assess or predict the
impact of this unprecedented event on our business, financial results or financial condition. Factors that will impact the extent to which
the COVID-19 pandemic affects our business, financial results and financial condition include: the duration, spread and severity of the
pandemic; the actions taken to contain the virus or treat its impact, including government actions to mitigate the economic impact of
the pandemic; and how quickly and to what extent normal economic and operating conditions can resume, including whether any future outbreaks
interrupt the economic recovery.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Recently, there has been an increasing number of COVID-19
cases, including cases involving the COVID-19 Delta and Omicron variants, in multiple cities in China. The Chinese local authorities have
reinstated certain measures to keep COVID-19 in check, including compulsory quarantine arrangements, travel restrictions and stay-at-home
orders. The reinstatement of these restrictions in early 2022 have adversely affected our operations by, for example, making it more difficult
to conduct our sales and marketing and promotional efforts. The COVID-19 global pandemic has resulted in, and may intensify, global economic
distress, and the duration and extent of the impact of COVID-19 outbreak is highly uncertain at this time. We are unable to predict the
extent to which the pandemic and related impacts will continue to adversely impact our business operations, financial performance, results
of operations, financial position and the achievement of our strategic objectives.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Other than the factors listed above we do not know
of any trends, events or uncertainties that have had or are reasonably expected to have a material impact on our net sales or revenues
or income from continuing operations.</p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="A_012"></span>E.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical Accounting Policies</b></span></td></tr>
</table>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application of Critical Accounting Policies</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">In preparing our financial statements, we are required
to formulate working policies regarding valuation of our assets and liabilities and to develop estimates of those values. In the preparation
of the financial statements for the years ended December 31, 2022, 2021 and 2020, there was no estimate that was (a) subject to a high
degree of uncertainty and (b) material to our results.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_013"></span>ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_014"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and senior management</b></span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following table sets forth certain information
regarding our directors and senior management, as well as employees upon whose work we are dependent, as of the date of this Annual Report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#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: bottom">
    <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"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NAME</b></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"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</b></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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGE</b></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"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</b></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"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</b></span></td>
    <td 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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">POSITION</b></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: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ruowen Li</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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</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: 59%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer, Director</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following is a brief biography of our Chief Executive
Officer and Director:</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ruowen Li - Chief Executive Officer, Director</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Ruowen Li is the co-founder and general manager of
Yue Chen Culture Ltd., a subsidiary of China Ding Yi Feng Corp. Previously, Ruowen Li was non-executive director and advisor to Kaiyu
Group. From July 2010 through February 2013, Ruowen Li was a business director and director of the global business group of ISoftStone
Information Technology (Group) Co., Ltd. She graduated with a Bachelor of Arts in Economics from Shenzhen University, a Master of Arts
in Economics from San Francisco State University and PhD in business administration from University of Illinois, Urbana Champaign. We
believe that Ruowen Li qualifies as our sole director because she is the founder of the Company and also has extensive experience in the
industry.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement with our Chief Executive Officer,
Ruowen Li</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">We have entered into employment agreement with our
executive officer. Our executive officer has been employed for three years and is expected to continue until May 31, 2025. We and our
executive officer may renew this employment agreement upon mutual consent. We may terminate the employment of the executive officer at
any time for cause, without notice or remuneration, including but not limited to serious violation by the executive officer of labor discipline
or rules and regulations of the Company, serious dereliction of duties or engaging in malpractice for personal gains by the executive
officer, which causes material losses to the interests of the Company, or investigation of criminal liability against the executive officer
in accordance with law. An executive officer may terminate her employment at any time with one month&#8217;s prior written notice.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">We plan to enter into indemnification agreements with
our director and executive officer. Under this agreement, we agree to indemnify our director and executive officer against all liabilities
and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of the Company to
the fullest extent permitted by law with certain limited exceptions.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">None of our directors or executive officers have a
family relationship as defined in Item 401 of Regulation S-K.</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_015"></span>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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">For the year ended December 31, 2022, we paid cash
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The compensation paid, and benefits in kind granted,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company currently pays for medical insurance,
maternity insurance, workplace injury insurance, unemployment insurance, pension benefits or other insurance for all of its employees,
in each case pursuant to applicable PRC or Hong Kong law.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company does not currently have, and does not
currently intend to establish, any committees of the Board of Directors.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company does not currently have a share incentive
plan.</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_016"></span>C.</b></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Our board has one director.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Under Cayman Islands law, our director owes fiduciary
duties to the Company, including a duty of loyalty, a duty to act honestly and a duty to act in what they consider in good faith to be
in our best interests. Our director must also exercise its powers only for a proper purpose. Our director also has a duty to exercise
the skill they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable circumstances.
In fulfilling its duty of care to us, our director must ensure compliance with our memorandum and articles of association, as amended
from time to time. Our company has a right to seek damages against any director who breaches a duty owed to us.</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_017"></span>D.</b></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">As of December 31, 2022, the Company employed a total
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">None of our employees are subject to collective bargaining
agreements. All employment arrangements are in compliance with the laws of the PRC. We believe our relationships with Company employees
are satisfactory.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">We believe that we have maintained a satisfactory
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for company&#8217;s operations. None of the company&#8217;s employees is represented by a labor union.</p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Our employees in China participate in a state pension
plan organized by Chinese municipal and provincial governments. In addition, the company is required by Chinese law to cover employees
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_018"></span>E.</b></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">All of our shareholders, including the shareholders
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None of our principal shareholders or our director and executive officers have different or special voting rights with respect to their
Shares. Unless otherwise noted below, each shareholder&#8217;s address is, c/o Room 2201, Modern International Building, No. 3038, Jintian
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Except as otherwise indicated, all shares are owned
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">&#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: left">&#160;</td><td style="text-align: right">52.34</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wuxing Holdings Limited <sup style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6.86</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Total Other &#8805; 5% Beneficial Owners</td><td>&#160;</td>
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">69,000,000</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">59.2</td><td style="font-weight: bold; text-align: left">%</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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; 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"><sup style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sancai Holdings Limited, a holding company organized under the laws of the British Virgin Islands, is 100% owned and controlled by Ruowen Li. The business address of Sancai Holdings Limited 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"><sup style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNIMOS Holdings Limited, a holding company organized under the laws of the British Virgin Islands, is 100% owned and controlled by Mr. Guangyi Sui. The business address of UNIMOS Holdings Limited 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"><sup style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wuxing Holdings Limited, a holding company organized under the laws of the British Virgin Islands, is 100% owned and controlled by Mr. Wenzhi Liang. The business address of Wuxing Holdings 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 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">As of the date of Annual Report, none of our outstanding
Shares are held by record holders in the United States. We are not aware of any arrangement that may result in a change of control of
the Company at a subsequent date.&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</b></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="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="A_019"></span>F.</b></span></td>
  <td style="text-align: justify"><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 0pt 0pt 0; text-align: justify">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_020"></span>ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_021"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major Shareholders</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Please refer to Item 6 &#8220;Directors, Senior Management
and Employees&#8212;E. Share Ownership.&#8221;</p>

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


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    <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 0pt 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; 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"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_022"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related Party Transactions </b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Please refer to Note 6 &#8220;Related Party Transactions&#8221;
of Item 18 &#8220;Financial Statements.&#8221;</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_023"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interests of Experts and Counsel</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_024"></span>ITEM 8. FINANCIAL INFORMATION</b></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_025"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Statements and Other Financial Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">We have appended consolidated financial statements
filed as part of this report. See Item 18 &#8220;Financial Statements.&#8221;</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">We may be subject to legal proceedings, investigations
and claims incidental to the conduct of our business from time to time. We are currently not party to any legal or arbitration proceedings&#160;&#160;&#160;&#160;,
including those relating to bankruptcy, receivership or similar proceedings and those involving any third party, which may have, or have
had in the recent past, significant effects on our financial position or profitability.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">We have never declared or paid any dividends on our
Shares. We do not anticipate paying any dividends in the foreseeable future. We currently intend to retain future earnings, if any, to
finance operations and expand our business. Our director has sole discretion whether to pay dividends. If our director decides to pay
dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general
financial condition, contractual restrictions and other factors that our director may deem relevant.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Companies Law imposes restrictions on our ability
to declare and pay dividends. See &#8220;Description of Share Capital and Articles of Association &#8212; Ordinary Shares, and &#8212;
Distribution&#8221; for additional information. Payment of dividends may be subject to China withholding taxes. See &#8220;Risk Factors&#8212;Risks
Related to Doing Business in China&#8221; and &#8220;Regulations&#8221; for additional information.</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_026"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant Changes</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">No significant change has occurred since the date
of our consolidated financial statements filed as part of this Annual Report.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_027"></span>ITEM 9. THE OFFER AND LISTING</b></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_028"></span>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer and Listing Details</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">As of this Annual Report, we intend to seek quotation
of our ordinary shares on the OTC Markets Group, Inc. (the &#8220;OTC Markets&#8221;), OTCQX or the OTCQB Venture. Our
shares are not currently quoted on any principal host market. We do not have a market maker willing to file the necessary application
for quoting our shares on the OTC Markets as of the date of this Annual Report. There is a risk that no public market will develop for
our Shares.</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_029"></span>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan of Distribution</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="A_030"></span>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Markets</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">See &#8220;A. Offer and Listing Details&#8221; above.</p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><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; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="ed_001"></span><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"><p style="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>Selling
                                            Shareholders</b></span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 id="ed_002"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dilution</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 id="ed_003"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expenses
    of the Issue</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ed_004"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
10. ADDITIONAL INFORMATION</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: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="ed_005"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
    Capital</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="ed_006"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Memorandum
    and Articles of Association</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incorporate by reference into this Annual Report the description of our articles of association contained in our Form F-1 registration
statement (File No. 333-268512), as amended, initially filed with the Securities and Exchange Commission on November 22, 2022.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="ed_007"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
    Contracts</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not entered into any material contracts other than in the ordinary course of business and other than those described in Item 4 &#8220;Information
on the Company,&#8221; Item 5 &#8220;Operating and Financial Review and Prospects&#8212;F. Tabular Disclosure of Contractual Obligations,&#8221;
Item 7 &#8220;Major Shareholders and Related Party Transactions,&#8221; or filed (or incorporated by reference) as exhibits to this Annual
Report or otherwise described or referenced in this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 id="ed_008"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange
    Controls</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="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>Hong
Kong and Cayman Islands Exchange Controls</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">There
are no exchange control restrictions on payments of dividends on our ordinary shares or on the conduct of our operations either in Hong
Kong or the Cayman Islands, where we are incorporated. Other jurisdictions in which we may conduct operations in the future may have
various exchange controls. There are no material Cayman Islands laws that impose foreign exchange controls on us or that affect the payment
of dividends, interest or other payments to holders of our securities who are not residents of the Cayman Islands. Cayman Islands law
and our Memorandum and Articles of Association impose no limitations on the right of nonresident or foreign owners to hold or vote our
securities.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>PRC
Exchange Controls</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"><span style="text-decoration: underline">Regulations
on Foreign Currency Exchange</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">Under
the PRC Foreign Currency Administration Rules promulgated on January 29, 1996 and last amended on August 5, 2008 and various regulations
issued by SAFE and other relevant PRC government authorities, payment of current account items in foreign currencies, such as trade and
service payments, payment of interest and dividends can be made without prior approval from SAFE by following the appropriate procedural
requirements. By contrast, the conversion of RMB into foreign currencies and remittance of the converted foreign currency outside the
PRC for the purpose of capital account items, such as direct equity investments, loans and repatriation of investment, requires prior
approval from SAFE or its local office.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 13, 2015, SAFE promulgated the Circular on Simplifying and Improving the Foreign Currency Management Policy on Direct Investment,
effective from June 1, 2015, which cancels the requirement for obtaining approvals of foreign exchange registration of foreign direct
investment and overseas direct investment from SAFE. The application for the registration of foreign exchange for the purpose of foreign
direct investment and overseas direct investment may be filed with qualified banks, which, under the supervision of SAFE, may review
the application and process the registration.</span></p>

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

<p style="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
Circular of the SAFE on Reforming the Management Approach regarding the Settlement of Foreign Capital of Foreign-invested Enterprise,
or SAFE Circular 19, was promulgated on March 30, 2015 and became effective on June 1, 2015. According to SAFE Circular 19, a foreign-invested
enterprise may, according to its actual business needs, settle with a bank the portion of the foreign exchange capital in its capital
account for which the relevant foreign exchange bureau has confirmed monetary contribution rights and interests (or for which the bank
has registered the account-crediting of monetary contribution). For the time being, foreign-invested enterprises are allowed to settle
100% of their foreign exchange capitals on a discretionary basis; a foreign-invested enterprise shall truthfully use its capital for
its own operational purposes within the scope of business; where an ordinary foreign-invested enterprise makes domestic equity investment
with the amount of foreign exchanges settled, the invested enterprise shall first go through domestic re-investment registration and
open a corresponding Account for Foreign Exchange Settlement Pending Payment with the foreign exchange bureau (bank) at the place of
registration. The Circular of the SAFE on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital
Accounts, or SAFE Circular 16, was promulgated and became effective on June 9, 2016. According to SAFE Circular 16, enterprises registered
in PRC may also convert their foreign debts from foreign currency into Renminbi on self-discretionary basis. SAFE Circular 16 provides
an integrated standard for conversion of foreign exchange under capital account items (including but not limited to foreign currency
capital and foreign debts) on self&#8212;discretionary basis, which applies to all enterprises registered in the PRC. SAFE Circular 16
reiterates the principle that Renminbi converted from foreign currency-denominated capital of a company may not be directly or indirectly
used for purposes beyond its business scope and may not be used for investments in securities or other investment with the exception
of bank financial products that can guarantee the principal within the PRC unless otherwise specifically provided. Besides, the converted
Renminbi shall not be used to make loans for related enterprises unless it is within the business scope or to build or to purchase any
real estate that is not for the enterprise own use with the exception for the real estate enterprise.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 26, 2017, SAFE promulgated the Circular on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness
and Compliance Verification, or SAFE Circular 3, which stipulates several capital control measures with respect to the outbound remittance
of profits from domestic entities to offshore entities, including (i) banks must check whether the transaction is genuine by reviewing
board resolutions regarding profit distribution, original copies of tax filing records and audited financial statements, and (ii) domestic
entities must retain income to account for previous years&#8217; losses before remitting any profits. Moreover, pursuant to SAFE Circular
3, domestic entities must explain in detail the sources of capital and how the capital will be used, and provide board resolutions, contracts
and other proof as a part of the registration procedure for outbound investment.</span></p>

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

<p style="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="text-decoration: underline">Regulations
on Foreign Exchange Registration of Overseas Investment by PRC Residents</span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SAFE
issued the Circular on Relevant Issues Relating to Domestic Resident&#8217;s Investment and Financing and Roundtrip Investment through
Special Purpose Vehicles, or SAFE Circular 37, which became effective in July 2014, to replace the Circular of the State Administration
of Foreign Exchange on Issues Concerning the Regulation of Foreign Exchange in Equity Finance and Roundtrip Investments by Domestic Residents
through Offshore Special Purpose Vehicles, to regulate foreign exchange matters in relation to the use of special purpose vehicles, or
SPVs, by PRC residents or entities to seek offshore investment and financing or conduct round trip investment in China. SAFE Circular
37 defines a SPV as an offshore entity established or controlled, directly or indirectly, by PRC residents or entities for the purpose
of seeking offshore financing or making offshore investment, using legitimate onshore or offshore assets or interests, while &#8220;round
trip investment&#8221; is defined as direct investment in China by PRC residents or entities through SPVs, namely, establishing foreign-invested
enterprises to obtain the ownership, control rights and management rights. SAFE Circular 37 stipulates that, prior to making contributions
into an SPV, PRC residents or entities be required to complete foreign exchange registration with SAFE or its local branch. In addition,
SAFE promulgated the Notice on Further Simplifying and Improving the Administration of the Foreign Exchange Concerning Direct Investment
in February 2015, which amended SAFE Circular 37 and became effective on June 1, 2015, requiring PRC residents or entities to register
with qualified banks rather than SAFE in connection with their establishment or control of an offshore entity established for the purpose
of overseas investment or financing.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
residents or entities who had contributed legitimate onshore or offshore interests or assets to SPVs but had not obtained registration
as required before the implementation of the SAFE Circular 37 must register their ownership interests or control in the SPVs with qualified
banks. An amendment to the registration is required if there is a material change with respect to the SPV registered, such as any change
of basic information (including change of the PRC residents, name and operation term), increases or decreases in investment amount, transfers
or exchanges of shares, and mergers or divisions. Failure to comply with the registration procedures set forth in SAFE Circular 37 and
the subsequent notice, or making misrepresentation on or failure to disclose controllers of the foreign-invested enterprise that is established
through round-trip investment, may result in restrictions being imposed on the foreign exchange activities of the relevant foreign-invested
enterprise, including payment of dividends and other distributions, such as proceeds from any reduction in capital, share transfer or
liquidation, to its offshore parent or affiliate, and the capital inflow from the offshore parent, and may also subject relevant PRC
residents or entities to penalties under PRC foreign exchange administration regulations. See &#8220;Risk Factors&#8212;Risks Related
to Doing Business in China&#8212;PRC regulations relating to investments in offshore companies by PRC residents may subject our PRC-resident
beneficial owners or our PRC subsidiary to liability or penalties, limit our ability to inject capital into our PRC subsidiary or limit
our PRC subsidiary&#8217;s ability to increase their registered capital or distribute profits.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Regulations
on Stock Incentive Plans</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">SAFE
promulgated the Notice on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive
Plan of Overseas Publicly Listed Company, or the Stock Incentive Plan Notice, in February 2012, replacing the previous rules issued by
SAFE in March 2007. Pursuant to the Stock Incentive Plan Notice and other relevant rules and regulations, PRC residents participating
in stock incentive plan in an overseas publicly-listed company are required to register with SAFE or its local branches and follow certain
other procedures. Participants of a stock incentive plan who are PRC residents must conduct the SAFE registration and other procedures
with respect to the stock incentive plan through a qualified PRC agent, which could be a PRC subsidiary of the overseas publicly listed
company or another qualified institution appointed by the PRC subsidiary. In addition, the PRC agent is required to update the relevant
SAFE registration should there be any material change to the stock incentive plan, the PRC agent or other material changes. The PRC agent
must, on behalf of the PRC residents who have the right to exercise the employee stock options, apply to SAFE or its local branches for
an annual quota for the payment of foreign currencies in connection with the PRC residents&#8217; exercise of the employee stock options.
The foreign exchange proceeds received by the PRC residents from the sale of shares under the stock incentive plans granted and dividends
distributed by the overseas listed companies must be remitted into the bank accounts in the PRC opened by the PRC agents prior to distribution
to such PRC residents.</span></p>

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

<p style="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="text-decoration: underline">Regulations
on Dividend Distribution</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">Distribution
of dividends of foreign investment enterprises are mainly governed by the Foreign Investment Enterprise Law, issued in 1986 and amended
in 2000 and 2016 respectively, and the Implementation Rules under the Foreign Investment Enterprise Law, issued in 1990 and amended in
2001 and 2014 respectively. Under these regulations, foreign investment enterprises in the PRC may distribute dividends only out of their
accumulative profits, if any, determined in accordance with PRC accounting standards and regulations. In addition, no less than 10% of
the accumulated profits of the foreign investment enterprises in the PRC are required to be allocated to fund certain reserve funds each
year unless these reserves have reached 50% of the registered capital of the enterprises. A PRC company is not permitted to distribute
any profits until any losses from previous fiscal years have been offset. Profits retained from prior fiscal years may be distributed
together with distributable profits from the current fiscal year. See &#8220;Risk Factors&#8212;Risks Related to Doing Business in China&#8212;Restrictions
under PRC law on our PRC subsidiaries&#8217; ability to make dividends and other distributions could materially and adversely affect
our ability to grow, make investments or acquisitions that could benefit our business, pay dividends to you, and otherwise fund and conduct
our business.&#8221;</span></p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 id="ed_009"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="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
following is a general summary of the material Cayman Islands, Hong Kong, PRC and U.S. federal income tax consequences relevant to an
investment in our shares of common stock, sometimes referred to collectively in this summary as our &#8220;securities&#8221;. The discussion
is not intended to be, nor should it be construed as, legal or tax advice to any particular prospective purchaser. The discussion is
based on laws and relevant interpretations thereof in effect as of the date of this Annual Report, all of which are subject to change
or different interpretations, possibly with retroactive effect. The discussion does not address United States state or local tax laws,
or tax laws of jurisdictions other than the Marshall Islands, Hong Kong, the BVI, the PRC and the United States. We recommend that you
consult your own tax advisors with respect to the consequences of acquisition, ownership and disposition of our securities.</i></span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is
no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government
of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or brought within, the jurisdiction
of the Cayman Islands. The Cayman Islands is not party to any double tax treaties. There are no exchange control regulations or currency
restrictions in the Cayman Islands.</span></p>

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

<p style="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>Hong
Kong Taxation</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Hong Kong subsidiaries, under the current laws of Hong Kong, are subject to profits tax of 16.5%. No provision for Hong Kong profits
tax has been made as our Hong Kong subsidiaries have no taxable income.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a holding company incorporated in the Marshall Islands, which indirectly holds our equity interests in our PRC operating subsidiaries.
The EIT Law and its implementation rules, both of which became effective as of January 1, 2008, provide that a PRC enterprise is subject
to a standard income tax rate of 25% and China-sourced income of foreign enterprises, such as dividends paid by a PRC subsidiary to its
overseas parent, will normally be subject to PRC withholding tax at a rate of 10%, unless there are applicable treaties between the overseas
parent&#8217;s jurisdiction of incorporation and China to reduce such 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Arrangement between the Mainland and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention
of Fiscal Evasion with respect to Taxes on Income, or the Double Taxation Arrangement, effective as of January 1, 2007, such dividend
withholding tax rate is reduced to 5% if a Hong Kong resident enterprise owns over 25% of the PRC company distributing the dividends.
Under the aforesaid arrangement, any dividends that our PRC operating subsidiaries pay to their Hong Kong holding companies may be subject
to a withholding tax at the rate of 5% if they are not considered to be a PRC &#8220;resident enterprise&#8221; as described below. However,
if the Hong Kong holdings companies are not considered to be the &#8220;beneficial owner&#8221; of such dividends under the Notice Regarding
Interpretation and Recognition of Beneficial Owners under Tax Treaties promulgated by the State Administration of Taxation on October
27, 2009 (and not a PRC &#8220;resident enterprise&#8221;), such dividends would be subject to the withholding tax rate of 10%. The withholding
tax rate of 5% or 10% applicable will have a significant impact on the amount of dividends to be received by us and ultimately by shareholders.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Notice Regarding Interpretation and Recognition of Beneficial Owners under Tax Treaties, the term &#8220;beneficial owner&#8221;
refers to a person who has the right to own and dispose of the income and the rights or properties generated from the said income. The
&#8220;beneficial owner&#8221; may be an individual, a company or any other organization which is usually engaged in substantial business
operations. A conduit company is not a &#8220;beneficial owner.&#8221; The term &#8220;conduit company&#8221; refers to a company which
is usually established for purposes of dodging or reducing taxes, and transferring or accumulating profits. Such a company is only registered
in the country of domicile to satisfy the organizational form as required by law, but it does not engage in such substantial business
operations as manufacturing, distribution and management. As our Hong Kong holding companies are controlling companies and are not engaged
in substantial business operations, they could be considered as conduit companies by tax authorities and we do not expect them to be
a beneficial owner.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the changes to the current tax structure, under the EIT Law, an enterprise established outside of China with &#8220;de facto
management bodies&#8221; within China is considered a resident enterprise and will normally be subject to an EIT of 25% on its global
income. The implementing rules define the term &#8220;de facto management bodies&#8221; as &#8220;an establishment that exercises, in
substance, overall management and control over the production, business, personnel, accounting, etc., of a Chinese enterprise.&#8221;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
remains unclear whether the PRC tax authorities would require or permit our overseas registered entities to be treated as PRC resident
enterprises. We do not currently consider our company to be a PRC resident enterprise. However, if the PRC tax authorities determine
that we are a &#8220;resident enterprise&#8221; for PRC enterprise income tax purposes, a number of unfavorable PRC tax consequences
could follow. First, we may be subject to the enterprise income tax at a rate of 25% on our worldwide taxable income as well as PRC enterprise
income tax reporting obligations. In our case, this would mean that income such as interest on offering proceeds and non-China source
income would be subject to PRC enterprise income tax at a rate of 25%. Second, although under the EIT Law and its implementing rules
dividends paid to us from our PRC subsidiaries would qualify as &#8220;tax-exempt income,&#8221; we cannot guarantee that such dividends
will not be subject to a 10% withholding tax, as the PRC foreign exchange control authorities, which enforce the withholding tax, have
not yet issued guidance with respect to the processing of outbound remittances to entities that are treated as resident enterprises for
PRC enterprise income tax purposes. Finally, it is possible that future guidance issued with respect to the new &#8220;resident enterprise&#8221;
classification could result in a situation in which a 10% withholding tax is imposed on dividends we pay to our non-PRC shareholders
and with respect to gains derived by our non-PRC shareholders from transferring our shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.
Federal Income Taxation</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a discussion of certain material U.S. federal income tax consequences of the acquisition, ownership and disposition of our
securities. It does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a particular
person&#8217;s situation. The discussion applies only to holders that hold their securities as capital assets (generally property held
for investment) within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended, or the Code. This discussion is
based on the Code, income tax regulations promulgated thereunder, judicial positions, published positions of the Internal Revenue Service,
or the IRS, and other applicable authorities, all as in effect as of the date hereof and all of which are subject to change, possibly
with retroactive effect. This discussion is general in nature and is not exhaustive of all possible tax considerations, nor does the
discussion address any state, local or foreign tax considerations or any U.S. tax considerations (e.g., estate or gift tax) other than
U.S. federal income tax considerations, that may be applicable to particular holders.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not address all aspects of U.S. federal income taxation that may be relevant in light of particular circumstances, nor
does it address the U.S. federal income tax consequences to persons who are subject to special rules under U.S. federal income tax law,
including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#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">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">banks,
    insurance companies or other financial institutions;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    subject to the 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">&#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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt
    organizations;</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">&#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">controlled
    foreign corporations, passive foreign investment companies and corporations that accumulate earnings to avoid United States federal
    income 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">&#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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
    former citizens or long-term residents 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">&#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">&#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">dealers
    in securities or currencies;</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">traders
    in securities that elect to use a mark-to-market method of accounting for their securities holdings;</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that own, or are deemed to own, more than five percent of our capital stock;</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">holders
    who acquired our stock as compensation or pursuant to the exercise of a stock option; 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">&#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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    who hold our shares as a position in a hedging transaction, &#8220;straddle,&#8221; or other risk reduction transaction.</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"></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">For
purposes of this discussion, a U.S. holder is (i) an individual who is a citizen or resident of the United States for U.S. federal income
tax purposes; (ii) a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized
in or under the laws of the United States (or treated as such under applicable U.S. tax laws), any state thereof, or the District of
Columbia; (iii) an estate the income of which is subject to U.S. federal income tax regardless of its source; or (iv) a trust if (a)
a U.S. court is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority
to control all substantial decisions of the trust, or (b) it has a valid election in effect under applicable law and regulations to be
treated as a U.S. person for U.S. federal income tax purposes. A non-U.S. holder is a holder that is neither a U.S. holder nor a partnership
or other entity classified as a partnership for U.S. federal income tax purposes.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the case of a partnership or entity classified as a partnership for U.S. federal income tax purposes, the U.S. federal income tax treatment
of a partner generally will depend on the status of the partner and the activities of the partnership. Partners of partnerships should
consult their tax advisors regarding the U.S. federal income tax consequences to them of the merger or of the ownership and disposition
of our shares.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of consummation of the Share Exchange, (i) we acquired substantially all the properties of KBS International, a U.S. corporation,
and (ii) the former shareholders of KBS International held at least 80 percent of our Common Stock by reason of having held stock of
KBS International. Accordingly, under Section 7874 of the Code, we are treated for U.S. federal tax purposes as a U.S. corporation and,
among other consequences, are subject to U.S. federal income tax on our worldwide income. This discussion assumes that Section 7874 of
the Code continues to apply to treat us as a U.S. corporation for all purposes under the Code. If, for some reason (e.g., future repeal
of Section 7874 of the Code), we were no longer treated as a U.S. corporation under the Code, the U.S. federal income tax consequences
described herein could be materially and 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"><i><span style="text-decoration: underline">U.S.
Federal Income Tax Consequences for U.S. Holders</span></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"><i>Distributions</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
the event that distributions are paid on our common stock, the gross amount of such distributions will be included in the gross income
of the U.S. holder as dividend income on the date of receipt to the extent that the distribution is paid out of current or accumulated
earnings and profits, as determined under U.S. federal income tax principles. Such dividends will be eligible for the dividends-received
deduction allowed to corporations in respect of dividends received from other U.S. corporations. Dividends received by non-corporate
U.S. holders, including individuals, may be subject to reduced rates of taxation under current law. A U.S. holder may be eligible to
claim a foreign tax credit with respect to any PRC withholding tax imposed on dividends paid by us. However, the foreign tax credit rules
are complex, and their application in connection with Section 7874 of the Code and the Agreement Between the Government of the United
States of America and the Government of the People&#8217;s Republic of China for the Avoidance of Double Taxation and the Prevention
of Tax Evasion with Respect to Taxes on Income, or the U.S.-PRC Tax Treaty, is not entirely clear at this time. U.S. holders should consult
their own tax advisors with respect to any benefits they may be entitled to under the foreign tax credit rules and the U.S.-PRC Tax Treaty.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that dividends paid on our Common Stock exceed current and accumulated earnings and profits, the distributions will be treated
first as a tax-free return of tax basis on our Common Stock, and to the extent that the amount of the distribution exceeds tax basis,
the excess will be treated as gain from the disposition of those common stock. Because Section 7874 of the Code has applied to treat
us as a U.S. corporation only since the consummation of the Share Exchange in 2014, we may not be able to demonstrate to the IRS the
extent to which a distribution on our common stock exceeds our current and accumulated earnings and profits (as determined under U.S.
federal income tax principles), in which case all of such distribution will be treated as a dividend for U.S. federal income tax purposes.</span></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sale
or Other Disposition</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">U.S.
holders of our Common Stock will recognize taxable gain or loss on any sale, exchange, or other taxable disposition of common stock equal
to the difference between the amount realized for the common stock and the U.S. holder&#8217;s tax basis in the common stock. This gain
or loss generally will be capital gain or loss. Under current law, non-corporate U.S. holders, including individuals, are eligible for
reduced tax rates if the common stock has been held for more than one year. The deductibility of capital losses is subject to limitations.
A U.S. holder may be eligible to claim a foreign tax credit with respect to any PRC withholding tax imposed on gain from the sale or
other disposition of common stock. However, the foreign tax credit rules are complex, and their application in connection with Section
7874 of the Code and the U.S.-PRC Tax Treaty is not entirely clear at this time. U.S. holders should consult their own tax advisors with
respect to any benefits they may be entitled to under the foreign tax credit rules and the U.S.-PRC Tax Treaty.</span></p>

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

<p style="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>Unearned
Income Medicare Contribution</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">Certain
U.S. holders who are individuals, trusts or estates are required to pay an additional 3.8% Medicare tax on, among other things, dividends
on and capital gains from the sale or other disposition of shares of stock. U.S. holders should consult their own advisors regarding
the effect, if any, of this rule on their ownership and disposition of our Common Stock.</span></p>

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

<p style="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><span style="text-decoration: underline">U.S.
Federal Income Tax Consequences for Non-U.S. Holders</span></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"><i>Distributions</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
rules applicable to non-U.S. holders for determining the extent to which distributions on our Common Stock, if any, constitute dividends
for U.S. federal income tax purposes are the same as for U.S. holders. <i>See &#8220;&#8211;U.S. Federal Income Tax Consequences for
U.S. Holders&#8211; Distributions.&#8221;</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">Any
dividends paid to a non-U.S. holder by us are treated as income derived from sources within the United States and generally will be subject
to U.S. federal income tax withholding at a rate of 30% of the gross amount of the dividends, or at a lower rate provided by an applicable
income tax treaty if non-U.S. holders provide proper certification of eligibility for the lower rate (usually on IRS Form W-8BEN or W-8BEN-E).
Dividends received by a non-U.S. holder that are effectively connected with such holder&#8217;s conduct of a U.S. trade or business (and,
if an income tax treaty applies, are attributable to a permanent establishment maintained by the non-U.S. holder in the U.S.) are exempt
from such withholding tax, provided that applicable certification requirements are satisfied. In such case, however, non-U.S. holders
will be subject to U.S. federal income tax on such dividends, net of certain deductions, at the rates applicable to U.S. persons. In
addition, corporate non-U.S. holders may be subject to an additional branch profits tax equal to 30% or such lower rate as may be specified
by an applicable tax treaty on dividends received that are effectively connected with the conduct of a trade or business in the United
States.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
non-U.S. holders are eligible for a reduced rate of U.S. withholding tax pursuant to an applicable income tax treaty, such non-U.S. holders
may obtain a refund of any excess amounts withheld by filing an appropriate claim for refund with the IRS.</span></p>

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

<p style="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>Sale
or Other Disposition</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">Except
as described below for a reduced rate of U.S. withholding tax pursuant to an applicable income tax treaty, any gain realized by a non-U.S.
holder upon the sale or other disposition of our Common Stock generally will not be subject to U.S. federal income tax unless:</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    gain is effectively connected with the conduct of a trade or business in the United States by such non- U.S. holder, and, if an income
    tax treaty applies, is attributable to a permanent establishment maintained by such non-U.S. holder in the U.S.;</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%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    non-U.S. holder is an individual who is present in the United States for 183 days or more in the taxable year of the disposition,
    and certain other conditions are met; or</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are or have been a &#8220;U.S. real property holding corporation,&#8221; or USRPHC, for U.S. federal income tax purposes at any time
    during the shorter of the five-year period ending on the date of disposition or the period during which the holder has held our Common
    Stock.</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">Non-U.S.
holders whose gain is described in the first bullet point above will be subject to U.S. federal income tax on the gain derived from the
sale, net of certain deductions, at the rates applicable to U.S. persons. Corporate non-U.S. holders whose gain is described in the first
bullet point above may also be subject to the branch profits tax described above at a 30% rate or lower rate provided by an applicable
income tax treaty. Individual non-U.S. holders described in the second bullet point above will be subject to a flat 30% U.S. federal
income tax rate on the gain derived from the sale, which may be offset by U.S.-source capital losses, even though such non-U.S. holders
are not considered to be residents of the United States.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
corporation will be a USRPHC if the fair market value of its U.S. real property interests equals or exceeds 50 percent of the aggregate
of its real property interests (U.S. and non-U.S.) and its assets used or held for use in a trade or business. Because we do not currently
own significant U.S. real property, we believe that we are not currently and will not become a USRPHC. However, because the determination
of whether we are a USRPHC depends on the fair market value of our U.S. real property relative to the fair market value of our other
business assets, there can be no assurance that we will not become a USRPHC in the future. Even if we become a USRPHC, however, as long
as our common stock are regularly traded on an established securities market, such common stock will be treated as U.S. real property
interests only if a non-U.S. holder actually or constructively holds more than 5% of such regularly traded common stock at any time during
the applicable period that is specified in the Code.</span></p>

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

<p style="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
Account Tax Compliance</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
Foreign Account Tax Compliance provisions of the Hiring Incentives to Restore Employment Act (generally referred to as &#8220;FATCA&#8221;),
when applicable, will impose a U.S. federal withholding tax of 30% on payments of dividends on, and (for dispositions after December
31, 2018) gross proceeds from dispositions of, our common stock that are held through &#8220;foreign financial institutions&#8221; (which
is broadly defined for this purpose and in general includes investment vehicles) and certain other non-U.S. entities unless various U.S.
information reporting and due diligence requirements (generally relating to ownership by U.S. persons of certain interests in or accounts
with those entities) have been satisfied or an exemption applies. An intergovernmental agreement between the United States and an applicable
foreign country may modify these requirements. U.S. Holders should consult their tax advisers regarding the effect, if any, of the FATCA
provisions on their particular circumstances.</span></p>

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

<p style="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>Information
Reporting and Backup Withholding</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">Payments
of dividends or of proceeds on the disposition of stock made to a holder of our Common Stock may be subject to information reporting
and backup withholding at a current rate of 24% unless such holder provides a correct taxpayer identification number on IRS Form W-9
(or other appropriate withholding form) or establishes an exemption from backup withholding, for example by properly certifying the holder&#8217;s
non-U.S. status on a Form W-8BEN, Form W-8BEN-E or another appropriate version of IRS Form W-8. Payments of dividends to holders must
generally be reported annually to the IRS, along with the name and address of the holder and the amount of tax withheld, if any. A similar
report is sent to the holder. Pursuant to applicable income tax treaties or other agreements, the IRS may make these reports available
to tax authorities in the holder&#8217;s country of residence.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax; rather, the U.S. income tax liability of persons subject to backup withholding will be reduced
by the amount of tax withheld. If withholding results in an overpayment of taxes, a refund or credit may generally be obtained from the
IRS, provided that the required information is furnished to the IRS in a timely manner.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="ed_010"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends
    and Paying Agents</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="ed_011"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement
    by Experts</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 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 id="ed_012"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Documents
    on Display</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have filed this Annual Report on Form 20-F with the SEC under the Exchange Act. Statements made in this report as to the contents of
any document referred to are not necessarily complete. With respect to each such document filed as an exhibit to this report, reference
is made to the exhibit for a more complete description of the matter involved, and each such statement shall be deemed qualified in its
entirety by such reference.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the informational requirements of the Exchange Act as a foreign private issuer and file reports and other information
with the SEC. Reports and other information filed by us with the SEC including this report, may be inspected and copied at the public
reference room of the SEC at 100 F Street, N.E., Washington D.C. 20549. You can also obtain copies of this report by mail from the Public
Reference Section of the SEC, 100 F. Street, N.E., Washington D.C. 20549, at prescribed rates. Additionally, copies of this material
may be obtained from the SEC&#8217;s Internet site at http://www.sec.gov. The SEC&#8217;s telephone number is 1-800-SEC-0330.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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: 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 id="ed_013"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiary
    Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.25in"><span id="ed_014"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>J.</b></span></td>
  <td style="text-align: justify"><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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ed_015"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</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>Interest
Rate Risk</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
deposit surplus funds with Chinese banks earning daily interest. We do not invest in any instruments for trading purposes. Most of our
outstanding debt instruments carry fixed rates of interest. Our operations generally are not directly sensitive to fluctuations in interest
rates and we currently do not have any long-term debt outstanding. Management monitors the banks&#8217; prime rates in conjunction with
our cash requirements to determine the appropriate level of debt balances relative to other sources of funds. We have not entered into
any hedging transactions in an effort to reduce our exposure to interest rate 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"><b><i>Foreign
Exchange Risk</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">While
our reporting currency is the U.S. dollar, substantially all of our consolidated revenues and consolidated costs and expenses are denominated
in RMB. Substantially all of our assets are denominated in RMB. As a result, we are exposed to foreign exchange risk as our revenues
and results of operations may be affected by fluctuations in the exchange rate between the U.S. dollar and the RMB. If the RMB depreciates
against the U.S. dollar, the value of our RMB revenues, earnings and assets as expressed in our U.S. dollar financial statements will
decline. Assets and liabilities are translated at exchange rates at the balance sheet dates and revenue and expenses are translated at
the average exchange rates and equity is translated at historical exchange rates. Any resulting translation adjustments are not included
in determining net income but are included in determining other comprehensive income, a component of equity. As of December 31, 2022,
our accumulated other comprehensive loss was $(96,822). We have not entered into any hedging transactions in an effort to reduce our
exposure to foreign exchange 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">The
value of RMB against the U.S. dollar and other currencies is affected by, among other things, changes in China&#8217;s political and
economic conditions. Since July 2005, RMB has not been pegged to the U.S. dollar. Although the People&#8217;s Bank of China regularly
intervenes in the foreign exchange market to prevent significant short-term fluctuations in the exchange rate, RMB may appreciate or
depreciate significantly in value against the U.S. dollar in the medium to long term. Moreover, it is possible that in the future, PRC
authorities may lift restrictions on fluctuations in RMB exchange rate and lessen intervention in the foreign exchange market.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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>Inflation</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">Inflationary
factors such as increases in the cost of our product and overhead costs may adversely affect our operating results. Although we do not
believe that inflation has had a material impact on our financial position or results of operations to date, a high rate of inflation
in the future may have an adverse effect on our ability to maintain current levels of gross margin and selling, general and administrative
expenses as a percentage of net revenues if the selling prices of our products do not increase with these increased costs.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ed_016"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></p>

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

<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 id="ed_017"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Debt
    Securities</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 id="ed_018"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants
    and Rights</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 id="ed_019"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
    Securities</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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 id="ed_020"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>American
    Depositary Shares</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span id="ed_021"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART
II</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ed_022"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</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">None.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ed_023"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</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">None.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ed_024"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
15. CONTROLS AND PROCEDURES</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: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="ed_025"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disclosure
    Controls and Procedures</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in reports
filed under the Exchange Act is recorded, processed, summarized and reported within the specified time periods and accumulated and communicated
to our management, including our principal executive officer and principal accounting officer, as appropriate, to allow timely decisions
regarding required disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times 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">Under
the supervision and with the participation of our Chief Executive Officer Ruowen Li, we conducted an evaluation of our disclosure controls
and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Exchange Act, as of December 31,
2022. Based on that evaluation, our principal executive officer and principal accounting officer have concluded that our disclosure controls
and procedures are effective in ensuring that material information required to be disclosed in this annual report is recorded, processed,
summarized and reported to them for assessment, and required disclosure is made within the time period specified in the rules and forms
of the Commission.</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"></p>

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

<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 id="ed_026"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management&#8217;s
    Annual Report on Internal Control Over Financial Reporting</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f)
and 15d-15(f) under the Exchange Act. As required by Rule 13a-15(c) of the Exchange Act, our management conducted an evaluation of our
company&#8217;s internal control over financial reporting as of December 31, 2022 based on the framework in Internal Control &#8212;
Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation,
our management concluded that our internal control over financial reporting was effective as of December 31, 2022.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness of our internal control over financial reporting to future periods are subject to the risks that controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="ed_027"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Attestation
    Report of the Registered Public Accounting Firm</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the Company is a non-accelerated filter, this Annual Report does not include an attestation report of our registered public accounting
firm regarding internal control over financial reporting.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="ed_028"></span><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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Changes
    in Internal Controls over Financial Reporting</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than discussed above, there has been no change to our internal control over financial reporting that occurred during the period covered
by this Annual Report on Form 20-F that has materially affected, or is reasonably likely to materially affect, our internal control over
financial reporting.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ed_029"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not have an audit committee and the sole director does not qualify as a financial expert at this time.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ed_030"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16B. CODE OF ETHICS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has not at this time adopted a Code of Ethics pursuant to rules described in Regulation S-K. The Company has only three shareholders,
one of whom controls 94.1% of the Company&#8217;s voting securities. The Company has no operations or business. The adoption of a Code
of Ethics at this time would not serve the primary purpose of such a code to provide a manner of conduct as the development, execution
and enforcement of such a code would be by the same persons and only persons to whom such code applied. Furthermore, because the Company
does not have any activities, there are no activities or transactions which would be subject to this code. At the time the Company enters
a business combination or other corporate transaction, the Company may consider adopting a Code of Ethics. The Company does not maintain
an Internet website on which to post a code of ethics.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ed_031"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assentsure
PAC is the Company&#8217;s independent registered public accounting firm. Fees billed to the Company are set forth below:</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">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center"><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>Fiscal
                                            Year Ended</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>December
                                            31,</b></span></p></td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center"><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>Fiscal
                                            Year Ended</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>December
                                            31,</b></span></p></td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: justify">Audit Fees</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">95,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">60,000</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Audit Related Fees</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">15,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">10,000</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">Tax Fees</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>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">All other Fees</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">3,000</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">2,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">113,000</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">72,000</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

<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"></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">&#8220;Audit
Fees&#8221; consisted of fees billed for services rendered for the audit of the Company&#8217;s annual consolidated financial statements
included in the Company&#8217;s annual reports on Form 20-F, and &#8220;audit related fees&#8221; are for reviews of the consolidated
financial statements included in the Company&#8217;s quarterly reports on Form 6-K.</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">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ed_032"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s shares are not listed on an exchange.</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"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ed_033"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</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">There
were no purchases of equity securities made by or on behalf of us or any &#8220;affiliated purchaser&#8221; as defined in Rule 10b-18
of the Exchange Act during the period covered by this Annual Report.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ed_034"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</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">There
have not and have not been any disagreements between the Company and its accountants on any matter of accounting principles, practices,
or financial statement disclosure.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ed_035"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16G. CORPORATE GOVERNANCE</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">There
have not and have not been any disagreements between the Company and its accountants on any matter of accounting principles, practices,
or financial statement disclosure.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ed_036"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16H. MINE SAFETY DISCLOSURE</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">Not
applicable.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ed_037"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</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">Not
applicable.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span id="ed_038"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART
III</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ed_039"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
17. FINANCIAL STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant has elected to provide the financial statements and related information specified in Item 18.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ed_040"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
18. FINANCIAL STATEMENTS</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of the Registrants are included at the end of this annual report.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="ed_041"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ITEM
19. EXHIBITS </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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits</span></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%; 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"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit</b></span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></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="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>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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; 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; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1951378/000149315223009029/ex3-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Association of Qilun Group Inc.**</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-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/1951378/000149315223009029/ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment Agreement with our Chief Executive Officer, Ruowen Li**</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-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/1951378/000149315223009760/ex10-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer Agreement dated October 14, 2022, among Qilun Holding (Shenzhen) and the selling shareholders thereto.*</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1951378/000149315223009029/ex10-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cooperation Agreement on Sales Commission**</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1951378/000149315223009029/ex14-1.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**</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1951378/000149315223009029/ex21-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries of the Registrant**</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex23-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Assentsure PAC, an independent registered public accounting firm</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</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">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1951378/000149315223009029/ex23-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of DeHeng Law Offices (Shenzhen)**</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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">101.INS</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Instance Document </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
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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">**
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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURE</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this report on its behalf.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>QILUN
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  <tr id="xdx_405_eus-gaap--DueToOtherRelatedPartiesClassifiedCurrent_i02I_maLCzHkv_zb1PmnFCVXDl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_405_eus-gaap--Deposits_i02I_maLCzHkv_zEpDSQ0fVata" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_402_ecustom--DepositsReceivedRelatedParties_i02I_maLCzHkv_zPGXfZyl5kmj" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_ecustom--DueToRelatedPartyCurrent_i02I_maLCzHkv_zHXn3uz3QNfl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_408_eus-gaap--TaxesPayableCurrent_i02I_maLCzHkv_za678jNbGiP" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_eus-gaap--AccruedPayrollTaxesCurrent_i02I_maLCzHkv_ze88EXSXBqF9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40B_eus-gaap--OtherLiabilitiesCurrent_i02I_maLCzHkv_zrC2289jk4bh" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_401_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_maLCzHkv_zGujcUNy7BGj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <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:OperatingLeaseLiabilityCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">72,439</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_402_eus-gaap--LiabilitiesCurrent_i02TI_mtLCzHkv_maLz9wn_zSDemGhcLDN" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_408_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_maLz9wn_zSteZcAVdfJ9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Operating lease liabilities, less current portion</td><td>&#160;</td>
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  <tr id="xdx_40E_ecustom--DepositsReceivedThirdPartiesNonCurrent_iI_maLz9wn_z2r9mSTKh9N6" style="vertical-align: bottom; background-color: White">
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    <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: xdx2ixbrl0131">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total liabilities</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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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 id="xdx_40A_eus-gaap--StockholdersEquityAbstract_iB_ziLaTc2ympY4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Shareholders&#8217; equity</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_401_eus-gaap--CommonStockValue_i01I_maSEzcL0_zL7ZlgqOLSDd" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_eus-gaap--AdditionalPaidInCapital_i01I_maSEzcL0_zqk9mjQkxEtk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Additional paid-in capital</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0159">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_ecustom--StatutoryReserve_i01I_maSEzcL0_zvdmhG0U9Qf3" style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</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"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span>&#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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>QILUN
GROUP INC. AND ITS SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME</b></span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</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"><i>The
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<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: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>QILUN
GROUP INC. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; EQUITY</b></span></p>

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

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  <tr id="xdx_400_eus-gaap--NetIncomeLoss_zCUEoeJyUM8e" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net income</td><td>&#160;</td>
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    <td style="text-align: left">Issuance of common stocks</td><td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--AdjustmentsToAdditionalPaidInCapitalOther_zfxKBDTs37R5" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

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  <tr id="xdx_437_c20210101__20211231_eus-gaap--StockholdersEquity_iS_zwnhGteB6L57" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these consolidated financial statements</i></span></p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>QILUN
GROUP INC. AND ITS SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS</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"></span>&#160;</p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: left">Cash Flows from Investing Activities</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_mtCCERCzDKz_zqWqntll7fK3" style="vertical-align: bottom; background-color: White">
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_zUVP1xKBscB6" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--SupplementalCashFlowInformationAbstract_iB_z4WbOZSvPLD" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Supplemental disclosure of cash flow information</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</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"><i>The
accompanying notes are an integral part of these consolidated financial statements.</i></span></p>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>QILUN
GROUP INC. AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

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

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:NatureOfOperations"><p id="xdx_80C_eus-gaap--NatureOfOperations_zlFAxf8o20Q1" style="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>NOTE
1. <span id="xdx_824_zdPialJ103cd">NATURE OF OPERATIONS </span></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">Qilun
Group Inc. (&#8220;Qilun&#8221;, together as a group with Qilun&#8217;s subsidiaries was referred to the &#8220;Company&#8221; or &#8220;we&#8221;)
was incorporated in Cayman Islands on May 24, 2022. The Company provides cultural products, including calligraphy, painting, book, magazine,
cultural and creative products, and related services provide, such as design, planning, exhibition installation, video recording and
production when sells products.</span></p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qilun
    Group Limited (&#8220;Qilun Group (HK)&#8221;), which was established on June 14, 2022 under the laws of Hong Kong. Qilun controlled
    <span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20220614__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QilunGroupHongKongMember_zTuVjAaZzH03" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-06-14_custom_QilunGroupHongKongMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the ownership of Qilun Group (HK) since establishment.</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">Qilun
    Holding (Shenzhen) Company Limited (&#8220;Qilun Holding (Shenzhen)&#8221;), a privately held Limited Company registered in Guangdong,
    China on August 29, 2022. Qilun Group (HK) controlled <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20220829__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QilunHoldingShenzhenCompanyLimitedMember_zZHxKBICu5Ml" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-08-29_custom_QilunHoldingShenzhenCompanyLimitedMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the ownership of Qilun Holding (Shenzhen) since establishment.</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">Qilun
    Culture (Shenzhen) Group Co., Ltd. (&#8220;Qilun Culture (Shenzhen)&#8221;), a privately held Limited Company registered in Guangdong,
    China on February 26, 2021. On October 14, 2022, Qilun Holding (Shenzhen) acquired <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20221014__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QilunCultureShenzhenGroupCoLtdMember_z9FXguVUmaag" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-10-14_custom_QilunCultureShenzhenGroupCoLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the ownership of Qilun Culture (Shenzhen)
    from the original shareholders of Qilun Culture (Shenzhen).</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">Qilun
    Culture (HK) Co., Ltd. (&#8220;Qilun Culture (HK)&#8221;), which was established on November 12, 2021 under the laws of Hong Kong.
    Qilun Culture (Shenzhen) controlled <span id="xdx_905_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20211112__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QilunCultureHKCoLtdMember_z1g6otPJon5i" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-11-12_custom_QilunCultureHKCoLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the ownership of Qilun Culture (HK) since establishment. On August 24, 2022, Qilun Culture
    (Shenzhen) transferred <span id="xdx_90B_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20220824__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QilunCultureHKCoLtdMember_zR72RCrVLtU6" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-08-24_custom_QilunCultureHKCoLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the ownership of Qilun Culture (HK) to Qilun.</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">Oriental
    Dream and Strategic Research Institute Limited (&#8220;OD&amp;SR Institute&#8221;), which was established on October 31, 2022 under
    the laws of Hong Kong. Qilun Culture (HK) controlled <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20221031__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--OrientalDreamAndStrategicResearchInstituteLimitedMember_zA4TtgJ4j9qi" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-10-31_custom_OrientalDreamAndStrategicResearchInstituteLimitedMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the ownership of OD&amp;SR Institute since establishment.</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">Qilun
    Enterprise Management Consultant (Shenzhen) Co., Ltd. (&#8220;Qilun Enterprise Management Consultant&#8221;), a privately held Limited
    Company registered in Guangdong, China. On December 7, 2021. Qilun Culture (Shenzhen) controlled <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20211207__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QilunEnterpriseManagementConsultantShenzhenCoLtdMember_zoB4YWVBTpN3" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-12-07_custom_QilunEnterpriseManagementConsultantShenzhenCoLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the ownership of Qilun Enterprise
    Management Consultant since establishment.</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">Shenzhen
    Houhaitang Culture Communication Co., Ltd. (&#8220;Shenzhen Houhaitang&#8221;), a privately held Limited Company registered in Guangdong,
    China on March 31, 2014. On December 31, 2021, Qilun Culture (Shenzhen) acquired <span id="xdx_90D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20211231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ShenzhenHouhaitangCultureCommunicationCoLtdMember_ztSww1SvSEgh" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-12-31_custom_ShenzhenHouhaitangCultureCommunicationCoLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the ownership of Shenzhen Houhaitang from
    the original shareholders of Shenzhen Houhaitang.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 14, 2022, the Company completed a corporate reorganization to combine several controlled entities (now referred to as the &#8220;subsidiaries&#8221;)
into Qilun. The specific transactions related to this reorganization are as follows:</span></p>

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

<p style="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
reorganization involved the incorporation of Qilun, and its wholly-owned subsidiaries, Qilun Group (HK), Qilun Culture (HK) and Qilun
Holding (Shenzhen); and the transfer of all equity ownership of Qilun Culture (Shenzhen).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 24, 2022, Qilun Group Inc. issued <span id="xdx_90B_eus-gaap--CommonStockSharesIssued_iI_pid_c20220524_zEwVUoYY9JU3" title="Common stock shares issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-05-24" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">61,000,000</ix:nonFraction></span> (<span id="xdx_905_ecustom--PercentageOfOrdinaryShares_iI_pid_dp_uPure_c20220524_zTbsnjuiixF6" title="Percentage of ordinary shares"><ix:nonFraction name="QNGI:PercentageOfOrdinaryShares" contextRef="AsOf2022-05-24" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">61</ix:nonFraction></span>%) ordinary shares to UNIMOS Holdings Limited, a wholly owned holding company of
Guangyi Sui.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 14, 2022 and August 29, 2022, Qilun established its wholly-owned subsidiaries, Qilun Group (HK) and Qilun Holding (Shenzhen).</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>

<ix:exclude><!-- Field: Page; Sequence: 83; Value: 63 -->
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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 14, 2022, the original shareholders of Qilun Culture (Shenzhen) signed Equity Transfer Agreements with Qilun Holding (Shenzhen),
whereby shareholders of Qilun Culture (Shenzhen) transferred <span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20221014__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QilunCultureShenzhenMember_zPEBjpYyxqxb" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-10-14_custom_QilunCultureShenzhenMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the controlling interest in Qilun Culture (Shenzhen) to Qilun Holding
(Shenzhen).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the transaction, Guangyi Sui hold <span id="xdx_906_ecustom--PercentageOfOrdinaryShares_iI_pid_dp_uPure_c20221014_zg50IQlZENJ8" title="Percentage of ordinary shares"><ix:nonFraction name="QNGI:PercentageOfOrdinaryShares" contextRef="AsOf2022-10-14" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">61</ix:nonFraction></span>% of the Company&#8217;s outstanding shares through his wholly owned holding company
UNIMOS Holdings Limited. Prior to the transaction, Guangyi Sui controlled Qilun Culture (Shenzhen). Therefore, the transaction was accounted
for as a business combination of entities under common control in accordance to ASC 805-50-30-5. Accordingly, the assets and liabilities
of the Company and its subsidiaries are presented at the their carrying values at the date of the transaction; the Company&#8217;s historical
stockholders&#8217; equity was retroactively restated to the first period presented, as the established and acquisition of Qilun Group
(HK), Qilun Holding (Shenzhen), Qilun Culture (Shenzhen) and its wholly-owned subsidiaries Qilun Culture HK and Qilun Enterprise Management
Consultant was treated as a business combination of entities under common control. Since the Company and its subsidiaries are effectively
controlled by the same group of the shareholders before and after the reorganization, they are considered under common control. The above-mentioned
transactions were accounted for as a recapitalization. The consolidation of the Company and its subsidiaries has been accounted for at
historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first
period presented in 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: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2021, Qilun Culture (Shenzhen) acquired <span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20211231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QilunCultureShenzhenGroupCoLtdMember_zP2xK0lHj641" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-12-31_custom_QilunCultureShenzhenGroupCoLtdMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the ownership of Shenzhen Houhaitang from the original shareholders of Shenzhen
Houhaitang, the total consideration for the acquisition is $<span id="xdx_901_eus-gaap--BusinessCombinationConsiderationTransferred1_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHouhaitangCultureCommunicationCoLtdMember_z1qYtykrE0W3" title="Consideration of acquisition"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2021-01-012021-12-31_custom_ShenzhenHouhaitangCultureCommunicationCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">15,720</ix:nonFraction></span> (RMB <span id="xdx_900_eus-gaap--BusinessCombinationConsiderationTransferred1_uRMB_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHouhaitangCultureCommunicationCoLtdMember_zou00pk74mzh" title="Consideration of acquisition"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2021-01-012021-12-31_custom_ShenzhenHouhaitangCultureCommunicationCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="RMB">100,000</ix:nonFraction></span>), the Company recognized the gain on bargain purchase
based on its analysis described 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">In
accordance with Accounting Standards Codification 805, and particularly sections 805-30-25 and 805-30-30, before recognizing a gain on
bargain purchase, the Company reassessed and concluded that it had identified all of the assets acquired and all of the liabilities assumed.
In addition, the Company reviewed the procedures used to measure the amounts to be recognized with respect to identifiable assets acquired
and liabilities assumed, as well as the aggregate consideration transferred. The objective of the review was to ensure that the measurements
appropriately reflected all available information as of the acquisition date. Based on this review, the Company concluded that the fair
value of the consideration transferred in the acquisition of Houhaitang was less than the fair value of the net identifiable assets acquired,
resulting in the $<span id="xdx_900_ecustom--GainOnBargainPurchase_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHouhaitangCultureCommunicationCoLtdMember_zUDAm5eTVE12" title="Gain on bargain purchase"><ix:nonFraction name="QNGI:GainOnBargainPurchase" contextRef="From2021-01-012021-12-31_custom_ShenzhenHouhaitangCultureCommunicationCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">158,675</ix:nonFraction></span> gain recognized in connection with the acquisition.</span></p>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_zKRiXYPRymA9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B7_z6Q1znEAjs53" style="display: none">SCHEDULE
OF GAIN RECOGNIZED BUSINESS ACQUISITION</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: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_402_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets_iI_zoAW2bFN9QU5" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Prepayments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets" contextRef="AsOf2021-12-31_custom_ShenzhenHouhaitangCultureCommunicationCoLtdMember36713031" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,545</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory_iI_z7BwL5cPOhs3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Inventory</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables_iI_z5MqGXrR9MQi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Other Receivables and deposits</td><td>&#160;</td>
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  <tr id="xdx_40B_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDueFromRelatedPartiesCurrent_iI_z83ECg8yeTT7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Amount due from related parties</td><td>&#160;</td>
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    <td style="text-align: justify">Plant and equipment, net</td><td>&#160;</td>
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  <tr id="xdx_40C_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDueToRelatedPartiesCurrent_iI_zQo9WehsQ4q2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40B_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPayrollPayableCurrent_iI_zt0RuY1oSEz8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Payroll payable</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="QNGI:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPayrollPayableCurrent" contextRef="AsOf2021-12-31_custom_ShenzhenHouhaitangCultureCommunicationCoLtdMember36713031" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">417</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_zvnxwBPsr13f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Total identifiable net assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Less: Purchase consideration</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 style="text-align: justify; padding-bottom: 2.5pt">Gain on bargain purchase</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_ecustom--GainOnBargainPurchase_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--ShenzhenHouhaitangMember_z8wCzXai02O6" title="Gain on bargain purchase" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="QNGI:GainOnBargainPurchase" contextRef="From2021-01-012021-12-31_custom_ShenzhenHouhaitangMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">158,675</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_zqmHlMYXAuHk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80A_eus-gaap--SignificantAccountingPoliciesTextBlock_zEte0i8Dkb8k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 2. <span id="xdx_82B_zPehXScwVNR">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></p>

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

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_846_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_ztaaUv4UPkn8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>A.</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_862_zb1B0ZN2sl9j">Basis of presentation</span></i></span></p>




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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements are expressed in U.S. Dollars and have been prepared on the accrual basis of accounting
in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;).</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>

<ix:exclude><!-- Field: Page; Sequence: 84; Value: 63 -->
    <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%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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_840_eus-gaap--ConsolidationPolicyTextBlock_zBqDXVbnbJCf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>B.</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_866_zfPvy77K6446">Principles of consolidation</span></i></span></p>




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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements include the accounts of Qilun and its subsidiaries. All significant inter-company accounts and transactions
have been eliminated. The consolidated financial statements include 100% of assets, liabilities, and net income or loss of these subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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:ScheduleOfSubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDescriptionTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfSubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipDescriptionTextBlock_zf0d0dSIaWq5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qilun&#8217;s
subsidiaries as of the date filing this report are listed as follows:</span></p>

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

<p style="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><span id="xdx_8B5_zjFLCeZLiRpk" style="display: none">SCHEDULE OF SUBSIDIARIES</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: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</span></td><td style="font: bold 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: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Place
                                            of</span></p>
                                                                                <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation</span></p></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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                                            equity</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>interest
                                            %</b></span></p></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: bold 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)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qilun Group
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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)">
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  </table>

</ix:nonNumeric><p id="xdx_8A4_zbOwhFkTpZnh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_843_eus-gaap--UseOfEstimates_zzilcSAxBjT6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>C.</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_zLAd6ihfGWSi">Use of estimates</span></i></span></p>




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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of consolidated financial statements in conformity with 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 financial statements,
and the reported amounts of revenue and expenses during the reporting periods. Management makes these estimates using the best information
available at the time the estimates are made. Actual results could differ from these estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_843_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zIaoy50jjg5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>D.</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86B_zHHywb2UPq91">Functional currency and foreign currency translation</span></i></span></p>




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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
entity&#8217;s functional currency is the currency of the primary economic environment in which it operates, normally that is the currency
of the environment in which the entity primarily generates and expends cash. Management&#8217;s judgment is essential to determine the
functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company
transactions and arrangements. The functional currency of the Company is the Chinese Renminbi (&#8220;RMB&#8217;), except the functional
currency of Qilun is the United States dollar (&#8220;US Dollars&#8221; or &#8220;$&#8221;). The reporting currency of these consolidated
financial statements is in US Dollars.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qilun&#8217;s
subsidiaries that are prepared using the RMB, are translated into the Company&#8217;s reporting currency, the US Dollar. Assets and liabilities
are translated using the exchange rate at each reporting period end date. Revenue and expenses are translated using weighted average
rates prevailing during each reporting period, and stockholders&#8217; equity (deficit) is translated at historical exchange rates. Adjustments
resulting from the translation are recorded as a separate component of accumulated other comprehensive income or expense.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing
at the dates of the transactions. Foreign currency exchange gains and losses resulting from these transactions are included in 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfDifferencesBetweenReportedAmountAndReportingCurrencyDenominatedAmountTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfDifferencesBetweenReportedAmountAndReportingCurrencyDenominatedAmountTableTextBlock_zRlJ1qOjQLj6" style="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
exchange rates used for foreign currency translation are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BA_zYuDTgPrVgr8" style="display: none">SCHEDULE
OF EXCHANGE RATES USED FOR FOREIGN CURRENCY TRANSLATION</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-weight: bold; text-align: justify">&#160;</td>
    <td style="font-weight: bold; text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(USD to RMB)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 25%; text-align: justify">Assets and liabilities</td>
    <td style="width: 39%; text-align: justify">period end exchange rate</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_980_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_c20221231__us-gaap--BalanceSheetLocationAxis__custom--AssetsAndLiabilitiesMember__us-gaap--AwardTypeAxis__custom--PeriodEndExchangeRateMember_zyEtUfhX4uag" title="Foreign currency translation exchange rate" style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2022-12-31_custom_AssetsAndLiabilitiesMember_custom_PeriodEndExchangeRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">6.8973</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">&#160;</td><td id="xdx_980_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_c20211231__us-gaap--BalanceSheetLocationAxis__custom--AssetsAndLiabilitiesMember__us-gaap--AwardTypeAxis__custom--PeriodEndExchangeRateMember_zvakvaINo75g" title="Foreign currency translation exchange rate" style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2021-12-31_custom_AssetsAndLiabilitiesMember_custom_PeriodEndExchangeRateMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">6.3614</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Revenue and expenses</td>
    <td style="text-align: justify">period average</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_c20221231__us-gaap--IncomeStatementLocationAxis__custom--RevenueAndExpensesMember__us-gaap--AwardTypeAxis__custom--PeriodAverageMember_z9nYdqpVYZU6" title="Foreign currency translation exchange rate" style="text-align: right"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2022-12-31_custom_RevenueAndExpensesMember_custom_PeriodAverageMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">6.7284</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_c20211231__us-gaap--IncomeStatementLocationAxis__custom--RevenueAndExpensesMember__us-gaap--AwardTypeAxis__custom--PeriodAverageMember_zVZtvdqEHifa" title="Foreign currency translation exchange rate" style="text-align: right"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2021-12-31_custom_RevenueAndExpensesMember_custom_PeriodAverageMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">6.4518</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A1_zhl6gP9uj9k5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<ix:exclude><!-- Field: Page; Sequence: 85; Value: 63 -->
    <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%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_zPZaXRRtE2B5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>E.</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86A_zPY7pFHunrwc">Concentration of credit risk</span></i></span></p>




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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company maintains cash in state-owned banks in China. In China, the insurance coverage of each bank is RMB<span id="xdx_903_eus-gaap--CashFDICInsuredAmount_iI_uRMB_c20221231__srt--StatementGeographicalAxis__country--CN_zXpLWjctOwOl" title="Insurance coverage"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2022-12-31_country_CN" format="ixt:numdotdecimal" decimals="0" unitRef="RMB">500,000</ix:nonFraction></span> (approximately USD$<span id="xdx_90B_eus-gaap--CashFDICInsuredAmount_iI_c20221231__srt--StatementGeographicalAxis__country--CN_zQzuwtBJVVk4" title="Insurance coverage"><ix:nonFraction name="us-gaap:CashFDICInsuredAmount" contextRef="AsOf2022-12-31_country_CN" format="ixt:numdotdecimal" decimals="0" unitRef="USD">72,492</ix:nonFraction></span>).
As of December 31, 2022, the Company had $<span id="xdx_90C_eus-gaap--CashUninsuredAmount_iI_c20221231__srt--StatementGeographicalAxis__country--CN_zOutu2lkxPs" title="Cash in excess of insured amount"><ix:nonFraction name="us-gaap:CashUninsuredAmount" contextRef="AsOf2022-12-31_country_CN" format="ixt:numdotdecimal" decimals="0" unitRef="USD">11,615,311</ix:nonFraction></span> cash in excess of the insured amount.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, the Company had nil major customers generated more than 10% of revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock"><p id="xdx_899_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_zY155dRvFll7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2021, the Company had 3 customers generated more than 10% of revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B4_zphc5paQtSRk" style="display: none">SCHEDULE
OF CONCENTRATION OF CREDIT RISK</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="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Revenue</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Percentage of revenue</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%">A</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>B</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: left">&#160;</td><td id="xdx_98E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerCMember_zmDiWulWvbX" title="Percentage of revenue" style="text-align: right"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerCMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12.9</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A1_zOHWawE50ox" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2020, the Company had nil major customers generated more than 10% of revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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_84A_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zEDLALlgnZU4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>F.</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86F_zRtrN3YBeTUa">Cash</span></i></span></p>




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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
consists of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. All highly liquid investments with original
stated maturity of three months or less are classified as cash and cash equivalents. Cash equivalents approximate or equal fair value
due to their short-term nature. The Company&#8217;s cash consist of cash on hand and cash in bank as of December 31, 2022 and 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:InventoryPolicyTextBlock"><p id="xdx_84F_eus-gaap--InventoryPolicyTextBlock_zvanwDT6Blwj" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>G.</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86F_zejPf9Ovatwl">Inventories</span></i></span></p>




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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s inventories primarily consist of goods for sales such as book, magazine, cultural and creative products and materials
and expenses in processing, are stated at the lower of cost or net realizable value. Cost is determined using moving weighted average
and specific identification method. The Company reviews its inventories regularly for possible obsolete goods and establishes reserves
when determined necessary. <span id="xdx_90C_eus-gaap--InventoryAdjustments_iI_do_c20221231_zFgJ1TLsPSzl" title="Inventory reserve"><span id="xdx_901_eus-gaap--InventoryAdjustments_iI_do_c20211231_zMBnMZxYysTg" title="Inventory reserve"><ix:nonFraction name="us-gaap:InventoryAdjustments" contextRef="AsOf2022-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:InventoryAdjustments" contextRef="AsOf2021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">No</ix:nonFraction></ix:nonFraction></span></span> reserve for inventory was established as of December 31, 2022 and 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_84B_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zfxp4l45vv47" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>H.</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86B_zpxIMgy2i0i5">Plant and equipment, net</span></i></span></p>




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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plant
and equipment are stated at cost net of accumulated depreciation. Expenditures for maintenance and repairs are charged to operations
when incurred, while additions and betterments are capitalized. Depreciation is recorded on a straight-line basis over the useful lives
of the assets. When assets are retired or disposed, the asset&#8217;s original cost and related accumulated depreciation are eliminated
from those accounts and any gain or loss is reflected in income.</span></p>

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

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="QNGI:ScheduleOfPropertyPlantAndEquipmentEstimatedUsefulLifeTableTextBlock"><p id="xdx_899_ecustom--ScheduleOfPropertyPlantAndEquipmentEstimatedUsefulLifeTableTextBlock_zLUUTIs8nr22" style="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
estimated useful lives for plant and equipment categories are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BD_zcUtHCr5rVKj" style="display: none">SCHEDULE
OF PROPERTY PLANT AND EQUIPMENT ESTIMATED USEFUL LIFE</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; width: 50%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    equipment</span></td>
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    years</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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture</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 id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zz57tpDHBtAb" title="Estimated useful lives"><ix:nonNumeric contextRef="From2022-01-012022-12-31_us-gaap_FurnitureAndFixturesMember" format="ixt-sec:duryear" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span>
    years</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: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
    improvements</span></td>
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  </table>
</ix:nonNumeric><p id="xdx_8A0_zYMC7D5R1iAc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p id="xdx_842_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_ztU20X1oUwQ" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>I.</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_zz6FU4KLGIck">Fair value measurements</span></i></span></p>




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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applies the provisions of the Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;)
Section 820, <i>Fair Value Measurements</i> (&#8220;ASC 820&#8221;), for fair value measurements of financial assets and financial liabilities
and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements. ASC
820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements.</span></p>

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

<p style="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>

<ix:exclude><!-- Field: Page; Sequence: 86; Value: 63 -->
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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value is defined as the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. In determining the fair value for the assets and liabilities required or permitted
to be recorded, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions
that market participants would use when pricing the asset or liability.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. ASC 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives
the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value
hierarchy are as follows:</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2: Quoted prices, other than those in Level 1, in markets that are not active, or inputs that are observable, either directly or indirectly,
for substantially the full term of the asset or liability,</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported
by little or no market activity).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no transfers between level 1, level 2 or level 3 measurements for the years ended December 31, 2022 and 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets and liabilities of the Company primarily comprise of cash, prepayments, other receivables, inventories, due from related parties,
accounts payable, deposits received, payroll payable, tax payable, amount due to related parties. As of December 31, 2022 and 2021, the
carrying values of these financial instruments approximated their fair values due to the short-term maturity of these instruments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_84A_eus-gaap--SegmentReportingPolicyPolicyTextBlock_z4CgkFG66gM3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>J.</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_zQIdVP9WWiBi">Segment information and geographic data</span></i></span></p>




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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is operating in <span id="xdx_908_eus-gaap--NumberOfOperatingSegments_pid_dc_c20220101__20221231_zQVRBCUi7iob" title="Number of operating segments"><ix:nonFraction name="us-gaap:NumberOfOperatingSegments" contextRef="From2022-01-01to2022-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Segment">one</ix:nonFraction></span> segment in accordance with the accounting guidance in FASB ASC Topic 280, <i>Segment Reporting</i>. The Company&#8217;s
revenues are from customers in People&#8217;s Republic of China (&#8220;PRC&#8221;). All assets of the Company are located in the PRC.</span></p>

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

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:RevenueFromContractWithCustomerPolicyTextBlock"><p id="xdx_844_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zLgaKvCxWi7g" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>K.</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_z8hsqEuCHvcl">Revenue recognition</span></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 adopted FASB ASC Section 606 &#8212; Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from
the sales of products and services by applying the following steps: (1) identify the contract with a customer; (2) identify the performance
obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in
the contract; and (5) recognize revenue when each performance obligation is satisfied.</span></p>

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

<p style="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 recognizes revenue when the amount of revenue can be reliably measured, it is probable that economic benefits will flow to the
entity, and specific criteria have been met for each of the Company&#8217;s activities as described 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"><span style="text-decoration: underline">Product
and Service Revenue</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">The
Company mainly sells cultural products, including calligraphy, painting, book, magazine, cultural and creative products, the Company
often provide services such as design, planning, exhibition installation, video recording and production when sells products.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company sells products and provide service to a customer. The delivery of products to a customer represents a separate performance obligation.
The Company&#8217;s policy is to recognize the service revenue when service is provided, and recognize the sales revenue when the product
is signed for receipt, at that time the sold products and service, ownership and risk of loss have been transferred to the customer.
Accordingly, revenue is recognized at the point in time when the products and service is provided. Sales and service revenue is recognized
when the products and service has been delivered to the customer as no remaining performance obligation after the delivery of products
and service.</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>

<ix:exclude><!-- Field: Page; Sequence: 87; Value: 63 -->
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    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

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

<p style="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
regularly reviews the sales return and allowance based on historical experience. Any subsequent sales return and cancellations are recognized
upon notification from the customers. The amount of sales return allowance for the sale of products and service amounted to $nil as of
December 31, 2022 and 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company typically collects fees before delivery of products and service. Amounts received from a customer before the delivery of products
and service are recorded as deposits received on the Consolidated Balance Sheets.</span></p>

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

<p style="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="text-decoration: underline">Cost
of Revenues</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">Cost
of revenue consists primarily of the cost of products and service purchased from third party providers to fulfill a contract with a customer,
and no asset was recognized from the costs incurred to obtain or fulfill a contract with a customer.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of products consists primarily of the cost of products purchased from suppliers. Cost of products is recognized when the product has
been delivered to the customer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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_842_eus-gaap--IncomeTaxPolicyTextBlock_zxfQn6MrUEbf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>L&#9;.</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86B_zk7j0LLLcL4h">Income taxes</span></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 follows FASB ASC Section 740, <i>Income Taxes</i>, which requires the recognition of deferred tax assets and liabilities for
the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method,
deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities
and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods
in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred
tax assets to the amount expected to be realized.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
740-10-30 requires income tax positions to meet a more-likely-than-not recognition threshold to be recognized in the financial statements.
Under ASC 740-10-30, tax positions that previously failed to meet the more-likely-than-not threshold should be recognized in the first
subsequent financial reporting period in which that threshold is met.</span></p>

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

<p style="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
application of tax laws and regulations is subject to legal and factual interpretation, judgment and uncertainty. Tax laws and regulations
themselves are subject to change as a result of changes in fiscal policy, changes in legislation, the evolution of regulations and court
rulings. Therefore, the actual liability may be materially different from our estimates, which could result in the need to record additional
tax liabilities or potentially reverse previously recorded tax liabilities or the deferred tax asset valuation allowance.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the implementation of ASC 740-10, the Company made a comprehensive review of its portfolio of tax positions in accordance
with recognition standards established by ASC 740-10. The Company recognized no material adjustments to liabilities or shareholder&#8217;s
equity as a result of the implementation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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:EarningsPerSharePolicyTextBlock"><p id="xdx_848_eus-gaap--EarningsPerSharePolicyTextBlock_zt0P97Kfqfq6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>M.</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_z52IUzlkUR48">Earnings per share</span></i></span></p>




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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company computes earnings per share (&#8220;EPS&#8221;) in accordance with ASC 260, <i>Earnings Per Share</i>. ASC 260 requires companies
with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average
common shares outstanding during the period.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted
EPS is similar to basic EPS but presents the dilutive effect on a per share basis of contracts to issue ordinary common shares (e.g.,
convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date,
if later. The computation of diluted EPS includes the estimated impact of the exercise of contracts to purchase common stock using the
treasury stock method and the potential shares of converted common stock associated with the convertible debt using the if-converted
method. Potential common shares that have an anti-dilutive effect (i.e., those that increase earnings per share or decrease loss per
share) are excluded from the calculation of diluted EPS. There is <span id="xdx_908_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20220101__20221231_zJzWJD6Y5SEg" title="Anti-dilutive dilutive shares"><span id="xdx_90B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20210101__20211231_zi2jF1P8R9k" title="Anti-dilutive dilutive shares"><span id="xdx_905_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20200101__20201231_zPsjTEqfWKjh" title="Anti-dilutive dilutive shares"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2022-01-01to2022-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-01-012021-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2020-01-012020-12-31" format="ixt-sec:numwordsen" decimals="INF" unitRef="Shares">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> anti-dilutive effect for the years ended December 31, 2022, 2021
and 2020.</span></p>

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

<p style="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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_84C_eus-gaap--LesseeLeasesPolicyTextBlock_zHjjcJvYWe7i" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>N.</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86F_z4Zl8D7Q0Ral">Leases</span></i></span></p>




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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2016, the FASB issued ASU 2016-02 Leases (Topic 842), which increases transparency and comparability among organizations by
recognizing right-of-use (&#8220;ROU&#8221;) lease assets and lease liabilities on the balance sheet and disclosing key information about
leasing arrangements. The ASU maintains a distinction between finance leases and operating leases, which is substantially similar to
the classification criteria for distinguishing between capital leases and operating leases in the previous lease guidance. Retaining
this distinction allows the recognition, measurement and presentation of expenses and cash flows arising from a lease to remain similar
to the previous accounting treatment. A lessee is permitted to make an accounting policy election by class of underlying asset to exclude
from balance sheet recognition any lease assets and lease liabilities with a term of 12 months or less, and instead to recognize lease
expense on a straight-line basis over the lease term. For both financing and operating leases, the ROU asset and lease liability is initially
measured at the present value of the lease payments in the consolidated balance sheet. In July 2018, the FASB issued ASU 2018-11 which
provides entities with the option to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment
to the opening balance of retained earnings in the period of adoption, if necessary. As discussed in Note 10, we adopted ASU 2016-02&#8211;Leases
(Topic 842) effective January 1, 2020 utilizing the transition option provided by ASU 2018-11.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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_84F_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zIxqVqD85e66" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>O.</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86B_zT22JvDcbcgk">Impairment of long-lived assets</span></i></span></p>




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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived
assets, including property and equipment are reviewed for impairment whenever events or changes in circumstances (such as a significant
adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not
be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected
to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset
plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is
identified, the Company will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach
or, when available and appropriate, to comparable market values. For the years ended December 31, 2022 and 2021 <span id="xdx_90C_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_do_c20220101__20221231_zJdcfs8315U" title="Impairment of long lived assets"><span id="xdx_907_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_do_c20210101__20211231_zsfZXuZJFhEb" title="Impairment of long lived assets"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="From2022-01-01to2022-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="From2021-01-012021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> impairment of long-lived
assets was recognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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="QNGI:RelatedPartiesPolicyTextBlock"><p id="xdx_845_ecustom--RelatedPartiesPolicyTextBlock_z6viPokZZpt6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>P.</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_zjBlPaGz1bqk">Related parties</span></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">Parties,
which can be a corporation or individuals, are considered to be related if the Company has the ability, directly or indirectly, to control
the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also
considered to be related if they are subject to common control or common significant influence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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_84F_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zY2PDN0zTY3e" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Q.</i></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_zEhKJ9XnC9q9">Recently accounting pronouncements</span></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
August 2020, the Financial Accounting Standards Board issued Accounting Standards Update (&#8220;ASU&#8221;) 2020-06, Debt - Debt with
Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity&#8217;s Own Equity (Subtopic 815-40)
(&#8220;ASU 2020-06&#8221;) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that
require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope
exception guidance pertaining to equity classification of contracts in an entity&#8217;s own equity. The new standard also introduces
additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity&#8217;s own equity.
ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible
instruments. ASU 2020-06 is effective on August 1, 2024 and should be applied on a full or modified retrospective basis, with early adoption
permitted beginning on August 1, 2021. We have determined not to early adopt.</span></p>

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

<p style="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
does not believe that this and any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would
have an effect on our financial statements.</span></p>

</ix:nonNumeric><p id="xdx_855_zYtrBgPHsIva" 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="QNGI:PrepaymentsTextBlock"><p id="xdx_807_ecustom--PrepaymentsTextBlock_zj7iMno4jwjl" style="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>NOTE
3. <span id="xdx_82A_zTnLTrad9SDa">PREPAYMENTS</span></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">Prepayments
primarily include prepaid service and products in advance to suppliers. As of December 31, 2022 and 2021, prepayments were $<span id="xdx_904_eus-gaap--PrepaidExpenseCurrent_iI_c20221231_zcjaJMS7GNO9" title="Prepaid expense"><ix:nonFraction name="us-gaap:PrepaidExpenseCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">296,753</ix:nonFraction></span> and
$<span id="xdx_906_eus-gaap--PrepaidExpenseCurrent_iI_c20211231_zJv6W9nOwkF" title="Prepaid expense"><ix:nonFraction name="us-gaap:PrepaidExpenseCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">169,318</ix:nonFraction></span> , 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:InventoryDisclosureTextBlock"><p id="xdx_806_eus-gaap--InventoryDisclosureTextBlock_zdSKFsc5bkwj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NOTE
4. <span id="xdx_82B_zWgCwsrJxXL3">INVENTORIES</span></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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfInventoryCurrentTableTextBlock_zeqVDToLOu1h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2022 and 2021, inventories consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BF_z3FjBjZQhyj2" style="display: none">SCHEDULE
OF INVENTORIES</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_498_20221231_zSmafaCbIjKf" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49A_20211231_z2a4p5Qjxhcd" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 64%; text-align: justify; padding-bottom: 1.5pt">Finished Goods</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40F_eus-gaap--InventoryNet_iTI_mtINzmwU_zdL1l6C3IeC1" style="vertical-align: bottom; background-color: White">
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<!-- Field: Split-Segment; Name: 002 -->
</ix:nonNumeric><p id="xdx_8AA_zJofJczg7t8g" 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_80A_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zBxmreZ3hCmg" style="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>NOTE
5. <span id="xdx_821_zaVpynSnM1m2">PLANT AND EQUIPMENT, NET</span></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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_899_eus-gaap--PropertyPlantAndEquipmentTextBlock_zmiQVDJLjUqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2022 and 2021, plant and equipment, at cost less accumulated depreciation, consisted of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B0_zWf4kUE7Qgv7" style="display: none">SCHEDULE
OF PLANT AND EQUIPMENT</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: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzx54_zyNnBEbYIKuh" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzx54_zqFJbOSF2s47" style="vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8AF_zbM6XiaE7amg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="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 recorded depreciation expenses of $<span id="xdx_90C_eus-gaap--Depreciation_c20220101__20221231_zs4yuBsLzAs" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">135,967</ix:nonFraction></span>, $<span id="xdx_90D_eus-gaap--Depreciation_c20210101__20211231_zW445u6KfySe" title="Depreciation expense"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,582</ix:nonFraction></span> and <span id="xdx_90B_eus-gaap--Depreciation_dxL_c20200101__20201231_znXb0J9qeMy" title="Depreciation expense::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0802">nil</span></span> for the years ended December 31, 2022, 2021 and 2020, 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"><span id="xdx_907_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_do_c20220101__20221231_zVb1V9Oydty2" title="Impairment of plant and equipment"><span id="xdx_90E_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_do_c20210101__20211231_zmCaHY08cVS2" title="Impairment of plant and equipment"><span id="xdx_908_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_do_c20200101__20201231_zRN7pem6e556" title="Impairment of plant and equipment"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="From2022-01-01to2022-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="From2021-01-012021-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" contextRef="From2020-01-012020-12-31" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">No</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span>
impairment for plant and equipment was recorded for the years ended December 31, 2022, 2021 and 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_809_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zpkc7aKEMZy8" style="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>NOTE
6. <span id="xdx_82D_zpmHyBGTWoIa">RELATED PARTY TRANSACTIONS</span></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><span style="text-decoration: underline">Due
from related parties</span></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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="QNGI:ScheduleOfAmountDueFromRelatedPartiesTableTextBlock"><p id="xdx_89B_ecustom--ScheduleOfAmountDueFromRelatedPartiesTableTextBlock_z6Kx6s3zhFXc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
from related parties consists of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BB_ztZ2Tml2dobc" style="display: none">SCHEDULE
OF AMOUNT DUE FROM RELATED PARTIES</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Name of related parties</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49C_20221231_zxAQ4nITnZ8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_494_20211231_zYIR3expmKB" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Name of related parties</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--DueFromRelatedPartiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--QilunClassicalArtCreationShenzhenStudioMember_zuA0B3j5KVwc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: justify">Qilun Classical Art Creation (Shenzhen) Studio</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:DueFromRelatedPartiesCurrent" contextRef="AsOf2022-12-31_custom_QilunClassicalArtCreationShenzhenStudioMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">756,500</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">&#160;</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0815">-</span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--DueFromRelatedPartiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--UNIMOSHoldingsLimitedMember_z9zbdPF1rv2i" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">UNIMOS Holdings Limited</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DueFromRelatedPartiesCurrent" contextRef="AsOf2022-12-31_custom_UNIMOSHoldingsLimitedMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,100</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40E_eus-gaap--DueFromRelatedPartiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SancaiHoldingsLimitedMember_z4McFTCK27Ge" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Sancai Holdings Limited</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DueFromRelatedPartiesCurrent" contextRef="AsOf2022-12-31_custom_SancaiHoldingsLimitedMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,100</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:DueFromRelatedPartiesCurrent" contextRef="AsOf2021-12-31_custom_SancaiHoldingsLimitedMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,100</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--DueFromRelatedPartiesCurrent_iI_zdpJSdNYDw6e" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:DueFromRelatedPartiesCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">763,700</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A2_zbXwCSsTbPU8" 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">Amount
due from UNIMOS Holdings Limited and Sancai Holdings Limited were mainly for the paid-in capital to be paid. UNIMOS Holdings Limited
and Sancai Holdings Limited are shareholders of the Company.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
due from Qilun Classical Art Creation (Shenzhen) Studio mainly represented amounts borrowed from the Company. The annual interest rate
is <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--QilunClassicalArtCreationShenzhenStudioMember_z15CPvpPFZEi" title="Annual interest rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-12-31_custom_QilunClassicalArtCreationShenzhenStudioMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% and the maturity date is <span id="xdx_90B_eus-gaap--DebtInstrumentMaturityDate_pid_dd_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--QilunClassicalArtCreationShenzhenStudioMember_zEHUvYR8u0q1" title="Maturity date"><ix:nonNumeric contextRef="From2022-01-012022-12-31_custom_QilunClassicalArtCreationShenzhenStudioMember" format="ixt:datemonthdayyearen" name="us-gaap:DebtInstrumentMaturityDate">July 26, 2023</ix:nonNumeric></span>. The balance includes $<span id="xdx_901_eus-gaap--InterestReceivableCurrent_iI_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--QilunClassicalArtCreationShenzhenStudioMember_zi6udBGBgyr6" title="Interest receivable"><ix:nonFraction name="us-gaap:InterestReceivableCurrent" contextRef="AsOf2022-12-31_custom_QilunClassicalArtCreationShenzhenStudioMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">31,579</ix:nonFraction></span> interest receivable. The founder of Qilun Classical Art Creation
(Shenzhen) Studio was Ruowen Li&#8217;s father.</span></p>

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

<p style="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><span style="text-decoration: underline">Amount
due to related parties</span></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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="QNGI:ScheduleOfAmountDueToRelatedPartiesTableTextBlock"><p id="xdx_897_ecustom--ScheduleOfAmountDueToRelatedPartiesTableTextBlock_zfqMIiyP4cHc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
due to related parties consisted of the following as of the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8BA_zRz9YjDiESS8" style="display: none">SCHEDULE
OF AMOUNT DUE TO RELATED PARTIES</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Name of related parties</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Name of related parties</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40A_eus-gaap--DueToRelatedPartiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GuangyiSuiMember_zEewucGgGYVl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify; padding-bottom: 1.5pt">Jingxia Yang</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_403_eus-gaap--DueToRelatedPartiesCurrent_iI_zRqSl3W1KX4j" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
    to related parties</span></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:DueToRelatedPartiesCurrent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,153,624</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A2_zIhS2u938dr1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 14, 2022, the original shareholders of Qilun Culture (Shenzhen) signed Equity Transfer Agreements with Qilun Holding (Shenzhen),
whereby shareholders of Qilun Culture (Shenzhen) transferred <span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20221014__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--QilunCultureShenzhenMember__srt--OwnershipAxis__custom--QilunHoldingShenzhenMember_zYOh3LdOdAgl" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-10-14_custom_QilunCultureShenzhenMember_custom_QilunHoldingShenzhenMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the controlling interest in Qilun Culture (Shenzhen) to Qilun Holding
(Shenzhen). Amounts due to related parties represented the equity transfer payment to Guangyi Sui, Ruowen Li and Jingxia Yang. The amounts
due to Ruowen Li also include amounts paid by Ruowen Li for the daily operation of the Company. Guangyi Sui owns <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--UNIMOSHoldingsLimitedMember__srt--OwnershipAxis__custom--GuangyiSuiMember_zbz0Xfaw54pd" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-12-31_custom_UNIMOSHoldingsLimitedMember_custom_GuangyiSuiMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of UNIMOS Holdings
Limited and owns approximately <span id="xdx_90F_ecustom--VotingRightsOwnershipPercentage_iI_pid_dp_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--UNIMOSHoldingsLimitedMember__srt--OwnershipAxis__custom--GuangyiSuiMember_z8vzeYzjErd8" title="Voting rights percentage"><ix:nonFraction name="QNGI:VotingRightsOwnershipPercentage" contextRef="AsOf2022-12-31_custom_UNIMOSHoldingsLimitedMember_custom_GuangyiSuiMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">52.34</ix:nonFraction></span>% of the total voting power of our outstanding Shares.UNIMOS Holdings Limited is a shareholder of
the Company.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ruowen
Li is the CEO, director and shareholder of Qilun, and Jingxia Yang is her parent. These debts due to related parties were unsecured,
repayable on demand, and interest free.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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="QNGI:ScheduleOfAccountReceivablesFromRelatedPartiesTableTextBlock"><p id="xdx_899_ecustom--ScheduleOfAccountReceivablesFromRelatedPartiesTableTextBlock_zt8oxpeU2YUl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Account
receivables from related parties</span></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><span id="xdx_8B7_zCQfLmXmX3jd" style="display: none">SCHEDULE
OF ACCOUNT
RECEIVABLES FROM RELATED PARTIES</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Name of related parties</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20221231_z8nG4z4OEAEa" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_491_20211231_zP0BdZT2hj54" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Name of related parties</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--AccountsReceivableRelatedPartiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--YuanhengCultureArtCreativeCoLtdMember_zQqG7eCqmpxl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: justify">Yuanheng Culture Art Creative Co., Ltd.</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0854">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableRelatedPartiesCurrent" contextRef="AsOf2021-12-31_custom_YuanhengCultureArtCreativeCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,604</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--AccountsReceivableRelatedPartiesCurrent_iI_zDKuHl5YKoOk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Account
    receivables from related parties</span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0857">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:AccountsReceivableRelatedPartiesCurrent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,604</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A7_zg7dZX9GSX5g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Account
receivables from Yuanheng Culture Art Creative Co., Ltd. mainly represented the balance of product sales to Yuanheng at the end of year
2021. Yuanheng Culture Art Creative Co., Ltd. was <span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--YuanhengCultureArtCreativeCoLtdMember__srt--OwnershipAxis__custom--RuowenLiMember_zezTqD2ThQad" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-12-31_custom_YuanhengCultureArtCreativeCoLtdMember_custom_RuowenLiMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% owned by Ruowen Li and <span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20221231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--YuanhengCultureArtCreativeCoLtdMember__srt--OwnershipAxis__custom--RuowenLisMotherMember_zoVI8TVh5pd8" title="Ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2022-12-31_custom_YuanhengCultureArtCreativeCoLtdMember_custom_RuowenLisMotherMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% by Ruowen Li&#8217;s mother. Ruowen Li is the CEO, director
and shareholder of Qilun.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 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="QNGI:ScheduleOfAccountsPayableToRelatedPartiesTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfAccountsPayableToRelatedPartiesTableTextBlock_z6l3UhfIXP38" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Accounts
payable to related parties</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b>&#160;</span><span id="xdx_8BC_zsh9WcCr1gw9" style="display: none">SCHEDULE
OF ACCOUNTS
PAYABLE TO RELATED PARTIES</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Name of related parties</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20221231_zZtqPYC6vyme" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_491_20211231_z6PksKF5Sv8d" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Name of related parties</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GuangyiSuiMember_z3dRjKEwpeo5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: justify">Guangyi Sui</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:AccountsPayableRelatedPartiesCurrent" contextRef="AsOf2022-12-31_custom_GuangyiSuiMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">89,745</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0867">-</span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--QilunClassicalArtCreationShenzhenStudioMember_z59UCRNYNYvf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Qilun Classical Art Creation (Shenzhen) Studio</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0870">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--AccountsPayableRelatedPartiesCurrent_iI_zlGGi6f0wyr9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<b>Total</b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0873">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A9_zKlQIHtgHgtl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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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 id="xdx_8B2_zZE6Q60og8L3" style="display: none">SCHEDULE
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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>

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from related parties</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:RelatedPartyTransactionPurchasesFromRelatedParty" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,528,512</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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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">Sales
to related parties consisted of the following for the periods indicated:</span></p>

<p style="font: 10pt Times 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%">
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">Name of related parties</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="width: 64%; text-align: justify">Yuanheng Culture Art Creative Co., Ltd.</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromRelatedParties" contextRef="From2022-01-012022-12-31_custom_YuanhengCultureArtCreativeCoLtdMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">109,040</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_401_eus-gaap--RevenueFromRelatedParties_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--JingxiaYangMember_zE5XkfF7ZHGe" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_403_eus-gaap--RevenueFromRelatedParties_zynKwBytYT3h" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_eus-gaap--RevenueFromRelatedParties_zH8WQFTnQer1" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt">Sales
to related parties</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</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"></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">Interest
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table 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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</table>

</ix:nonNumeric><p id="xdx_8A7_zU4ygMHNalXa" style="font: 10pt Times New Roman, Times, Serif; margin: 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="QNGI:DepositsReceivedTextBlock"><p id="xdx_80A_ecustom--DepositsReceivedTextBlock_z7M5BKWDvD7j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NOTE
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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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="QNGI:ScheduleOfDepositsReceivedTableTextBlock"><p id="xdx_898_ecustom--ScheduleOfDepositsReceivedTableTextBlock_zTEqymH5dGqd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2022 and 2021, deposits received consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B2_zmLnrJ6AFxq4" style="display: none">SCHEDULE
OF DEPOSITS RECEIVED</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: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" id="xdx_497_20211231_zKhELccNviyg" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40D_ecustom--ReceivedFromCustomerInAdvanceForGoodsSales_iI_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ThirdPartiesMember_zxwkZJhdLw0l" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: justify">Received from customer in advance for goods sales &#8211; third parties</td><td style="width: 2%">&#160;</td>
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    <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="QNGI:ReceivedFromCustomerInAdvanceForGoodsSales" contextRef="AsOf2022-12-31_custom_RelatedPartiesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">438,302</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40B_ecustom--ReceivedFromCustomerInAdvanceForGoodsSales_iI_zRK6gkVjkGeg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

</ix:nonNumeric><p id="xdx_8A9_z5b05MnwRzVj" style="font: 10pt Times New Roman, Times, Serif; margin: 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_80A_eus-gaap--RevenueFromContractWithCustomerTextBlock_zs9Bhs7ycJBc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NOTE
8. <span id="xdx_82D_zzMtldHMKxEf">REVENUE</span></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>

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Company&#8217;s revenue consists of products sales and service revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B3_zxV6FF2WuvGh" style="display: none">SCHEDULE
OF PRODUCTS SALES AND SERVICE REVENUE</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">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:Revenues" contextRef="From2022-01-012022-12-31_us-gaap_ProductMember_custom_RelatedPartiesMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">352,175</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: justify; padding-bottom: 2.5pt">Total revenue</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--Revenues_hsrt--ProductOrServiceAxis__us-gaap--ServiceMember__us-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_zNhyc6Ydxi0l" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: justify; padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    revenue</span></td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
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<!-- Field: Split-Segment; Name: 003 -->
</ix:nonNumeric><p id="xdx_8A5_z6yQVw3fU8Ia" style="font: 10pt Times New Roman, Times, Serif; margin: 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_80B_eus-gaap--IncomeTaxDisclosureTextBlock_zDCQSSAHc8H9" style="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>NOTE
9. <span id="xdx_82A_zbkktRCwQ8dl">INCOME TAXES</span></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; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cayman
Islands</i></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the current laws of the Cayman Islands, Qilun and its subsidiaries incorporated in the Cayman Islands are not subject to tax on income
or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.</span></p>

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

<p style="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>Hong
Kong</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">Qilun
Group (HK) and Qilun Culture (HK) were incorporated in Hong Kong and is subject to Hong Kong profits tax. Qilun Group (HK) and Qilun
Culture (HK) are subject to Hong Kong taxation on its activities conducted in Hong Kong and income arising in or derived from Hong Kong.
The applicable statutory tax rate is <span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20220101__20221231__srt--StatementGeographicalAxis__country--HK_zeKrRZEcObA9" title="Statutory tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2022-01-012022-12-31_country_HK" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16.5</ix:nonFraction></span>%. The Company did not have any income (loss) subject to the Hong Kong profits tax.</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>

<ix:exclude><!-- Field: Page; Sequence: 92; Value: 63 -->
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    <!-- Field: /Page --></ix:exclude>

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

<p style="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>China</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">Qilun
Holding (Shenzhen) and its subsidiaries are subject to a <span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_c20220101__20221231_zia6xCLspAy2" title="Statutory tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>% standard enterprise income tax in the PRC.</span></p>

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

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_zVyik9fZBVRc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes income before income taxes incurred in the PRC and outside of the PRC:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B5_z1TLKHMXoh8f" style="display: none">SCHEDULE OF INCOME BEFORE INCOME TAXES</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: justify; padding-bottom: 1.5pt">Income before income taxes:</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8AF_zySaZwUrPWG8" style="font: 10pt Times New Roman, Times, Serif; margin: 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_89B_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zTq0ECKT4DXa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses
for income taxes are comprised of:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_z2klqxCYnH4k" style="display: none">SCHEDULE OF EXPENSES FOR INCOME TAXES</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">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: justify; padding-bottom: 1.5pt">Current Tax:</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
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  <tr id="xdx_406_eus-gaap--CurrentForeignTaxExpenseBenefit_i01_zIkFJFcqzba8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Outside of PRC</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: xdx2ixbrl0999">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1000">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1001">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--CurrentFederalStateAndLocalTaxExpenseBenefit_i01T_zdBPjHG8vODj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Income tax expense</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A2_z6t8cvhJAogk" style="font: 10pt Times New Roman, Times, Serif; margin: 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:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_897_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zR80cJttOf7j" style="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
reconciliations of the statutory income tax rate and the Company&#8217;s effective income tax rate as follows&#65306;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B7_zkswRUXVGGrk" style="display: none">SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION</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: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49F_20220101__20221231_zIFCYpd4YG06" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_496_20210101__20211231_zyFxXr1iTS8l" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_499_20200101__20201231_zaLd0lq6nUFj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the years Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_zK4IZ1IpJboj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: justify; padding-bottom: 1.5pt">Net income before provision for income taxes</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,443,691</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 12%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1011">-</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_dp_zxl13ibIfFne" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">PRC statutory tax rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</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:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></td><td style="text-align: left">%</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_40C_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_z5ENYHpoaNR8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Income at statutory tax rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationStateAndLocalIncomeTaxes" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">360,923</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:IncomeTaxReconciliationStateAndLocalIncomeTaxes" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">126,975</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"><span style="-sec-ix-hidden: xdx2ixbrl1019">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <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_40A_eus-gaap--IncomeTaxReconciliationNondeductibleExpense_zdY4FtMqblY5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Effect of non-taxable income&#8212;gain on bargain purchase</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1021">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationNondeductibleExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">39,113</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1023">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--IncomeTaxReconciliationOtherAdjustments_iN_di_zuYP7QTeSYo1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Effect of preferential tax rates granted to the PRC entities<span id="xdx_F44_zKbGRYYScCT4">(a)</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationOtherAdjustments" contextRef="From2022-01-01to2022-12-31" id="Fact001025" format="ixt:numdotdecimal" decimals="0" unitRef="USD">37,233</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:IncomeTaxReconciliationOtherAdjustments" contextRef="From2021-01-012021-12-31" id="Fact001026" format="ixt:numdotdecimal" decimals="0" unitRef="USD">64,342</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1027">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_zd7bBHJFf0C4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Changes in valuation allowance</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:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">83,101</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"><span style="-sec-ix-hidden: xdx2ixbrl1030">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1031">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--IncomeTaxExpenseBenefit_z2lqA7sdZlI2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt">Income tax expense</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">406,791</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">23,520</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"><span style="-sec-ix-hidden: xdx2ixbrl1035">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_dp_zhstbPO3Dqb8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Effective income tax rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">28</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:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.63</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1039">-</span></td><td style="text-align: left">&#160;</td></tr>
  </table>

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

<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 id="xdx_F04_z0KMzkqh0YVb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
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                                            the year ended December 31, 2022, the Company&#8217;s subsidiaries Shenzhen Houhaitang, Qilun
                                            Enterprise Management Consultant and Qilun Holding (Shenzhen) enjoy a preferential income
                                            tax rate of <span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_c20220101__20221231__srt--ConsolidatedEntitiesAxis__custom--ShenzhenHouhaitangMember_zPcm206NCge7" title="Preferential income tax rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEVGRkVDVElWRSBJTkNPTUUgVEFYIFJBVEUgUkVDT05DSUxJQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_c20220101__20221231__srt--ConsolidatedEntitiesAxis__custom--QilunEnterpriseManagementConsultantMember_zaohD1StgH4b" title="Preferential income tax rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEVGRkVDVElWRSBJTkNPTUUgVEFYIFJBVEUgUkVDT05DSUxJQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments" contextRef="From2022-01-012022-12-31_custom_ShenzhenHouhaitangMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments" contextRef="From2022-01-012022-12-31_custom_QilunEnterpriseManagementConsultantMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.5</ix:nonFraction></ix:nonFraction></span></span>% for net income before provision no more than RMB<span id="xdx_905_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_pn6n6_uRMB_c20220101__20221231__srt--ConsolidatedEntitiesAxis__custom--ShenzhenHouhaitangMember__srt--RangeAxis__srt--MaximumMember_zAdzWUPOTQxk" title="Net income before provision" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEVGRkVDVElWRSBJTkNPTUUgVEFYIFJBVEUgUkVDT05DSUxJQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><span id="xdx_90F_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_pn6n6_uRMB_c20220101__20221231__srt--ConsolidatedEntitiesAxis__custom--QilunEnterpriseManagementConsultantMember__srt--RangeAxis__srt--MaximumMember_zCgyqfXL4IM9" title="Net income before provision" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEVGRkVDVElWRSBJTkNPTUUgVEFYIFJBVEUgUkVDT05DSUxJQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" contextRef="From2022-01-012022-12-31_custom_ShenzhenHouhaitangMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="RMB"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" contextRef="From2022-01-012022-12-31_custom_QilunEnterpriseManagementConsultantMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="RMB">1</ix:nonFraction></ix:nonFraction></span></span> million, and a preferential
                                            income tax rate of <span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_c20220101__20221231__srt--ConsolidatedEntitiesAxis__custom--QilunHoldingShenzhenMember_z724qi4xJp2f" title="Preferential income tax rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEVGRkVDVElWRSBJTkNPTUUgVEFYIFJBVEUgUkVDT05DSUxJQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments" contextRef="From2022-01-012022-12-31_custom_QilunHoldingShenzhenMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>% for net income before provision more than RMB<span id="xdx_905_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_pn6n6_uRMB_c20220101__20221231__srt--ConsolidatedEntitiesAxis__custom--QilunHoldingShenzhenMember__srt--RangeAxis__srt--MinimumMember_zFoKfjq8hvD6" title="Net income before provision" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEVGRkVDVElWRSBJTkNPTUUgVEFYIFJBVEUgUkVDT05DSUxJQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" contextRef="From2022-01-012022-12-31_custom_QilunHoldingShenzhenMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="RMB">1</ix:nonFraction></span> million less than RMB
                                            <span id="xdx_909_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_pn6n6_uRMB_c20220101__20221231__srt--ConsolidatedEntitiesAxis__custom--QilunHoldingShenzhenMember__srt--RangeAxis__srt--MaximumMember_zyQsMq8snM5b" title="Net income before provision" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEVGRkVDVElWRSBJTkNPTUUgVEFYIFJBVEUgUkVDT05DSUxJQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" contextRef="From2022-01-012022-12-31_custom_QilunHoldingShenzhenMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="RMB">3</ix:nonFraction></span> million.</ix:footnote></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the year ended December 31, 2021, the Company&#8217;s subsidiary Qilun Culture (Shenzhen) enjoys a preferential income tax rate of
    <span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_c20210101__20211231__srt--ConsolidatedEntitiesAxis__custom--QilunCultureShenzhenMember_zPwYXiHc18N7" title="Preferential income tax rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEVGRkVDVElWRSBJTkNPTUUgVEFYIFJBVEUgUkVDT05DSUxJQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments" contextRef="From2021-01-012021-12-31_custom_QilunCultureShenzhenMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.5</ix:nonFraction></span>% for net income before provision no more than RMB<span id="xdx_90E_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_pn6n6_uRMB_c20210101__20211231__srt--ConsolidatedEntitiesAxis__custom--QilunCultureShenzhenMember__srt--RangeAxis__srt--MaximumMember_zvR7TUQwSjs8" title="Net income before provision" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEVGRkVDVElWRSBJTkNPTUUgVEFYIFJBVEUgUkVDT05DSUxJQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" contextRef="From2021-01-012021-12-31_custom_QilunCultureShenzhenMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="RMB">1</ix:nonFraction></span> million, and a preferential income tax rate of <span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_c20210101__20211231__srt--ConsolidatedEntitiesAxis__custom--QilunCultureShenzhenOneMember_zcbBx80Bsi79" title="Preferential income tax rate" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEVGRkVDVElWRSBJTkNPTUUgVEFYIFJBVEUgUkVDT05DSUxJQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments" contextRef="From2021-01-012021-12-31_custom_QilunCultureShenzhenOneMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% for net income before provision
    more than RMB<span id="xdx_908_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_pn6n6_uRMB_c20210101__20211231__srt--ConsolidatedEntitiesAxis__custom--QilunCultureShenzhenOneMember__srt--RangeAxis__srt--MinimumMember_zJhlmTtW6nrk" title="Net income before provision" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEVGRkVDVElWRSBJTkNPTUUgVEFYIFJBVEUgUkVDT05DSUxJQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" contextRef="From2021-01-012021-12-31_custom_QilunCultureShenzhenOneMember_srt_MinimumMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="RMB">1</ix:nonFraction></span> million less than RMB <span id="xdx_903_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_pn6n6_uRMB_c20210101__20211231__srt--ConsolidatedEntitiesAxis__custom--QilunCultureShenzhenOneMember__srt--RangeAxis__srt--MaximumMember_zQAQif5S30E2" title="Net income before provision" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEVGRkVDVElWRSBJTkNPTUUgVEFYIFJBVEUgUkVDT05DSUxJQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" contextRef="From2021-01-012021-12-31_custom_QilunCultureShenzhenOneMember_srt_MaximumMember" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="RMB">3</ix:nonFraction></span> million.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the years ended December 31, 2022, 2021 and 2020, the tax saving as the result of the favorable tax rate amounted to $<span id="xdx_901_eus-gaap--IncomeTaxReconciliationOtherAdjustments_pp0p0_c20220101__20221231_zeogXa9DJuP2" title="Preferential tax rates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEVGRkVDVElWRSBJTkNPTUUgVEFYIFJBVEUgUkVDT05DSUxJQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationOtherAdjustments" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">37,233</ix:nonFraction></span>, $<span id="xdx_908_eus-gaap--IncomeTaxReconciliationOtherAdjustments_pp0p0_c20210101__20211231_zjUDyAknEwZ6" title="Preferential tax rates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEVGRkVDVElWRSBJTkNPTUUgVEFYIFJBVEUgUkVDT05DSUxJQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationOtherAdjustments" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">64,342</ix:nonFraction></span>
    and $<span id="xdx_909_eus-gaap--IncomeTaxReconciliationOtherAdjustments_pp0p0_dxL_c20200101__20201231_zD0NL7FhsS0c" title="Preferential tax rates::XDX::-" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEVGRkVDVElWRSBJTkNPTUUgVEFYIFJBVEUgUkVDT05DSUxJQVRJT04gKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><span style="-sec-ix-hidden: xdx2ixbrl1070">nil</span></span>, respectively.</span></p></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A0_zzYYhlHL58C2" style="font: 10pt Times New Roman, Times, Serif; margin: 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:LesseeOperatingLeasesTextBlock"><p id="xdx_803_eus-gaap--LesseeOperatingLeasesTextBlock_zwSGyaISFmaf" style="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>NOTE
10. <span id="xdx_820_zFWdN51BYY7i">LEASE</span></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">Operating
Lease Agreements &#8211; On March 4, 2021, the Company leased office space (approximately <span id="xdx_90C_eus-gaap--AreaOfLand_iI_usqm_c20210304__srt--ConsolidatedEntitiesAxis__custom--QilunCultureShenzhenMember_zlNX6T7hbxI9" title="Leased office space"><ix:nonFraction name="us-gaap:AreaOfLand" contextRef="AsOf2021-03-04_custom_QilunCultureShenzhenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="sqm">232.26</ix:nonFraction></span> square meters) under non-cancellable
operating lease agreement with a third-party lessor, in Shenzhen. Under terms of the lease agreement, from March 2021, Qilun Culture
(Shenzhen) is committed to lease payments of approximately $<span id="xdx_901_eus-gaap--OperatingLeasePayments_c20210303__20210304__srt--ConsolidatedEntitiesAxis__custom--QilunCultureShenzhenMember_zr8z0IKSJBd3" title="Operating lease payments"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2021-03-032021-03-04_custom_QilunCultureShenzhenMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">115,927</ix:nonFraction></span> per year for <span id="xdx_901_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dtY_c20210304__srt--ConsolidatedEntitiesAxis__custom--QilunCultureShenzhenMember_zraPKaBEVAj" title="Operating lease term"><ix:nonNumeric contextRef="AsOf2021-03-04_custom_QilunCultureShenzhenMember" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseTermOfContract">2</ix:nonNumeric></span> years. This office is used for the operations of Qilun
Culture (Shenzhen).</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2022, Qilun Culture (Shenzhen) leased office space (approximately <span id="xdx_909_eus-gaap--AreaOfLand_iI_usqm_c20220331__srt--ConsolidatedEntitiesAxis__custom--QilunCultureShenzhenMember_zl6kv9udJbwc" title="Leased office space"><ix:nonFraction name="us-gaap:AreaOfLand" contextRef="AsOf2022-03-31_custom_QilunCultureShenzhenMember" format="ixt:numdotdecimal" decimals="INF" unitRef="sqm">250</ix:nonFraction></span> square meters) under non-cancellable operating lease agreement
with a third-party lessor, in Shenzhen. The lease term of this agreement is <span id="xdx_90D_eus-gaap--LessorOperatingLeaseTermOfContract_iI_dtY_c20220331__srt--ConsolidatedEntitiesAxis__custom--QilunCultureShenzhenMember_zhjmuFJGonLj" title="Operating lease term"><ix:nonNumeric contextRef="AsOf2022-03-31_custom_QilunCultureShenzhenMember" format="ixt-sec:duryear" name="us-gaap:LessorOperatingLeaseTermOfContract">2</ix:nonNumeric></span> years from April 2022. The monthly lease payments is $<span id="xdx_90C_eus-gaap--OperatingLeasePayments_c20220301__20220331__srt--ConsolidatedEntitiesAxis__custom--QilunCultureShenzhenMember_zY0CT4o5ifh2" title="Operating lease payments"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2022-03-012022-03-31_custom_QilunCultureShenzhenMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,756</ix:nonFraction></span>
and Qilun Culture (Shenzhen) enjoys 2-month grace period. This office is used for the operations of Qilun Culture (Shenzhen).</span></p>

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

<p style="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>

<ix:exclude><!-- Field: Page; Sequence: 93; Value: 63 -->
    <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%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt">&#160;</div>
    <!-- Field: /Page --></ix:exclude>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases
with an initial term of 12 months or less are not recorded on the balance sheet. Operating lease cost is recognized as a single lease
cost on a straight-line basis over the lease term and is recorded in Rentals and leases. For lease agreements entered into or reassessed
after the adoption of Topic 842, the Company did not combine lease and non-lease components.</span></p>

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

<p style="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
exercise of lease renewal options has to be agreed by the lessors. The depreciable life of assets and leasehold improvements are limited
by the term of leases, unless there is a transfer of title or purchase option reasonably certain of exercise. Lease expense is recognized
on a straight-line basis over the term of the lease. Lease expense related to these non-cancelable operating leases was $<span id="xdx_901_eus-gaap--OperatingLeaseExpense_c20220101__20221231_zYFKnKCm6Gef" title="Lease expense related to non-cancelable operating leases"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">235,859</ix:nonFraction></span>,$<span id="xdx_908_eus-gaap--OperatingLeaseExpense_c20210101__20211231_zzlqw4z68hll" title="Lease expense related to non-cancelable operating leases"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">103,542</ix:nonFraction></span>
and <span id="xdx_90D_eus-gaap--OperatingLeaseExpense_dxL_c20200101__20201231_zQKNLpaWY4tl" title="Lease expense related to non-cancelable operating leases::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1090">nil</span></span> for the year ended December 31, 2022, 2021 and 2020, 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>

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="QNGI:BalanceSheetInformationRelatedToOperatingleasesTableTextBlock"><p id="xdx_893_ecustom--BalanceSheetInformationRelatedToOperatingleasesTableTextBlock_zRQIRU4JPhna" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance
sheet information related to the Company&#8217;s leases is presented 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 id="xdx_8B7_zIqMxooOUi4" style="display: none">SCHEDULE OF BALANCE SHEET INFORMATION RELATED TO OPERATING LEASES</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: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49D_20221231_zgDdCk3wtje3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_493_20211231_zJClxHmrvJt1" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--AssetsAbstract_iB_z7KAN0WvXdl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">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_40E_eus-gaap--OperatingLeaseRightOfUseAsset_i01I_z400Eb1VeV48" style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: justify; padding-bottom: 2.5pt">Operating lease right of use assets</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
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  <tr id="xdx_402_eus-gaap--LiabilitiesAbstract_iB_ztn3HWf5tuk5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">Liabilities</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_409_eus-gaap--OperatingLeaseLiabilityCurrent_i01I_maOLLzJ2e_zPFXVvm6LmTf" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_406_eus-gaap--OperatingLeaseLiabilityNoncurrent_i01I_maOLLzJ2e_z1ezG3VLXktl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Operating lease liabilities &#8211; non-current</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40D_eus-gaap--OperatingLeaseLiability_i01TI_mtOLLzJ2e_z9NLPbAn2Ef2" style="vertical-align: bottom; background-color: White">
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  </table>

</ix:nonNumeric><p id="xdx_8AA_zOd7AxDCVGS4" style="font: 10pt Times New Roman, Times, Serif; margin: 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:LeaseCostTableTextBlock"><p id="xdx_89A_eus-gaap--LeaseCostTableTextBlock_zRTpSDPuPcCe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following provides details of the Company&#8217;s lease expenses:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BE_z2otr08J9bJ3" style="display: none">SCHEDULE OF LEASE EXPENSES</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="padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--OperatingLeaseExpense_c20220101__20221231_zOkitQuVjOWb" title="Operating lease expenses" style="border-bottom: Black 2.5pt double; width: 16%; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">235,859</ix:nonFraction></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="width: 2%; padding-bottom: 2.5pt">&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A6_zIXJnwonyDg5" style="font: 10pt Times New Roman, Times, Serif; margin: 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="QNGI:OtherInformationRelatedToLeasesTableTextBlock"><p id="xdx_89F_ecustom--OtherInformationRelatedToLeasesTableTextBlock_zxqw4UUkMnM7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
information related to leases is presented 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 id="xdx_8B8_ze4DN3Bn8Qr5" style="display: none">SCHEDULE OF OTHER INFORMATION RELATED TO LEASES</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="padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year Ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">Cash Paid for Amounts Included in Measurement of Liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: justify">Financing cash flows from operating leases</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--FinanceLeasePrincipalPayments_c20220101__20221231_z29nOXhbidca" title="Financing cash flows from operating leases" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeasePrincipalPayments" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">149,219</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--FinanceLeasePrincipalPayments_c20210101__20211231_zLajcucWEII1" title="Financing cash flows from operating leases" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:FinanceLeasePrincipalPayments" contextRef="From2021-01-012021-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">93,652</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">Weighted Average Remaining Lease Term:</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">Operating leases</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20221231_zPnaVJt3owI8" title="Operating leases, weighted average remaining lease term"><ix:nonNumeric contextRef="AsOf2022-12-31" format="ixt-sec:duryear" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">0.72</ix:nonNumeric></span> years</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 style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20211231_zjDW54Ayz6Wa" title="Operating leases, weighted average remaining lease term"><ix:nonNumeric contextRef="AsOf2021-12-31" format="ixt-sec:duryear" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">1.17</ix:nonNumeric></span> years</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">Weighted Average Discount Rate</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">Operating leases</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_dp_c20221231_zHPNsksfmami" title="Operating leases, weighted average discount rate"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.75</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_907_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_dp_c20211231_z1HuYWQDTEY7" title="Operating leases, weighted average discount rate"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2021-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.75</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AE_zx3iNdYmgkY" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
most of the Company&#8217;s leases do not provide an implicit rate, the Company uses <span id="xdx_900_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dtY_c20221231__srt--RangeAxis__srt--MinimumMember_zIJQ2b8fDryl" title="Operating lease term"><ix:nonNumeric contextRef="AsOf2022-12-31_srt_MinimumMember" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseTermOfContract">1</ix:nonNumeric></span>-<span id="xdx_908_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dtY_c20221231__srt--RangeAxis__srt--MaximumMember_zRwE15uZGZng" title="Operating lease term"><ix:nonNumeric contextRef="AsOf2022-12-31_srt_MaximumMember" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseTermOfContract">5</ix:nonNumeric></span> years borrowing rate from bank of <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20221231_zZDDCY00Zrqh" title="Borrowing rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.75</ix:nonFraction></span>% based
on the information available at commencement date in determining the present value of lease payments.</span></p>

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

<ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><p id="xdx_890_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zxOOY4iaMOec" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturities
of lease liabilities were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_z4rsjtHDzxjc" style="display: none">SCHEDULE OF MATURITIES OF LEASE LIABILITIES</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; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the year
    ending December 31:</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 id="xdx_49C_20221231_zhVwEAVxlBMi" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#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></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">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="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">$</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 style="-sec-ix-hidden: xdx2ixbrl1140">-</span></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>
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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">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="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"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">74,522</ix:nonFraction></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 id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_maLOLLPzYLH_zL6Ozqm82OO2" 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; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</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"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" contextRef="AsOf2022-12-31" format="ixt:numdotdecimal" decimals="0" unitRef="USD">13,918</ix:nonFraction></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>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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</ix:nonNumeric><p id="xdx_8A6_z6bTamqw8N05" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<ix:exclude><!-- Field: Page; Sequence: 94; Value: 63 -->
    <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%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_80F_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zLFSxfsDCFC9" style="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>NOTE
11. <span id="xdx_82F_zTRH5lxt3bqh">CONTINGENCIES</span></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><span style="text-decoration: underline">Contingencies</span></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">Certain
conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company, but
which will only be resolved when one or more future events occur or fail to occur. The Company&#8217;s management and legal counsel assess
such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related
to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company&#8217;s
legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount
of relief sought or expected to be sought.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability
can be estimated, then the estimated liability would be accrued in the Company&#8217;s financial statements. If the assessment indicates
that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the
nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
contingencies considered to be remote by management are generally not disclosed unless they involve guarantees, in which case the guarantee
would be disclosed.</span></p>

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

<p style="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 was not subject to any material loss contingency as of December 31, 2022 and 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>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" escape="true" name="us-gaap:EarningsPerShareTextBlock"><p id="xdx_808_eus-gaap--EarningsPerShareTextBlock_z4yJWlxocJkg" style="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>NOTE
12. <span id="xdx_827_zoD0forfvsHd">BASIC AND DILUTED EARNINGS PER SHARE</span></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">Basic
net income per share is computed using the weighted average number of common shares outstanding during the period. Diluted net income
per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during
the period. Potential common shares comprise shares issuable upon the exercise of share-based awards, using the treasury stock method.
The reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for income from continuing
operations is shown as follows:</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="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_z0B8vUALTaBg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt">Basic and diluted weighted-average number of shares outstanding</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">116,550,000</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: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">Net income per share:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt">Basic and diluted</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--EarningsPerShareBasic_c20220101__20221231_zVkhk8ac6tZ3" title="Basic and diluted" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2022-01-01to2022-12-31" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.009</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--EarningsPerShareBasic_dxL_c20200101__20201231_zcRoRCBjsE3k" title="Basic and diluted::XDX::-" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1170">0.00</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AD_zVLFm0uOwjOc" style="font: 10pt Times New Roman, Times, Serif; margin: 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_80D_eus-gaap--SubsequentEventsTextBlock_znob7bcaOfR8" style="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>NOTE
13. <span id="xdx_828_zCIqTtc8Owp2">SUBSEQUENT EVENTS</span></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">Management
has evaluated subsequent events through the date which the consolidated financial statements were available to be issued. All subsequent
events requiring recognition as of December 31, 2022 have been incorporated into these consolidated financial statements and there are
no subsequent events that require disclosure in accordance with FASB ASC Topic 855, &#8220;Subsequent Events.&#8221;</span></p>

</ix:nonNumeric><p id="xdx_81B_zsbkt3vMdbA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Shareholders and the Board of Directors of</span></p>

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

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

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

<p style="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>Opinion
on the Financial Statements</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of Qilun 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 income, shareholders&#8217;
equity, and cash flows for the year ended December 31, 2022, 2021 and 2020, and the related notes (collectively referred to as the consolidated
financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the balance sheet
of the Company as of December 31, 2022 and 2021 and the results of its operations and its cash flows for the year ended December 31,
2022, 2021 and 2020, in conformity with accounting principles generally accepted in the United States of America.</span></p>

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

<p style="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>Basis
for Opinion</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">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on the Company&#8217;s consolidated financial statements based on our audit. 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.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit 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 consolidated 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 audit we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit 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 consolidated financial statements. Our audit also included evaluating the accounting principles used
and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audit provide a reasonable basis for our opinion.</span></p>

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

<p style="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>Emphasis
of Matter</b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has significant transactions with related parties, which are described in Note 6 to the financial statements. Transactions involving
related parties cannot be presumed to be carried out on an arm&#8217;s length basis, as the requisite conditions of competitive, free
market dealings may not exist.</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    <span id="xdx_907_edei--AuditorName_c20220101__20221231_zjUHzYgRTzJl"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:AuditorName">Assentsure PAC</ix:nonNumeric></span>.</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 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">We
    have served as the Company&#8217;s auditor since 2022</span></td>
    <td style="font: 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">&#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"><span id="xdx_90A_edei--AuditorLocation_c20220101__20221231_zEJuMw4nuOE3"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:AuditorLocation">Singapore</ix:nonNumeric></span>,
    Singapore</span></td>
    <td style="font: 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">&#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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
5, 2023</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; text-align: justify">&#160;</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; text-align: justify">PCAOB
    ID: <span id="xdx_900_edei--AuditorFirmId_c20220101__20221231_zXYY387Q50o8"><ix:nonNumeric contextRef="From2022-01-01to2022-12-31" name="dei:AuditorFirmId">6783</ix:nonNumeric></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"></span></p>

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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from ___________ to ___________
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report:
Commission
file number:
333-268512
Qilun
Group Inc.
(Exact
Name of Registrant as Specified in Its Charter)
N/A
(Translation
of Registrant's Name Into English)
Cayman
Islands
(Jurisdiction
of Incorporation or Organization)
Room
2201, Modern International Building
,
No.
3038, Jintian Road, Gangxia Community
,
Futian
Street, Futian District
,
Shenzhen
,
Guangdong,
People's
Republic of
China
(Address
of Principal Executive Offices)
Ms.
Ruowen Li
, Chief Executive Officer and Director
Room
2201, Modern International Building
,
No.
3038, Jintian Road, Gangxia Community
,
Futian
Street, Futian District
,
Shenzhen
,
Guangdong,
People's
Republic of
China
Tel:
+
86
-
755
-
83985414
(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
    of Each Class
Trading
    Symbol(s)
Name
    of Each Exchange On Which Registered
Ordinary Shares, $0.0001
    par value
N/A
N/A
Securities
registered or to be registered pursuant to Section 12(g) of the Act.
None
(Title
of Class)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act.
Ordinary Shares
(Title
of Class)
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report (December 31, 2022):
116,550,000
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐
No
☒
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐
No
☒
Note
– Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes
No
☒
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files)
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See definition of "large accelerated filer, "accelerated filer," and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large Accelerated
    Filer
☐
Accelerated
    Filer
☐
Non-Accelerated
    Filer
☒
Emerging Growth
    Company
☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act.
☐
†
The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
Indicate
by check mark 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.
☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
☒
International
    Financial Reporting Standards as issued by the
International
    Accounting Standards Board ☐
Other ☐
If
"Other" has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow. ☐ Item 17 ☐ Item 18
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes ☐
No
☒
(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Not Applicable
Annual
Report on Form 20-F
Year
Ended December 31, 2022
TABLE
OF CONTENTS
Page
PART I
3
ITEM 1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
3
A.
Directors and Senior Management
3
B.
Advisors
3
C.
Auditors
3
ITEM 2.
OFFER STATISTICS AND EXPECTED TIMETABLE
3
ITEM 3.
KEY INFORMATION
3
A.
[Reserved]
3
B.
Capitalization and Indebtedness
3
C.
Reasons for the Offer and Use of Proceeds
3
D.
Risk Factors
3
ITEM 4.
INFORMATION ON THE COMPANY
31
A.
History and Development of the Company
31
B.
Business Overview
36
C.
Organizational Structure
48
D.
Property, Plants and Equipment
48
ITEM 4A.
UNRESOLVED STAFF COMMENTS
48
ITEM 5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
48
A.
Operating Results
48
B.
Liquidity and Capital Resources
50
C.
Research and Development, Patents and Licenses, Etc.
52
D.
Trend Information
58
E.
Critical Accounting Policies
58
ITEM 6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
59
A.
Directors and Senior Management
59
B.
Compensation
59
C.
Board Practices
60
D.
Employees
60
E.
Share Ownership
61
i
ITEM 7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
61
A.
Major Shareholders
61
B.
Related Party Transactions
62
C.
Interests of Experts and Counsel
62
ITEM 8.
FINANCIAL INFORMATION
62
A.
Consolidated Statements and Other Financial Information
62
B.
Significant Changes
62
ITEM 9.
THE OFFER AND LISTING
62
A.
Offer and Listing Details
62
B.
Plan of Distribution
62
C.
Markets
62
D.
Selling Shareholders
63
E.
Dilution
63
F.
Expenses of the Issue
63
ITEM 10.
ADDITIONAL INFORMATION
63
A.
Share Capital
63
B.
Memorandum and Articles of Association
63
C.
Material Contracts
63
D.
Exchange Controls
63
E.
Taxation
66
F.
Dividends and Paying Agents
70
G.
Statement by Experts
70
H.
Documents on Display
71
I.
Subsidiary Information
71
ITEM 11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
71
ITEM 12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
72
A.
Debt Securities
72
B.
Warrants and Rights
72
C.
Other Securities
72
D.
American Depositary Shares
72
PART II
72
ITEM 13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
72
ITEM 14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
72
ITEM 15.
CONTROLS AND PROCEDURES
A.
Disclosure Controls and Procedures
72
B.
Management's Annual Report on Internal Control Over Financial Reporting
73
C.
Attestation Report of the Registered Public Accounting Firm
73
D.
Changes in Internal Controls over Financial Reporting
73
73
ITEM 16A.
AUDIT COMMITTEE FINANCIAL EXPERT
73
ITEM 16B.
CODE OF ETHICS
73
ITEM 16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
73
ITEM 16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
74
ITEM 16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
74
ITEM 16F.
CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
74
ITEM 16G.
CORPORATE GOVERNANCE
74
ITEM 16H.
MINE SAFETY DISCLOSURE
74
ITEM
    16I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
74
PART III
74
ITEM 17.
FINANCIAL STATEMENTS
74
ii
INTRODUCTORY
NOTES
Use
of Certain Defined Terms
Except
as otherwise indicated by the context and for the purposes of this report only, references in this report to:
●
"Shares" are
    to our Ordinary Shares, $0.0001 par value per share;
●
"China" or
    the "PRC" are to the People's Republic of China, excluding, for the purposes of this Annual Report only, Hong Kong,
    Macau and Taiwan;
●
Depending on the context,
    "we," "us," "our company," "our,", "the Company", and "Qilun"
    refer to Qilun Group Inc., a Cayman Islands company, its subsidiaries, Qilun Group (HK), Qilun Culture (HK), Qilun Holding (Shenzhen),
    Qilun Culture (Shenzhen), Qilun Enterprise Management Consultant, and Shenzhen Houhaitang;
●
"Qilun Group (HK)"
    are to the wholly owned subsidiary of Qilun Group Inc., Qilun Group Limited, a limited company that was organized under the laws
    of Hong Kong;
●
"Qilun Culture (HK)"
    are to the wholly owned subsidiary of Qilun Group Inc., Qilun Culture (HK) Co., Limited, a limited company that was organized under
    the laws of Hong Kong;
●
"Qilun Holding (Shenzhen)"
    are to the wholly owned subsidiary of Qilun Group (HK), Qilun Holding (Shenzhen) Co., Ltd., a PRC limited liability company;
●
"Qilun Culture (Shenzhen)"
    are to the wholly owned subsidiary of Qilun Holding (Shenzhen), Qilun Culture (Shenzhen) Group Co., Ltd. (formerly known as Qilun
    Culture Development (Shenzhen) Co., Ltd.), a PRC limited liability company;
●
"Qilun Enterprise
    Management Consultant" are to the wholly owned subsidiary of Qilun Culture (Shenzhen), Qilun Enterprise Management Consultant
    (Shenzhen) Co., Ltd., a PRC limited liability company ;
●
"RMB" or "Renminbi"
    are to the legal currency of the People's Republic of China;
●
"Shenzhen Houhaitang"
    are to the wholly owned subsidiary of Qilun Culture (Shenzhen), Shenzhen Houhaitang Culture Communication Co., Ltd., a PRC limited
    liability company;
●
"OD&SR Institute"
    are to the wholly owned subsidiary of Qilun Culture (HK), Oriental Dream and Strategic Research Institute Limited, a limited company
    that was organized under the laws of Hong Kong;
●
"Yuan" or "¥"
    are to the primary unit of account of the Renminbi (RMB), the legal currency of the People's Republic of China; and
●
"US$," "U.S.
    dollars," "$," or "dollars" are to the legal currency of the United States.
●
"Annual Report"
    are to this Annual Report of 20-F, including all amendments or supplements thereto, that form parts of the Annual Report.
1
Our
reporting currency is the U.S. Dollar. The functional currency of the Company in the PRC is the Renminbi.
This
disclosure contains translations of certain Renminbi 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
Year Ended
December 31, 2022
For the
Year Ended
December 31, 2021
For the
Year Ended
December 31, 2020
Year ended USD: RMB exchange rate
6.8973
6.3614
6.5326
Average yearly USD: RMB: exchange rate
6.7284
6.4518
6.6020
Cautionary
Note Regarding Forward-Looking Statements
In
addition to historical information, this Annual Report on Form 20-F (the "Annual Report") contains forward-looking statements
within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. We use words such as "believe,"
"expect," "anticipate," "project," "target," "plan," "optimistic,"
"intend," "aim," "will" or similar expressions which are intended to identify forward-looking statements.
Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing
products; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and
objectives of management for future operations; and any statements regarding future economic conditions or performance, as well as all
assumptions, expectations, predictions, intentions or beliefs about future events. Investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks and uncertainties, as well as assumptions, which, if they were
to ever materialize or prove incorrect, could cause the results of the Company to differ materially from those expressed or implied by
such forward-looking statements. Potential risks and uncertainties include, among other things, the possibility that we may not be able
to maintain or increase our net revenues and profits due to our failure to execute our business expansion plan, changes in domestic and
foreign laws, regulations and taxes, changes in economic conditions, uncertainties related to China's legal system and economic,
political and social events in China, a general economic downturn, a downturn in the securities markets, and other risks and uncertainties
which are generally set forth under Item 3 "Key information—D. Risk Factors" and elsewhere in this report.
Readers
are urged to carefully review and consider the various disclosures made by us in this report and our other filings with the SEC. These
reports attempt to advise interested parties of the risks and factors that may affect our business, financial condition and results of
operations and prospects. The forward-looking statements made in this report speak only as of the date hereof and we disclaim any obligation,
except as required by law, to provide updates, revisions or amendments to any forward-looking statements to reflect changes in our expectations
or future events.
2
PART
I
ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
A.
Directors and Senior
    Management
Not
required.
B.
Advisors
Not
required.
C.
Auditors
Not
required.
ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not
required.
ITEM
3. KEY INFORMATION
A.
[Reserved]
B.
Capitalization and Indebtedness
Not
required.
C.
Reasons for the Offer
    and Use of Proceeds
Not
required.
D.
Risk Factors
Risk
Factor Summary
An
investment in our capital stock involves a high degree of risk. You should carefully consider the risks described below, together with
all of the other information included in this Annual Report, before making an investment decision. If any of the following risks actually
occurs, our business, financial condition or results of operations could suffer. In that case, the trading price of our common stock
could decline, and you may lose all or part of your investment.
Risks
Related to Our Business
●
Our operating history may
    not be indicative of our future growth or financial results and we may not be able to sustain our historical growth rates.
●
The global economy and
    the financial markets may negatively affect our business and clients, as well as the supply of and demand for works of art.
●
The demand for art and
    collectibles is unpredictable, which may cause significant variability in our results of operations.
●
As an artwork company and
    creator and distributor of cultural and creative collectibles and artisanal home goods, we cannot guarantee that we will be able
    to design and develop products that are popular with consumers or that we will be able to maintain the popularity of our successful
    products.
●
Despite our marketing efforts,
    we may not be able to promote and maintain our brand in an effective and cost-efficient way and our business and results of operations
    may be harmed accordingly.
●
We operate in a highly
    competitive industry and may lose market share or experience margin erosion if we are unable to compete effectively.
●
Fraudulent activity in
    our marketplace could negatively impact our operating results, brand and reputation and cause the use of our services to decrease.
3
Risks
Relating to Our Operations
●
Our
    limited operating history and our volatile historical results of operations could make it difficult for us to forecast our business
    and assess the seasonality and volatility in our business.
●
The
    ongoing global coronavirus COVID-19 outbreak had caused significant disruptions in our business, which we expect will materially
    and adversely affect our results of operations and financial condition.
●
We have engaged in transactions
    with related parties, and such transactions present possible conflicts of interest that could have an adverse effect on our business
    and results of operations.
●
We may not be able to successfully
    expand into new cities or markets or expand within cities or markets where we already have a presence.
●
Failure to monitor the
    quality of our products could adversely affect our business.
●
We face the risk of fluctuations
    in the cost, availability and quality of our raw materials, which could adversely affect our results of operations.
●
We do not have long term
    contracts with our suppliers and they can reduce order quantities or terminate their sales to us at any time.
●
Due to the nature of our
    business, valuable works of art are stored at our facilities. Such works of art could be subject to damage or theft, which could
    have a material adverse effect on our operations, reputation and brand.
●
The relative lack of public
    company experience of our management team may put us at a competitive disadvantage.
●
Increases in labor costs
    in the PRC may adversely affect our business and results of operations.
●
If we are unable to build
    and maintain sufficient sales and distribution network to meet increasing demand of our products, our ability to execute on our business
    plan as outlined in this Annual Report will be impaired.
Risks
Related to Our Corporate Structure
●
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 Cayman Islands law.
●
Recently introduced economic
    substance legislation of the Cayman Islands may impact the Company or its operations.
●
Certain judgments obtained
    against us by our shareholders may not be enforceable.
Risks
Related to Doing Business in China and Hong Kong
●
Because all of our operations are in China, our business is subject to the complex and rapidly evolving laws and regulations there. The Chinese
    government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our
    operations at any time, which could result in a material change in our operations and/or the value of our Shares. —
See
    "Risks Related to Doing Business in China and Hong Kong
—
Because all of our operations are in China and Hong
    Kong, our business is subject to the complex and rapidly evolving laws and regulations there. The Chinese government may exercise
    significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time,
    which could result in a material change in our operations and/or the value of our Shares
" on page 18 for more information.
●
We will be subject to the Trial Administrative Measures,
    as the Company has: (i) 50% or more of the issuer's operating revenue, total profit, total assets or net assets as documented
    in its audited consolidated financial statements for the most recent accounting year is accounted for by PRC domestic companies; and
    (ii) the main parts of the issuer's business activities are conducted in mainland China, or its main places of business are
    located in mainland China, or the senior managers in charge of its business operation and management are mostly Chinese citizens or
    domiciled in mainland China; and, if required, we cannot assure you that we will be able to complete such process on time or at all.
    See "
Risk Factors — Risks Related to Doing Business in China and Hong Kong — We will be subject to the Trial Administrative Measures, as the Company has: (i) 50% or more of the
    issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial
    statements for the most recent accounting year is accounted for by PRC domestic companies; and (ii) the main parts of the
    issuer's business activities are conducted in mainland China, or its main places of business are located in mainland China, or
    the senior managers in charge of its business operation and management are mostly Chinese citizens or domiciled in mainland China;
    and we cannot assure you that we will be able to complete such process on time or at all.
"
4
●
If the Chinese
    government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based
    issuers, such action could significantly limit or completely hinder our ability to offer or continue to offer securities to investors
    and cause the value of such securities to significantly decline or be worthless. —
See "Risks Related to Doing Business
    in China and Hong Kong
—
If the Chinese government chooses to exert more oversight and control over offerings that are
    conducted overseas and/or foreign investment in China-based issuers, such action could significantly limit or completely hinder our
    ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or
    be worthless"
on page 18 for more information.
●
The
    uncertainties in the PRC legal system may subject our structure to different interpretations or enforcement challenges, or subject
    us to severe penalties or force us to relinquish our interests in our operations.
—
See "Risks Related to Doing Business in China and Hong Kong
—
The uncertainties
    in the PRC legal system may subject our structure to different interpretations or enforcement challenges, or subject us to severe
    penalties or force us to relinquish our interests in our operations
"
on page 19 for more information.
●
Recent greater oversight
    by the Cyberspace Administration of China (the "CAC") over data security, particularly for companies seeking to list
    on a foreign exchange, could adversely impact our business and our offering. —
See "Risks Related to Doing Business
    in China and Hong Kong
—
Recent greater oversight by the Cyberspace Administration of China (the "CAC")
    over data security, particularly for companies seeking to list on a foreign exchange, could adversely impact our business and our
    offering"
on page 19 for more information.
●
Changes in China's
    economic, political or social conditions or government policies could have a material adverse effect on our business and operations.
    —
See "Risks Related to Doing Business in China and Hong Kong
—
Changes in China's economic, political
    or social conditions or government policies could have a material adverse effect on our business and operations"
on page
    20 for more information.
●
Non-compliance with labor-related
    laws and regulations of the PRC may have an adverse impact on our financial condition and results of operation. —
See "Risks
    Related to Doing Business in China and Hong Kong
—
Non-compliance with labor-related laws and regulations of the PRC
    may have an adverse impact on our financial condition and results of operation
" on page 20 for more information.
●
Uncertainties with respect
    to the PRC legal system could adversely affect us. —
See "Risks Related to Doing Business in China and Hong Kong
—
Uncertainties with respect to the PRC legal system could adversely affect us"
on page 21 for more information.
●
You may experience difficulties
    in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us or our management named
    in the Annual Report based on foreign laws. —
See "Risks Related to Doing Business in China and Hong Kong
—
You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China
    against us or our management named in the Annual Report based on foreign laws"
on page 22 for more information.
●
We may rely on dividends
    and other distributions on equity paid by the operating entities to fund any cash and financing requirements we may have, and any
    interventions in or the imposition of restrictions and limitations on the ability of our company or the operating entities by the
    PRC government to transfer cash or assets could have a material and adverse effect on our business. —
See "Risks Related
    to Doing Business in China and Hong Kong
—
We may rely on dividends and other distributions on equity paid by the operating
    entities to fund any cash and financing requirements we may have, and any interventions in or the imposition of restrictions and
    limitations on the ability of our company or the operating entities by the PRC government to transfer cash or assets could have a
    material and adverse effect on our business
" on page 22 for more information.
●
PRC regulation of loans
    to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay
    us from making loans or additional capital contributions to our PRC subsidiaries, which could materially and adversely affect our
    liquidity and our ability to fund and expand our business. —
See "Risks Related to Doing Business in China and Hong
    Kong
—
PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental
    control of currency conversion may delay us from making loans or additional capital contributions to our PRC subsidiaries, which
    could materially and adversely affect our liquidity and our ability to fund and expand our business"
on page 22 for more
    information.
5
●
We may be exposed
    to liabilities under the Foreign Corrupt Practices Act and Chinese anti-corruption laws. —
See "Risks Related to Doing
    Business in China and Hong Kong
—
We may be exposed to liabilities under the Foreign Corrupt Practices Act and Chinese
    anti-corruption laws"
on page 23 for more information.
●
Restrictions on the remittance
    of Renminbi into and out of China and governmental control of currency conversion may limit our ability to pay dividends and other
    obligations, and affect the value of your investment. —
See "Risks Related to Doing Business in China and Hong Kong
—
Restrictions on the remittance of Renminbi into and out of China and governmental control of currency conversion may
    limit our ability to pay dividends and other obligations, and affect the value of your investment"
on page 23 for more
    information.
●
Although
    the audit report included in this Annual Report was issued by Singapore auditors who are currently inspected by the PCAOB, if it is
    later determined that the PCAOB is unable to inspect or investigate our auditor completely, investors would be deprived of the
    benefits of such inspection and our ordinary shares may be delisted or prohibited from trading. —
See "Risks Related
    to Doing Business in China and Hong Kong
—
Although the audit report included in this Annual Report was issued by
    Singapore auditors who are currently inspected by the PCAOB, if it is later determined that the PCAOB is unable to inspect or
    investigate our auditor completely, investors would be deprived of the benefits of such inspection and our ordinary shares may be
    delisted or prohibited from trading
" on page 24 for more information.
●
Governmental control of
    currency conversion may limit our ability to utilize our revenues effectively and affect the value of your investment. —
See
    "Risks Related to Doing Business in China and Hong Kong
—
Governmental control of currency conversion may limit
    our ability to utilize our revenues effectively and affect the value of your investment
" on page 25 for more information.
●
Certain PRC regulations
    may make it more difficult for us to pursue growth through acquisitions. —
See "Risks Related to Doing Business in
    China and Hong Kong
—
Certain PRC regulations may make it more difficult for us to pursue growth through acquisitions"
on page 25 for more information.
●
PRC regulations relating
    to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial owners or our
    PRC subsidiary to liability or penalties, limit our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary'
    ability to increase their registered capital or distribute profits to us, or may otherwise adversely affect us. —
See "Risks
    Related to Doing Business in China and Hong Kong
—
PRC regulations relating to the establishment of offshore special
    purpose companies by PRC residents may subject our PRC resident beneficial owners or our PRC subsidiary to liability or penalties,
    limit our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary' ability to increase their registered
    capital or distribute profits to us, or may otherwise adversely affect us
" on page 26 for more information.
●
Failure to make adequate
    contributions to various employee benefit plans and withhold individual income tax on employees' salaries as required by PRC
    regulations may subject us to penalties. —
See "Risks Related to Doing Business in China and Hong Kong
—
Failure to make adequate contributions to various employee benefit plans and withhold individual income tax on employees'
    salaries as required by PRC regulations may subject us to penalties"
on page 27 for more information.
●
Any failure to comply with
    PRC regulations regarding the registration requirements for employee stock incentive plans may subject the PRC plan participants
    or us to fines and other legal or administrative sanctions. —
See "Risks Related to Doing Business in China and Hong
    Kong
—
Any failure to comply with PRC regulations regarding the registration requirements for employee stock incentive
    plans may subject the PRC plan participants or us to fines and other legal or administrative sanctions"
on page 27 for
    more information.
●
U.S. regulatory bodies
    may be limited in their ability to conduct investigations or inspections of our operations in China. —
See "Risks
    Related to Doing Business in China and Hong Kong
—
U.S. regulatory bodies may be limited in their ability to conduct
    investigations or inspections of our operations in China"
on page 27 for more information.
●
If we are classified as
    a PRC resident enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences to us and
    our non-PRC shareholders. If we are classified as a PRC resident enterprise for PRC income tax purposes, such classification could
    result in unfavorable tax consequences to us and our non-PRC shareholders. —
See "Risks Related to Doing Business
    in China and Hong Kong
—
If we are classified as a PRC resident enterprise for PRC income tax purposes, such classification
    could result in unfavorable tax consequences to us and our non-PRC shareholders. If we are classified as a PRC resident enterprise
    for PRC income tax purposes, such classification could result in unfavorable tax consequences to us and our non-PRC shareholders"
on page 27 for more information.
●
We face uncertainty with
    respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies. —
See
    "Risks Related to Doing Business in China and Hong Kong
—
We face uncertainty with respect to indirect transfers
    of equity interests in PRC resident enterprises by their non-PRC holding companies"
on page 28 for more information.
6
Risks
Related to the Shares
●
The market price for the
    Shares is volatile.
●
If securities or industry
    analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding the Shares,
    the market price for the Shares and trading volume could decline.
●
We currently do not expect
    to pay dividends in the foreseeable future and you must rely on price appreciation of our ordinary shares for return on your investment.
●
Substantial future sales
    or perceived potential sales of Shares in the public market could cause the price of the Shares to decline.
●
We may need additional
    capital and may sell additional Shares or other equity securities or incur indebtedness, which could result in additional dilution
    to our shareholders or increase our debt service obligations.
●
Certain existing shareholders
    have substantial influence over our company and their interests may not be aligned with the interests of our other shareholders.
●
We are a foreign private
    issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S.
    domestic public companies.
●
We incur increased costs
    as a result of being a public company.
●
If we fail to establish
    and maintain proper internal financial reporting controls, our ability to produce accurate financial statements or comply with applicable
    regulations could be impaired.
Risks
Related to Our Business
Our
operating history may not be indicative of our future growth or financial results and we may not be able to sustain our historical growth
rates.
Our
operating history may not be indicative of our future growth or financial results. There is no assurance that we will be able to grow
our revenues in future periods. Our growth rates may decline for any number of possible reasons, and some of them are beyond our control,
including decreasing customer demand, increasing competition, emergence of alternative business models, or changes in government policies
or general economic conditions. We will continue to expand our sales network and product offerings to bring greater convenience to our
customers and to increase our customer base and number of transactions. However, the execution of our expansion plan is subject to uncertainty
and the total number of items sold and number of transacting customers may not grow at the rate we expect for the reasons stated above.
If our growth rates decline, investors' perceptions of our business and prospects may be adversely affected and the market price
of our common stock could decline.
The
global economy and the financial markets may negatively affect our business and clients, as well as the supply of and demand for works
of art.
Our
business is affected by global, national and local economic conditions since the services we provide are discretionary and we depend,
to a significant extent, upon a number of factors relating to discretionary consumer spending in China and Hong Kong. These factors include
economic conditions and perceptions of such conditions by traders of collectibles and artwork, employment rates, the level of our customers'
disposable income, business conditions, interest rates, availability of credit and levels of taxation in regional and local markets.
There can be no assurance that our services will not be adversely affected by changes in general economic conditions in China, Hong Kong
and globally.
7
In
March 2020, the World Health Organization declared the COVID-19 as a pandemic and the global economy has also been materially negatively
affected. It is extremely uncertain about the China and global growth forecast, which could seriously affect peoples' investment
desires in China and internationally, including investment in artwork products and collectibles, which could negatively impact our business
and results of operations. The artwork and collectible markets are influenced over time by the overall strength and stability of the
global economy and the financial markets, although this correlation may not be immediately evident. In addition, political conditions
and world events may affect our business through their effect on the economy, as well as on the willingness of potential buyers and sellers
to invest and sell art in the wake of economic uncertainty.
The
demand for art and collectibles is unpredictable, which may cause significant variability in our results of operations.
The
demand for art is influenced not only by overall economic conditions, but also by changing trends in the art market as to which collecting
categories and artists are most sought after and by the preferences of individual collectors. These conditions and trends are difficult
to predict and may adversely impact our ability to obtain and sell consigned property, potentially causing significant variability in
our results of operations from period to period.
Therefore,
it is essential for us to constantly respond to changes in the market and in the needs and preferences of our customers in order to remain
competitive, grow our business and maintain our market position. We intend to further expand our product categories to meet the needs
of our customers. New products or new business models may introduce risks and challenges that we do not currently face. Any new initiatives
may require us to devote significant financial and management resources and may not perform as expected. In addition, it may be difficult
for us to predict the needs and preferences of our customers, and the products we offer may not be accepted by the market or may become
obsolete or uneconomical. Accordingly, any inability to adapt to such changes may result in the inability to attract new customers or
retain existing customers, the occurrence of which may lead to a material adverse effect on our business, financial condition and results
of operations.
As
an artwork company and creator and distributor of cultural and creative collectibles and artisanal home goods, we cannot guarantee that
we will be able to design and develop products that are popular with consumers or that we will be able to maintain the popularity of
our successful products.
Interests
of customers evolve very rapidly and change dramatically from time to time. It is essential for us to anticipate the trends of intellectual
property and products that will appeal to consumers and quickly develop and launch products that will capture consumers' limited
time, attention and spending. The changing consumer tastes and evolving interests, coupled with the changing and expanding consumer products
and content that consumers are interested in and receptive to, make some products and content unacceptable to consumers, while others
may be popular for a time and then quickly replaced.
In
addition, given the growing market for digital products and the increasing digitization of the arts and culture, consumer demand for
physical products may also decrease over time. Consumer demand for art and culture products can and does change without warning. Even
if our products are initially successful, there is no guarantee that we will be able to maintain their popularity with consumers. Therefore,
our success will depend in part on our ability to continually create and introduce new products that are of interest to consumers. If
we are unable to do so, our sales and profitability will be adversely affected. If we devote time and resources to developing and marketing
such products that are not sufficiently attractive to consumers or at all to meet our sales goals, our sales and profits could decline
and our business performance could be harmed.
Despite
our marketing efforts, we may not be able to promote and maintain our brand in an effective and cost-efficient way and our business and
results of operations may be harmed accordingly.
We
believe that effectively developing and maintaining awareness of our brand is critical to attracting new and retaining existing clients.
Successful promotion of our brand and our ability to attract quality clients depends largely on the effectiveness of our marketing efforts
and the success of the channels we use to promote our services. It is likely that our future marketing efforts will require us to incur
significant additional expenses as we expand our business. 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.
8
We
may not be able to successfully implement our growth strategy on a timely basis or at all.
Our
future success depends, in large part, on our ability to implement our growth strategy, including expanding distribution and improving
placement of our products, attracting new consumers to our brands, introducing new products and product line extensions and expanding
into new markets. Our ability to implement this growth strategy depends, among other things, on our ability to:
●
increase
    our brand recognition by effectively implementing our marketing strategy and advertising initiatives;
●
create
    and maintain brand loyalty;
●
develop
    new products and product line extensions that appeal to consumers;
●
maintain
    and, to the extent necessary, improve our high standards for product quality, safety and integrity;
●
continue
    to effectively compete in our distribution channels;
●
maintain
    sources for the required supply of quality raw materials and ingredients to meet our growing demand; and
●
identify
    and successfully enter and market our products in new geographic areas and market segments.
We
operate in a highly competitive industry and may lose market share or experience margin erosion if we are unable to compete effectively.
We
compete on the basis of product quality, design and performance, brand awareness and loyalty, product variety, reputation, price and
promotional efforts. We compete with a significant number of companies of varying sizes, including divisions or subsidiaries of larger
companies who may have greater financial resources and larger customer bases than we have. As a result, these competitors may be able
to identify and adapt to changes in consumer preferences more quickly than us due to their resources and scale. They may also be more
successful in marketing and selling their products, better able to increase prices to reflect cost pressures and better able to increase
their promotional activity, which may impact us and the entire art and collectible industry. If these competitive pressures cause our
products to lose market share or experience margin erosion, our business, financial conditions and results of operations may be materially
adversely affected.
Fraudulent
activity in our marketplace could negatively impact our operating results, brand and reputation and cause the use of our services to
decrease.
We
are subject to the risk of fraudulent activity both in our marketplace and associated with traders and third parties handling their information.
Our resources, technologies and fraud detection tools may be insufficient to accurately detect and prevent fraud. Increases in fraudulent
activity, either in our marketplace or associated with participants of our marketplace, could negatively impact our brand and reputation,
reduce the volume of transactions facilitated through the WeChat© app and lead us to take additional steps to reduce fraud risk,
which could increase our costs. High profile fraudulent activity could even lead to regulatory intervention, and may divert our management's
attention and cause us to incur additional expenses and costs. Although we have not experienced any material business or reputational
harm as a result of fraudulent activities in the past, we cannot rule out the possibility that any of the foregoing may occur, causing
harm to our business or reputation in the future. If any of the foregoing were to occur, our results of operations and financial conditions
could be materially and adversely affected.
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, 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 and non-compete agreements
with our employees and others to protect our proprietary rights. See "Business—Intellectual Property." Thus, we cannot
assure you that any of our intellectual property rights would not be challenged, invalidated, circumvented or misappropriated, or such
intellectual property will be sufficient to provide us with competitive advantages. In addition, because of the rapid pace of technological
change, parts of our business rely on Internet of Things (IoT) technology, the network of physical objects that feature an IP address
for internet connectivity, and the communication that occurs between these objects and other Internet-enabled devices and systems which
will alert the users under pre-set conditions, 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.
9
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.
Confidentiality, invention assignment and non-compete agreements may be breached by counterparties, 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 can provide no assurance 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. 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 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.
Additionally,
the application and interpretation of China's intellectual property 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.
From
time to time we may evaluate and potentially consummate strategic investments or acquisitions, which could require significant management
attention, disrupt our business and adversely affect our financial results.
We
may evaluate and consider strategic investments, combinations, acquisitions or alliances to further increase the value of our marketplace
and better serve our customers. These transactions could be material to our financial condition and results of operations if consummated.
If we are able to identify an appropriate business opportunity, we may not be able to successfully consummate the transaction and, even
if we do consummate such a transaction, we may be unable to obtain the benefits or avoid the difficulties and risks of such transaction.
Strategic
investments or acquisitions will involve risks commonly encountered in business relationships, including:
●
difficulties
    in assimilating and integrating the operations, personnel, systems, data, technologies, products and services of the acquired business;
●
inability of the acquired
    technologies, products or businesses to achieve expected levels of revenue, profitability, productivity or other benefits;
●
difficulties in retaining,
    training, motivating and integrating key personnel;
10
●
diversion of
    management's time and resources from our normal daily operations;
●
difficulties in successfully
    incorporating licensed or acquired technology and rights into our product offerings;
●
difficulties in maintaining
    uniform standards, controls, procedures and policies within the combined organizations;
●
difficulties in retaining
    relationships with customers, employees and suppliers of the acquired business;
●
risks of entering markets
    in which we have limited or no prior experience;
●
regulatory risks, including
    remaining in good standing with existing regulatory bodies or receiving any necessary pre-closing or post-closing approvals, as well
    as being subject to new regulators with oversight over an acquired business;
●
assumption of contractual
    obligations that contain terms that are not beneficial to us, require us to license or waive intellectual property rights or increase
    our risk for liability;
●
liability for activities
    of the acquired business before the acquisition, including intellectual property infringement claims, violations of laws, commercial
    disputes, tax liabilities and other known and unknown liabilities;
●
potential disruptions to
    our ongoing business; and
●
unexpected costs and unknown
    risks and liabilities associated with strategic investments or acquisitions.
We
may not make any investments or acquisitions, or any future investments or acquisitions may not be successful, may not benefit our business
strategy, may not generate sufficient revenues to offset the associated acquisition costs or may not otherwise result in the intended
benefits. In addition, we cannot assure you that any future investment in or acquisition of new businesses or technology will lead to
the successful development of new or enhanced products or that any new or enhanced products, if developed, will achieve market acceptance
or prove to be profitable.
Risks
Relating to Our Operations
Our
limited operating history and our volatile historical results of operations could make it difficult for us to forecast our business and
assess the seasonality and volatility in our business.
We
have a relatively short operating history since 2021. Due to our limited operating history and historical data, as well as the limited
visibility into future demand trends for our products, we may not be able to accurately forecast our future total revenue and budget
our operating expenses accordingly. As most of our expenses are fixed in the short-term or incurred in advance of anticipated total revenue,
we may not be able to adjust our expenses in a timely manner in order to offset any shortfall in revenue.
We
may experience fluctuations in orders in the future. Our volatile historical results of operations could make it difficult to assess
the impact of seasonal factors on our business. If we or any of our third-party manufacturing service providers are unable to increase
production of new or existing products to meet any increases in demand due to seasonality or other factors, our total revenue would be
adversely affected and our reputation with our customers may be damaged.
The
ongoing global coronavirus COVID-19 outbreak had caused significant disruptions in our business, which we expect will materially and
adversely affect our results of operations and financial condition.
Since
late January 2020, an outbreak of a novel coronavirus, later named COVID-19, has affected China and several regions around the world.
In response to the outbreak, China and other countries and regions around the world implemented extensive lockdowns, workplace closures,
and activity and travel restrictions to contain the spread of the virus. Around the fourth quarter of 2020, nearly all Chinese cities
have eased or lifted domestic travel restrictions and resumed normal social activities, commerce, work and production. However, the easing
of restrictions on economic and social activities could lead to new cases, which could result in the reimposition of restrictions. The
increase in cases in China has forced selective implementation of restrictions in affected areas. For example, in spring 2022, cases
increased in both Shenzhen and Shanghai in light of the emergence of a highly infectious variant of Omicron. The outbreak in Shanghai
spread to several other provinces and cities in China. In response to these new cases, several travel restrictions and other restrictions
have been implemented.
11
The
negative impact of the COVID-19 outbreak has had a significant impact on our operating results in 2022. In 2022, the Chinese economy
is still in the process of recovering from the COVID-19 outbreak and there is significant uncertainty regarding the future progress of
the disease, particularly its long-term impact on the Chinese economy.
Since
the beginning of 2022, temporary restrictions and other measures of varying degrees of severity have been reinstated to contain infections
caused by the Omicron variant strain. For example, during February 2022, the infrastructure and logistics services in Shenzhen were shut
down due to government controls, which made all our offices in Shenzhen shutdown for several weeks. These further had a material adverse
effect on our operating results and financial performance for the same period in 2022.
We
have taken and will continue to take steps to control the risk of virus transmission in our business operations, including providing
employees with information on COVID-19 prevention and control and requiring employees to take personal hygiene measures. However, if
any employee becomes or is suspected of becoming infected with any communicable disease or develops symptoms, local authorities may require
employees to be quarantined or offices to be closed and disinfected. As a result, business operations would be adversely affected.
The
long-term trajectory of COVID-19 and the impact of virus mutations, both in terms of the scope and severity of the outbreak, as well
as the impact of the outbreak on the industry and the economy, remain difficult to assess or predict at this moment and pose significant
uncertainties that are difficult to quantify. If the situation in China does not improve or worsens, the business, results of operations
and financial condition could be materially and adversely affected.
We
have engaged in transactions with related parties, and such transactions present possible conflicts of interest that could have an adverse
effect on our business and results of operations.
We
have entered into a number of transactions with related parties, including our shareholders and our sole director. For example, we have
entered into transaction with Shenzhen Yuanheng Culture and Art Creative Co., Ltd., which is 50% owned by our chief executive officer
and Director Ruowen Li. See "Related Party Transactions" for details. We may in the future enter into additional transactions
with entities in which our director and other related parties hold ownership interests.
Transactions
with the entities in which related parties hold ownership interests present potential for conflicts of interest, as the interests of
these entities and their shareholders may not align with the interests of the Company and our shareholders with respect to the negotiation
of, and certain other matters related to, our lease and services to such entities. Conflicts of interest may also arise in connection
with the exercise of contractual remedies under these transactions, such as the treatment of events of default.
We
rely on the laws of Cayman Islands, which provide that directors owe a duty of care and a duty of loyalty to our company. Nevertheless,
we may have achieved more favorable terms if such transactions had not been entered into with related parties and these transactions,
individually or in the aggregate, may have an adverse effect on our business and results of operations or may result in government enforcement
actions or other litigation.
We
may not be able to successfully expand into new cities or markets or expand within cities or markets where we already have a presence.
We
currently operate primarily in Guangdong Province and other southern coastal provinces of China. Expansion into new cities or markets
or within cities or markets in which we already have a presence could expose us to significant legal and regulatory challenges, political
and economic instability or other adverse consequences. Such expansion may require new relationships with stakeholders who may have different
interests or standards from those stakeholders for whom our operations were originally designed and whose capabilities we may have limited
ability to leverage. Our lack of experience and operational expertise in these cities or markets may put us at a disadvantage relative
to our competitors who have more experience or ability to address related challenges.
12
Failure
to monitor the quality of our products could adversely affect our business.
We
outsource the manufacture of our products to suppliers, and we implement quality controls throughout the manufacturing process. In addition
to our manufacturers' internal quality control systems, we implement quality control systems related to raw materials, manufacturing
processes and finished products and require suppliers responsible for manufacturing processes to meet our selection criteria. However,
we may not be able to effectively control whether our suppliers will strictly adhere to our specifications and instructions, such as
the raw materials used to manufacture our products. The manufacture and sale of defective products could damage our reputation and lead
to product recalls, consumer litigation and other actions that could have a material adverse effect on our business.
We
face the risk of fluctuations in the cost, availability and quality of our raw materials, which could adversely affect our results of
operations.
The
cost, availability and quality of our principal raw materials are important to our operations. We have established cooperative relationships
with raw material suppliers under a positive price negotiation and adjustment mechanism. However, if the cost of raw materials increases
due to policy changes, large market price fluctuation or any other reason, our business and results of operations could be adversely
affected.
Lack
of availability of raw materials, whether due to shortages in supply, delays or interruptions in processing, failure of timely delivery
or otherwise, could interrupt our operations and adversely affect our financial results.
Defective
raw materials or raw materials with quality issues could subject us to product liability claims or legal actions, which could adversely
affected our financial conditions and results of operations.
We
do not have long term contracts with our suppliers and they can reduce order quantities or terminate their sales to us at any time.
We
do not have long term contracts with our suppliers. At any time, our suppliers can reduce the quantities of products they sell to us,
or cease selling products to us altogether. Such reductions or terminations could have a material adverse impact on our revenues, profits
and financial condition.
Due
to the nature of our business, valuable works of art are stored at our facilities. Such works of art could be subject to damage or theft,
which could have a material adverse effect on our operations, reputation and brand.
Valuable
works of art are stored at our facilities. Although we maintain security measures at our premises, valuable collectibles and artwork
may be subject to damage or theft. The damage or theft of valuable property despite these security measures could have a material adverse
impact on our business and reputation.
We
currently do not have insurance coverage covering all risks related to our business and operations.
We
do not maintain insurance policies covering all of our business risks, such as risks relating to properties, receivables, goods in transit
and public liability. We cannot assume you that the insurance coverage we currently have would be sufficient to cover our potential losses.
In the event there is any damage to any assets or incidents for which we do not have sufficient insurance coverage, if at all, we would
have to pay for the difference ourselves where our cash flow and liquidity could be negatively affected.
The
relative lack of public company experience of our management team may put us at a competitive disadvantage.
Our
management team lacks public company experience, which could impair our ability to comply with legal and regulatory requirements such
as those imposed by the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley"). Our management does not have experience managing a
publicly traded company. Such responsibilities include complying with federal securities laws and making required disclosures on a timely
basis. Our management may be unable to implement programs and policies in an effective and timely manner or that adequately respond to
the increased legal, regulatory and reporting requirements associated with being a publicly traded company. Our failure to comply with
all applicable requirements could lead to the imposition of fines and penalties, distract our management from attending to the management
and growth of our business, result in a loss of investor confidence in our financial reports and have an adverse effect on our business
and stock price.
13
We
lease our facilities from third parties and there is no assurance that we will be able to renew our leased facilities on favorable terms,
or at all.
We
currently lease all of the properties we use to operate our business. We lease two offices, both of which are located in the city of
Shenzhen, province of Guangdong, China. If we are unable to renew these leases on favorable terms, or at all, we would be required to
find new leased space, which space may be more expensive to lease than our current facilities. Also, the lease may be terminated early
due to unexpected change of land usage by the local government.
Our
business depends on the continued efforts of our management. If one or more of our key executives were unable or unwilling to continue
in their present positions, our business may be severely disrupted.
Our
business operations depend on the continued services of our management, particularly the executive officers named in this Annual Report.
While we have the ability to provide different incentives to our management, we cannot assure you that we can continue to retain their
services. If one or more of our key executives were unable or unwilling to continue in their present positions, we may not be able to
replace them easily or at all, our future growth may be constrained, our business may be severely disrupted and our financial condition
and results of operations may be materially and adversely affected, and we may incur additional expenses to recruit, train and retain
qualified personnel. In addition, although we have entered into confidentiality and non-competition agreements with our management, there
is no assurance that any member of our management team will not join our competitors or form a competing business. If any dispute arises
between our current or former officers and us, we may have to incur substantial costs and expenses in order to enforce such agreements
in China or we may be unable to enforce them at all.
Increases
in labor costs in the PRC may adversely affect our business and results of operations.
All
our labor costs are generated in China, and the rising labor costs in China may have an adverse impact on our business and profitability,
especially in large cities. In recent years, China's economy has experienced an increase in labor costs. China's overall
economy and its average wage are expected to continue to grow. We expect our labor costs (including wages and employee benefits) to continue
to increase. Unless we are able to control our labor costs or pass on these increased labor costs to our customers or end users by increasing
the prices of our products, our financial condition and results of operations may be adversely affected.
If
we are unable to build and maintain sufficient sales and distribution network to meet increasing demand of our products, our ability
to execute on our business plan as outlined in this Annual Report will be impaired.
Although
our sales and distribution satisfy our existing business needs, they might be insufficient to meet demand for our products as we continue
to grow our business, which could result in harm to our sales and business operations, financial condition and results of operations.
To mitigate such risk, we intent to invest our internally generated cash from operations and capital to be raised to add additional teams
to our direct sales force, expand our geographic reach with new distribution channels into other provinces within China and overseas.
If our planned efforts to expand our direct sales force and distribution channels are not effective, our ability to execute on our business
plan and to realize continued growth with be impaired.
14
Risks
Related to Our Corporate Structure
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 Cayman Islands law.
We
are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our amended and restated
memorandum and articles of association, the Companies Act (2020 Revision) of the Cayman Islands (the "Companies Act") and
the common law of the Cayman Islands. The rights of shareholders to take action against our director, actions by minority shareholders
and the fiduciary duties of our director to us under Cayman Islands law are to a large extent governed by the common law of the Cayman
Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands
as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court
in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our director under Cayman Islands law are not as clearly
established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman
Islands has a different body of securities laws than the United States. Some U.S. states, such as Delaware, have more fully developed
and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have standing
to initiate a shareholder derivative action in a federal court of the United States. There is no statutory recognition in the Cayman
Islands of judgments obtained in the United States, although the courts of the Cayman Islands will in certain circumstances recognize
and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial on the merits.
Shareholders
of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records or to obtain
copies of lists of shareholders of these companies. Our director has discretion under our articles of association to determine whether,
and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to
our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder
motion or to solicit proxies from other shareholders in connection with a proxy contest.
Certain
corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions such as the United 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.
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 or director or controlling shareholders than they would as public shareholders of a company incorporated in the United
States.
Recently
introduced economic substance legislation of the Cayman Islands may impact the Company or its operations
The
Cayman Islands, together with several other non-European Union jurisdictions, have recently introduced legislation aimed at addressing
concerns raised by the Council of the European Union as to offshore structures engaged in certain activities which attract profits without
real economic activity. Effective January 1, 2019, the International Tax Co-operation (Economic Substance) Act, 2018 (the "Substance
Law") and issued Regulations and Guidance Notes came into force in the Cayman Islands introducing certain economic substance requirements
for "relevant entities" which are engaged in certain "relevant activities," which in the case of exempted companies
incorporated before January 1, 2019, will apply in respect of fiscal years commencing July 1, 2019, onwards. A "relevant entity"
includes an exempted company incorporated in the Cayman Islands; however, it does not include an entity that is tax resident outside
the Cayman Islands. Accordingly, for so long as the Company is a tax resident outside the Cayman Islands, it is not required to satisfy
the economic substance test under the Substance Law. Although it is presently anticipated that the Substance Law will have little material
impact on the Company or its operations, as the legislation is new and remains subject to further clarification and interpretation it
is not currently possible to ascertain the precise impact of these legislative changes on the Company.
Certain
judgments obtained against us by our shareholders may not be enforceable.
We
are a Cayman Islands company and substantially all of our assets are located outside of the United States. Substantially all of our current
operations are conducted in the PRC. In addition, our current officers are nationals and residents of countries other than the United
States. Substantially all of the assets of these persons are located outside the United States. As a result, it may be difficult or impossible
for you to bring an action against us or against these individuals in the United States in the event that you believe that your rights
have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this kind,
the laws of the Cayman Islands and of the PRC may render you unable to enforce a judgment against our assets or the assets of our director
and officer. For more information regarding the relevant laws of the Cayman Islands and the PRC, see "Enforceability of Civil Liabilities."
15
Risks
Related to Doing Business in China and Hong Kong
Because
all of our operations are in China, our business is subject to the complex and rapidly evolving laws and regulations there. The Chinese
government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations
at any time, which could result in a material change in our operations and/or the value of our Shares.
As
a business operating in China, we are subject to the laws and regulations of the PRC, which can be complex and evolve rapidly. The PRC
government has the power to exercise significant oversight and discretion over the conduct of our business, and the regulations to which
we are subject may change rapidly and with little notice to us or our shareholders. As a result, the application, interpretation, and
enforcement of new and existing laws and regulations in the PRC are often uncertain. In addition, these laws and regulations may be interpreted
and applied inconsistently by different agencies or authorities, and inconsistently with our current policies and practices. New laws,
regulations, and other government directives in the PRC may also be costly to comply with, and such compliance or any associated inquiries
or investigations or any other government actions may:
●
Delay or impede our development,
●
Result in negative publicity
    or increase our operating costs,
●
Require significant management
    time and attention, and
●
Subject us to remedies,
    administrative penalties and even criminal liabilities that may harm our business, including fines assessed for our current or historical
    operations, or demands or orders that we modify or even cease our business practices.
The
promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case that restrict or otherwise
unfavorably impact the ability or manner in which we conduct our business and could require us to change certain aspects of our business
to ensure compliance, which could decrease demand for our products, reduce revenues, increase costs, require us to obtain more licenses,
permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are required
to be implemented, our business, financial condition and results of operations could be adversely affected as well as materially decrease
the value of our ordinary shares.
If
the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment
in China-based issuers, such action could significantly limit or completely hinder our ability to offer or continue to offer securities
to investors and cause the value of such securities to significantly decline or be worthless.
The
Chinese government has exercised, and continues to exercise, substantial control over virtually every sector of the Chinese economy through
regulation and state ownership. The operating entities' ability to operate in China may be harmed by changes in Chinese laws and
regulations, including those relating to securities regulation, data protection, cybersecurity and mergers and acquisitions and other
matters. The PRC central or local governments may impose new, stricter regulations or interpretations of existing regulations that would
require additional expenditures and efforts on the operating entities' part for compliance with such regulations or interpretations.
Government actions in the future could significantly affect economic conditions in China or particular regions thereof, and could require
the operating entities to materially change their operating activities or divest themselves of any interests they hold in Chinese assets.
The operating entities' business may be subject to various types of government and regulatory interference, such as requiring the
operating entities to gain the approval from CSRC before this listing and to conduct a cyber security review. The operating entities
may incur increased costs necessary to comply with existing and newly adopted laws and regulations or penalties for any failure to comply.
The operating entities' operations could be adversely affected by existing or future laws and regulations.
16
Any
of these events could result in a material change in the operations of the operating entities and the value of our ordinary shares. The
Chinese government has indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign
investment in China-based issuers. Any such actions by the Chinese government could significantly limit or completely hinder our ability
to offer or continue to offer securities to investors and cause the value of our securities to significantly decline or be worthless.
Recent
greater oversight by the Cyberspace Administration of China (the "CAC") over data security, particularly for companies seeking
to list on a foreign exchange, could adversely impact our business and our offering.
On
December 28, 2021, 13 governmental departments of the PRC, including the CAC, jointly promulgated the Cybersecurity Review Measures,
which became effective on February 15, 2022. The Cybersecurity Review Measures provide that, in addition to critical information infrastructure
operators ("CIIOs") that intend to purchase Internet products and services, net platform operators engaging in data processing
activities that affect or may affect national security must be subject to cybersecurity review by the Cybersecurity Review Office of
the PRC. According to the Cybersecurity Review Measures, a cybersecurity review assesses potential national security risks that may be
brought about by any procurement, data processing, or overseas listing. The Cybersecurity Review Measures require that an online platform
operator which possesses the personal information of at least one million users must apply for a cybersecurity review by the CAC if it
intends to be listed in foreign countries.
On
November 14, 2021, the CAC published the Draft Regulations on the Network Data Security Administration (Draft for Comments) (the "Security
Administration Draft"), which provides that data processing operators engaging in data processing activities that affect or may
affect national security must be subject to cybersecurity review by the CAC. According to the Security Administration Draft, data processing
operators shall apply for a cybersecurity review by the relevant Cyberspace Administration of the PRC under certain circumstances, such
as (i) mergers, restructurings, and divisions of Internet platform operators that hold large amount of data relating to national security,
economic development, or public interest which affects or may affect the national security, (ii) overseas listings of data processors
that process personal data for more than one million individuals, (iii) Hong Kong listings of data processors that affect or may affect
national security, and (iv) other data processing activities that affect or may affect the national security. The deadline for public
comments on the Security Administration Draft was December 13, 2021.
The
PRC Data Security Law, which was promulgated by the Standing Committee of the National People's Congress of the PRC ("SCNPC")
on June 10, 2021 and took effect on September 1, 2021, requires data collection to be conducted in a legitimate and proper manner, and
stipulates that, for the purpose of data protection, data processing activities must be conducted based on data classification and hierarchical
protection system for data security.
On
August 20, 2021, the SCNPC promulgated the Personal Information Protection Law of the People's Republic of China, or the Personal
Information Protection Law, which integrates the scattered rules with respect to personal information rights and privacy protection and
took effect on November 1, 2021.
In
addition, the PRC regulatory authorities have recently taken steps to strengthen the regulations on data protection and conducted several
rounds of relevant inspections. The Rules on the Scope of Necessary Personal Information for Common Types of Mobile Internet Applications,
which came into effect on May 1, 2021 (the "Necessary Personal Information Rules"), require that the operators of mobile
apps shall not deny the users who do not consent to the collection of unnecessary personal information from using the basic functions
and services of such apps. In addition, under the Necessary Personal Information Rules, "necessary personal information"
refers to personal information necessary for ensuring the normal operation of an app's basic functional services. The basic functional
services of the operating entities' apps are providing instant messaging services through texts, pictures, voice, and video, where
the necessary personal information includes mobile phone numbers and account numbers of registered users and lists of accounts of instant
messaging contact persons.
As
advised by our PRC legal counsel, DeHeng Law Offices (Shenzhen), neither we nor the operating entities are subject to cybersecurity review
by the CAC, since neither we nor the operating entities currently have over one million users' personal information and do not
anticipate that we will be collecting over one million users' personal information in the foreseeable future, which we understand
might otherwise subject us to the Cybersecurity Review Measures. As of the date of this Annual Report, we have not received any notice
from any authorities identifying the operating entities as CIIOs or requiring us or the operating entities to undergo a cybersecurity
review or network data security review by the CAC. The operating entities have taken measures to ensure their compliance with related
cybersecurity laws.
17
There
remains uncertainty as to how the Cybersecurity Review Measures and the Security Administration Draft 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 Cybersecurity Review Measures and the Security Administration Draft. If any such new laws, regulations, rules, or implementation
and interpretation come into effect, we will take all reasonable measures and actions to comply and to minimize the adverse effect of
such laws on us. Furthermore, many specific requirements of the Personal Information Protection Law and other laws related to data securities
remain to be clarified by the CAC, other regulatory authorities, and the courts, for practical application. We may be required to adjust
our business practices to comply with the personal information protection laws and regulations. There is no assurance 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 should they be deemed to be applicable to the operations of the operating entities. There is no certainty as to how such review
or prescribed actions would impact such operations and we cannot guarantee that any clearance can be obtained, or maintained, if approved,
or any actions that may be required can be taken in a timely manner, or at all.
Changes
in China's economic, political or social conditions or government policies could have a material adverse effect on our business
and operations.
Substantially
all of our assets and operations are located in the PRC. Accordingly, our business, financial condition, results of operations and prospects
may be influenced to a significant degree by political, economic and social conditions in the PRC generally. The Chinese economy differs
from the economies of most developed countries in many respects, including the level of government involvement, development, growth rate,
control of foreign exchange and allocation of resources. Although the Chinese government has implemented measures emphasizing the utilization
of market forces for economic reform, the reduction of state ownership of productive assets, and the establishment of improved corporate
governance in business enterprises, a substantial portion of productive assets in the PRC is still owned by the government. In addition,
the Chinese government continues to play a significant role in regulating industry development by imposing industrial policies. The Chinese
government also exercises significant control over the PRC's economic growth through allocating resources, controlling payment
of foreign currency-denominated obligations, setting monetary policy and providing preferential treatment to particular industries or
companies.
While
the Chinese economy has experienced significant growth over past decades, growth has been uneven, both geographically and among various
sectors of the economy. Any adverse changes in economic conditions in the PRC, in the policies of the Chinese government or in the laws
and regulations in the PRC could have a material adverse effect on the overall economic growth of the PRC. Such developments could adversely
affect our business and operating results, lead to a reduction in demand for our services and adversely affect our competitive position.
The Chinese government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these
measures may benefit the overall Chinese economy, but may have a negative effect on us. For example, our financial condition and results
of operations may be adversely affected by government control over capital investments or changes in tax regulations. In addition, in
the past the Chinese government has implemented certain measures, including interest rate adjustment, to control the pace of economic
growth. These measures may cause decreased economic activity in the PRC, which may adversely affect our business and operating results.
Non-compliance
with labor-related laws and regulations of the PRC may have an adverse impact on our financial condition and results of operation.
We
have been subject to stricter regulatory requirements in terms of entering into labor contracts with our employees and paying various
statutory employee benefits, including pensions, housing fund, work-related injury insurance, unemployment insurance and childbearing
insurance to designated government agencies for the benefit of our employees. Pursuant to the PRC Labor Contract Law, or the Labor Contract
Law, that became effective in January 2008 and its implementing rules that became effective in September 2008 and was amended in July
2013, employers are subject to stricter requirements in terms of signing labor contracts, minimum wages, paying remuneration, determining
the term of employees' probation and unilaterally terminating labor contracts. In the event that we decide to terminate some of
our employees or otherwise change our employment or labor practices, the Labor Contract Law and its implementation rules may limit our
ability to effect those changes in a desirable or cost-effective manner, which could adversely affect our business and results of operations.
We believe our current practice complies with the Labor Contract Law and its amendments. However, the relevant governmental authorities
may take a different view and impose fines on us.
18
As
the interpretation and implementation of labor-related laws and regulations are still evolving, we cannot assure you that our employment
practice does not and will not violate labor-related laws and regulations in China, which may subject us to labor disputes or government
investigations. If we are deemed to have violated relevant labor laws and regulations, we could be required to provide additional compensation
to our employees and our business, financial condition and results of operations could be materially and adversely affected.
China's
economic, political and social conditions, as well as changes in any government policies, laws and regulations, could have a material
adverse effect on our business.
All
of our operations are located in China and substantially of our net revenues are derived from customers where the contracting entity
is located in China. Accordingly, our business, financial condition, results of operations, prospects and certain transactions we may
undertake may be subject, to a significant extent, to economic, political and legal developments in China.
China's
economy differs from the economies of most developed countries in many respects, including the amount of government involvement, level
of development, growth rate, control of foreign exchange and allocation of resources. Although China's economy has been transitioning
from a planned economy to a more market-oriented economy since the late 1970s, the PRC government continues to play a significant role
in regulating industry development by imposing industrial policies. The PRC government also exercises significant control over China's
economic growth through allocating resources, controlling the incurrence and payment of foreign currency-denominated obligations, setting
monetary policy and providing preferential treatment to particular industries or companies. Changes in any of these policies, laws and
regulations could adversely affect the economy in China and could have a material adverse effect on our business.
The
PRC government has implemented various measures to encourage foreign investment and sustainable economic growth and to guide the allocation
of financial and other resources. However, we cannot assure you that the PRC government will not repeal or alter these measures or introduce
new measures that will have a negative effect on us. China's social and political conditions may change and become unstable. Any
sudden changes to China's political system or the occurrence of widespread social unrest could have a material adverse effect on
our business and results of operations.
Uncertainties
with respect to the PRC legal system could adversely affect us.
The
PRC legal system is a civil law system based on written statutes. Unlike the common law system, prior court decisions under the civil
law system may be cited for reference but have limited precedential value.
In
1979, the PRC government began to promulgate a comprehensive system of laws and regulations governing economic matters generally. The
overall effect of legislation over the past four decades has significantly enhanced the protections afforded to various forms of foreign
investments in the PRC. However, the PRC has not developed a fully integrated legal system, and recently enacted laws and regulations
may not sufficiently cover all aspects of economic activities in the PRC. In particular, the interpretation and enforcement of these
laws and regulations involve uncertainties. Since PRC administrative and court authorities have significant discretion in interpreting
and implementing statutory provisions and contractual terms, it may be difficult to evaluate the outcome of administrative and court
proceedings and the level of legal protection we enjoy. These uncertainties may affect our judgment on the relevance of legal requirements
and our ability to enforce our contractual rights or tort claims. In addition, these regulatory uncertainties may be exploited through
unmerited or frivolous legal actions or threats in attempts to extract payments or benefits from us.
Furthermore,
the PRC legal system is based in part on government policies and internal rules, some of which are not published on a timely basis or
at all and may have a retroactive effect. As a result, we may not be aware of our violation of any of these policies and rules until
sometime after the violation. In addition, any administrative and court proceedings in the PRC may be protracted, resulting in substantial
costs and diversion of resources and management attention.
19
You
may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us
or our management named in the Annual Report based on foreign laws.
We
conduct substantially all of our operations in China, and substantially all of our assets are located in China. In addition, our current
officers reside within China and are PRC nationals. As a result, it may be difficult for our shareholders to effect service of process
upon us or those persons inside the PRC. In addition, the PRC does not have treaties providing for the reciprocal recognition and enforcement
of judgments of courts with the Cayman Islands and many other countries and regions. Therefore, recognition and enforcement in the PRC
of judgments of a court in any of these non-PRC jurisdictions in relation to any matter not subject to a binding arbitration provision
may be difficult or impossible.
We
may rely on dividends and other distributions on equity paid by the operating entities to fund any cash and financing requirements we
may have, and any interventions in or the imposition of restrictions and limitations on the ability of our company or the operating entities
by the PRC government to transfer cash or assets could have a material and adverse effect on our business.
We
are a holding company incorporated in the Cayman Islands and we operate our business principally through the operating entities in the
PRC. We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements
we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect
on our ability to conduct our business.
We
rely principally on dividends and other distributions on equity from our PRC subsidiaries for our cash requirements, including for services
of any debt we may incur.
Our
PRC subsidiaries' ability to distribute dividends is based upon their distributable earnings. Current PRC regulations permit our
PRC subsidiaries to pay dividends to their respective shareholders only out of their accumulated profits, if any, determined in accordance
with PRC accounting standards and regulations. In addition, each of our PRC subsidiaries, as a Foreign Invested Enterprise, or FIE, are
required to draw 10% of its after-tax profits each year, if any, to fund a common reserve, which may stop drawing its after-tax profits
if the aggregate balance of the common reserve has already accounted for over 50 percent of its registered capital. These reserves are
not distributable as cash dividends. If our PRC subsidiaries incur debt on their own behalf in the future, the instruments governing
the debt may restrict their ability to pay dividends or make other payments to us. Any limitation on the ability of our PRC subsidiaries
to distribute dividends or other payments to their respective shareholders could materially and adversely limit our ability to grow,
make investments or acquisitions that could be beneficial to our business, pay dividends or otherwise fund and conduct our business.
In
addition, the Enterprise Income Tax Law and its implementation rules provide that a withholding tax rate of up to 10% will be applicable
to dividends payable by Chinese companies to non-PRC-resident enterprises unless otherwise exempted or reduced according to treaties
or arrangements between the PRC central government and governments of other countries or regions where the non-PRC resident enterprises
are incorporated.
PRC
regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion
may delay us from making loans or additional capital contributions to our PRC subsidiaries, which could materially and adversely affect
our liquidity and our ability to fund and expand our business.
Any
funds we transfer to our PRC subsidiaries, either as a shareholder loan or as an increase in registered capital, are subject to approval
by or registration with relevant governmental authorities in China. According to the relevant PRC regulations on Foreign-Invested Enterprises,
or FIEs, in China, capital contributions to our PRC subsidiaries are subject to the approval of or filing with the Ministry of Commerce,
or MOFCOM or its local branches and registration with a local bank authorized by the State Administration of Foreign Exchange, or SAFE.
In addition, (i) a foreign loan of less one year duration procured by our PRC subsidiaries is required to be registered with SAFE or
its local branches and (ii) a foreign loan of one year duration or more procured by our PRC subsidiaries is required to be applied to
the National Development and Reform Commission, or NDRC, in advance for undergoing recordation registration formalities. Any medium or
long-term loan to be provided by us to our PRC operating subsidiaries, must be registered with the NDRC and the SAFE or its local branches.
We may not be able to complete such registrations on a timely basis, with respect to future capital contributions or foreign loans by
us to our PRC Subsidiary. If we fail to complete such registrations, our ability to capitalize our PRC operations may be negatively affected,
which could adversely affect our liquidity and our ability to fund and expand our business.
20
On
March 30, 2015, the SAFE promulgated the Circular on Reforming the Management Approach Regarding the Foreign Exchange Capital Settlement
of Foreign-Invested Enterprises, or SAFE Circular 19, which took effect as of June 1, 2015. SAFE Circular 19 launched a nationwide reform
of the administration of the settlement of the foreign exchange capitals of FIEs and allows FIEs to settle their foreign exchange capital
at their discretion, but continues to prohibit FIEs from using the Renminbi fund converted from their foreign exchange capital for expenditure
beyond their business scopes, providing entrusted loans or repaying loans between nonfinancial enterprises. The SAFE issued the Circular
on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital Accounts, or SAFE Circular 16, effective
in June 2016. Pursuant to SAFE Circular 16, enterprises registered in China may also convert their foreign debts from foreign currency
to Renminbi on a self-discretionary basis. SAFE Circular 16 provides an integrated standard for conversion of foreign exchange under
capital account items (including but not limited to foreign currency capital and foreign debts) on a self-discretionary basis which applies
to all enterprises registered in China. SAFE Circular 16 reiterates the principle that Renminbi converted from foreign currency-denominated
capital of a company may not be directly or indirectly used for purposes beyond its business scope or prohibited by PRC laws or regulations,
while such converted Renminbi shall not be provided as loans to its non-affiliated entities. As this circular is relatively new, there
remains uncertainty as to its interpretation and application and any other future foreign exchange related rules. Violations of these
Circulars could result in severe monetary or other penalties. SAFE Circular 19 and SAFE Circular 16 may significantly limit our ability
to use Renminbi to fund our PRC operating subsidiaries, to invest in or acquire any other PRC companies through our PRC subsidiaries,
which may adversely affect our business, financial condition and results of operations.
We
may be exposed to liabilities under the Foreign Corrupt Practices Act and Chinese anti-corruption laws.
We
are subject to the U.S. Foreign Corrupt Practices Act (the "FCPA"), and other laws that prohibit improper payments or offers
of payments to foreign governments and their officials and political parties by U.S. persons and issuers as defined by the statute for
the purpose of obtaining or retaining business. The operating entities are subject to Chinese anti-corruption laws, which strictly prohibit
the payment of bribes to government officials. The operating entities have operations, agreements with third parties, and make sales
in China, which may experience corruption. The activities in China create the risk of unauthorized payments or offers of payments by
the employees, consultants or distributors of our Company, because these parties are not always subject to our control.
Although
we believe we have complied in all material respects with the provisions of the FCPA and Chinese anti-corruption laws as of the date
of this Annual Report, our existing safeguards and any future improvements may prove to be less than effective, and the employees, consultants
or distributors of our Company may engage in conduct for which we might be held responsible. Violations of the FCPA or Chinese anti-corruption
laws may result in severe criminal or civil sanctions, and we may be subject to other liabilities, which could negatively affect our
operating results and financial condition. In addition, the government may seek to hold our Company liable for successor liability FCPA
violations committed by companies in which we invest or that we acquire.
Restrictions
on the remittance of Renminbi into and out of China and governmental control of currency conversion may limit our ability to pay dividends
and other obligations, and affect the value of your investment.
The
PRC government imposes controls and restrictions on the convertibility of the Renminbi into foreign currencies and, in certain cases,
the remittance of currency out of the PRC. The majority of our income is received in Renminbi and shortages in the availability of foreign
currencies may restrict our ability to pay dividends or other payments, or otherwise satisfy their foreign currency denominated obligations,
if any. Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest
payments and expenditures from trade-related transactions, can be made in foreign currencies without prior approval from SAFE, by complying
with certain procedural requirements. Approval from appropriate government authorities is required where Renminbi is to be converted
into foreign currency and remitted out of the PRC to pay capital expenses such as the repayment of loans denominated in foreign currencies.
The PRC government may, at its discretion, impose restrictions on access to foreign currencies for current account transactions and if
this occurs in the future, we may not be able to pay dividends in foreign currencies to our shareholders.
21
Although
the audit report included in this Annual Report was issued by Singapore auditors who are currently inspected by the PCAOB, if it is later
determined that the PCAOB is unable to inspect or investigate our auditor completely, investors would be deprived of the benefits of
such inspection and our ordinary shares may be delisted or prohibited from trading.
The
audit report included in this Annual Report was issued by Assentsure PAC, a Singapore-based accounting firm that is registered with the
PCAOB and can be inspected by the PCAOB. We have no intention of dismissing Assentsure PAC in the future or of engaging any auditor not
based in the U.S. and not subject to regular inspection by the PCAOB. As an auditor of companies that are registered with the SEC and
publicly traded in the United States and a firm registered with the PCAOB, our auditor is required under the laws of the United States
to undergo regular inspections by the PCAOB to assess its compliance with the laws of the United States and professional standards. If
we were to engage a different auditor in the future, we would engage an auditor that is U.S.-based and subject to full PCAOB inspection
with all materials related to the audit of our financial statements accessible to the PCAOB. There is no guarantee, however, that any
future auditor engaged by the Company would remain subject to full PCAOB inspection during the entire term of our engagement. In such
case, we will engage a new qualified and fully inspected auditor, which may result in us delaying or restating our financial statements.
The
PCAOB is currently unable to conduct inspections in China without the approval of Chinese government authorities. If it is later determined
that the PCAOB is unable to inspect or investigate our auditor completely, investors may be deprived of the benefits of such inspection.
Any audit reports not issued by auditors that are completely inspected by the PCAOB, or a lack of PCAOB inspections of audit work undertaken
in China that prevents the PCAOB from regularly evaluating our auditors' audits and their quality control procedures, could result
in a lack of assurance that our financial statements and disclosures are adequate and accurate.
As
part of a continued regulatory focus in the United States on access to audit and other information currently protected by national law,
in particular mainland China's, in June 2019, a bipartisan group of lawmakers introduced bills in both houses of the U.S. Congress
which, if passed, would require the SEC to maintain a list of issuers for which PCAOB is not able to inspect or investigate the audit
work performed by a foreign public accounting firm completely. The proposed Ensuring Quality Information and Transparency for Abroad-Based
Listings on our Exchanges ("EQUITABLE") Act prescribes increased disclosure requirements for these issuers and, beginning
in 2025, the delisting from U.S. national securities exchanges of issuers included on the SEC's list for three consecutive years.
It is unclear if this proposed legislation will be enacted. Furthermore, there have been recent deliberations within the U.S. government
regarding potentially limiting or restricting China-based companies from accessing U.S. capital markets. On May 20, 2020, the U.S. Senate
passed the Holding Foreign Companies Accountable Act (the "HFCAA"), which includes requirements for the SEC to identify issuers
whose audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely because of a restriction imposed
by a non-U.S. authority in the auditor's local jurisdiction. The U.S. House of Representatives passed the HFCAA on December 2,
2020, and the HFCAA was signed into law on December 18, 2020. Additionally, in July 2020, the U.S. President's Working Group on
Financial Markets issued recommendations for actions that can be taken by the executive branch, the SEC, the PCAOB or other federal agencies
and department with respect to Chinese companies listed on U.S. stock exchanges and their audit firms, in an effort to protect investors
in the United States. In response, on November 23, 2020, the SEC issued guidance highlighting certain risks (and their implications to
U.S. investors) associated with investments in China-based issuers and summarizing enhanced disclosures the SEC recommends China-based
issuers make regarding such risks. On December 2, 2021, the SEC adopted final rules relating to the implementation of certain disclosure
and documentation requirements of the HFCAA. We will be required to comply with these rules if the SEC identifies us as having a "non-inspection"
year (as defined in the interim final rules) under a process to be subsequently established by the SEC. The SEC is assessing how to implement
other requirements of the HFCAA, including the listing and trading prohibition requirements described above. Under the HFCAA, our securities
may be prohibited from trading on the U.S. stock exchanges if our auditor is not inspected by the PCAOB for three consecutive years,
and this ultimately could result in our Shares being delisted. Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating
Holding Foreign Companies Accountable Act ("AHFCAA"), which, if enacted, would amend the HFCAA and require the SEC to prohibit
an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive
years instead of three. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for
the PCAOB to use when determining, as contemplated under the HFCAA, whether the Board is unable to inspect or investigate completely
registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.
On December 16, 2021, the PCAOB issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely
registered public accounting firms headquartered in: (1) mainland China of the People's Republic of China, because of a position
taken by one or more authorities in mainland China; and (2) Hong Kong, a Special Administrative Region and dependency of the PRC, because
of a position taken by one or more authorities in Hong Kong.
22
On
August 26, 2022, the PCAOB signed a Statement of Protocol with the CSRC and the Ministry of Finance of the PRC governing inspections
and investigations of audit firms based in China and Hong Kong, and stated the cooperation will be launched soon. The Statement scheduled
several important issues including the purpose, scope and form of the cooperation, use of information and specific data protection during
the cooperation, etc. In particular, Chinese authorities have committed to four critical items: First, in accordance with the Sarbanes-Oxley
Act, the PCAOB has independent discretion to select any issuer audits for inspection or investigation; Second, the PCAOB gets direct
access to interview or take testimony from all personnel of the audit firms whose issuer engagements are being inspected or investigated;
Third, the PCAOB has the unfettered ability to transfer information to the SEC, in accordance with the Sarbanes-Oxley Act; and Fourth,
PCAOB inspectors can see complete audit work papers without any redactions. On the last item, the PCAOB was able to establish view only
procedures — as it has done in the past with certain other jurisdictions — for targeted pieces of information (for example,
personally identifiable information). As uncertainties remain regarding the details of the cooperation and the implementation by the
authorities of the two sides, the risks we faced regarding the de-listing of our securities because of non-compliance to the laws and
regulations adopted by the U.S. authorities will still exist.
Should
the PCAOB be unable to fully conduct inspection of our auditor's work papers in China, it will make it difficult to evaluate the
effectiveness of our auditor's audit procedures or equity control procedures. Investors may consequently lose confidence in our
reported financial information and procedures or quality of the financial statements, which would adversely affect us and out securities.
Governmental
control of currency conversion may limit our ability to utilize our revenues effectively and affect the value of your investment.
The
PRC government imposes controls on the convertibility of the Renminbi into foreign currencies and, in certain cases, the remittance of
currency out of China. We receive substantially all of our revenues in Renminbi. Under our current corporate structure, we primarily
rely on dividend payments from our PRC subsidiaries to fund any cash and financing requirements we may have. Under existing PRC foreign
exchange regulations, payments of current account items, including profit distributions, interest payments and trade and service-related
foreign exchange transactions, can be made in foreign currencies without prior approval of SAFE by complying with certain procedural
requirements. Specifically, under the existing exchange restrictions, without prior approval of SAFE, cash generated from the operations
of our PRC subsidiaries in China may be used to pay dividends to our company. However, approval from or registration with appropriate
government authorities is required, in principle, where RMB is to be converted into foreign currency and remitted out of China to pay
capital expenses such as the repayment of loans denominated in foreign currencies. As a result, we need to obtain SAFE approval to use
cash generated from the operations of our PRC subsidiaries to pay off their respective debt in a currency other than Renminbi owed to
entities outside China, or to make other capital expenditure payments outside China in a currency other than Renminbi. The PRC government
may at its discretion restrict access to foreign currencies for current account transactions in the future. If the foreign exchange control
system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands, we may not be able to pay dividends
in foreign currencies to our shareholders, including holders of the Common stock.
23
Certain
PRC regulations may make it more difficult for us to pursue growth through acquisitions.
Among
other things, the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors ("M&A Rules")
and Anti-Monopoly Law of the People's Republic of China promulgated by the Standing Committee of the NPC which became effective
in 2008 ("Anti-Monopoly Law"), established additional procedures and requirements that could make merger and acquisition
activities by foreign investors more time-consuming and complex. Such regulation requires, among other things, that State Administration
for Market Regulation (SAMR) be notified in advance of any change-of-control transaction in which a foreign investor acquires control
of a PRC domestic enterprise or a foreign company with substantial PRC operations, if certain thresholds under the Provisions of the
State Council on the Standard for Declaration of Concentration of Business Operators, issued by the State Council in 2008, are triggered.
Moreover, the Anti-Monopoly Law requires that transactions which involve the national security, the examination on the national security
shall also be conducted according to the relevant provisions of the State. In addition, PRC Measures for the Security Review of Foreign
Investment which became effective in January 2021 require acquisitions by foreign investors of PRC companies engaged in military-related
or certain other industries that are crucial to national security be subject to security review before consummation of any such acquisition.
We may pursue potential strategic acquisitions that are complementary to our business and operations.
Complying
with the requirements of these regulations to complete such transactions could be time-consuming, and any required approval processes,
including obtaining approval or clearance from the MOFCOM, may delay or inhibit our ability to complete such transactions, which could
affect our ability to expand our business or maintain our market share.
PRC
regulations relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident beneficial
owners or our PRC subsidiary to liability or penalties, limit our ability to inject capital into our PRC subsidiary, limit our PRC subsidiary'
ability to increase their registered capital or distribute profits to us, or may otherwise adversely affect us.
In
July 2014, SAFE promulgated the Circular on Relevant Issues Concerning Foreign Exchange Control on Domestic Residents' Offshore
Investment and Financing and Roundtrip Investment Through Special Purpose Vehicles, or SAFE Circular 37, to replace the Notice on Relevant
Issues Concerning Foreign Exchange Administration for Domestic Residents' Financing and Roundtrip Investment Through Offshore Special
Purpose Vehicles, or SAFE Circular 75, which ceased to be effective upon the promulgation of SAFE Circular 37. SAFE Circular 37 requires
PRC residents (including PRC individuals and PRC corporate entities) to register with SAFE or its local branches in connection with their
direct or indirect offshore investment activities. SAFE Circular 37 is applicable to our shareholders who are PRC residents and may be
applicable to any offshore acquisitions that we make in the future.
Under
SAFE Circular 37, PRC residents who make, or have prior to the implementation of SAFE Circular 37 made, direct or indirect investments
in offshore special purpose vehicles, or SPVs, will be required to register such investments with SAFE or its local branches. In addition,
any PRC resident who is a direct or indirect shareholder of an SPV is required to update its filed registration with the local branch
of SAFE with respect to that SPV, to reflect any material change. Moreover, any subsidiary of such SPV in China is required to urge the
PRC resident shareholders to update their registration with the local branch of SAFE. If any PRC shareholder of such SPV fails to make
the required registration or to update the previously filed registration, the subsidiary of such SPV in China may be prohibited from
distributing its profits or the proceeds from any capital reduction, share transfer or liquidation to the SPV, and the SPV may also be
prohibited from making additional capital contributions into its subsidiary in China. On February 13, 2015, the SAFE promulgated a Notice
on Further Simplifying and Improving Foreign Exchange Administration Policy on Direct Investment, or SAFE Notice 13, which became effective
on June 1, 2015. Under SAFE Notice 13, applications for foreign exchange registration of inbound foreign direct investments and outbound
overseas direct investments, including those required under SAFE Circular 37, will be filed with qualified banks instead of SAFE. The
qualified banks will directly examine the applications and accept registrations under the supervision of SAFE.
Some
of our shareholders that we are aware of are subject to SAFE regulations, and we expect all of these shareholders will have completed
all necessary registrations with the local SAFE branch or qualified banks as required by SAFE Circular 37. We cannot assure you, however,
that all of these shareholders may continue to make required filings or updates in a timely manner, or at all. We can provide no assurance
that we are or will in the future continue to be informed of identities of all PRC residents holding direct or indirect interest in our
company. Any failure or inability by such shareholders to comply with SAFE regulations may subject us to fines or legal sanctions, such
as restrictions on our cross-border investment activities or our PRC subsidiaries' ability to distribute dividends to, or obtain
foreign exchange-denominated loans from, our company or prevent us from making distributions or paying dividends. As a result, our business
operations and our ability to make distributions to you could be materially and adversely affected.
24
Furthermore,
as these foreign exchange regulations are still relatively new and their interpretation and implementation have been constantly evolving,
it is unclear how these regulations, and any future regulation concerning offshore or cross-border transactions, will be interpreted,
amended and implemented by the relevant government authorities. For example, we may be subject to a more stringent review and approval
process with respect to our foreign exchange activities, such as remittance of dividends and foreign-currency-denominated borrowings,
which may adversely affect our financial condition and results of operations. In addition, if we decide to acquire a PRC domestic company,
we cannot assure you that we or the owners of such company, as the case may be, will be able to obtain the necessary approvals or complete
the necessary filings and registrations required by the foreign exchange regulations. This may restrict our ability to implement our
acquisition strategy and could adversely affect our business and prospects.
As
of the date of this disclosure, The PRC residents have applied for foreign exchange registration under the SAFE Circular 37 and other
related rules. Although they are in the process of making foreign exchange registration, they may still face with the above said possible
fines in accordance with the PRC Laws.
Failure
to make adequate contributions to various employee benefit plans and withhold individual income tax on employees' salaries as required
by PRC regulations may subject us to penalties.
Companies
operating in China are required to participate in various government-mandated employee benefit contribution plans, including certain
social insurance, housing funds and other welfare-oriented payment obligations, and contribute to the plans in amounts equal to certain
percentages of salaries, including bonuses and allowances, of our employees up to a maximum amount specified by the local government
from time to time at locations where we operate our businesses. The requirement of employee benefit contribution plans has not been implemented
consistently by the local governments in China given the different levels of economic development in different locations. Companies operating
in China are also required to withhold individual income tax on employees' salaries based on the actual salary of each employee
upon payment. We may be subject to late fees and fines in relation to the underpaid employee benefits and under-withheld individual income
tax, our financial condition and results of operations may be adversely affected.
Any
failure to comply with PRC regulations regarding the registration requirements for employee stock incentive plans may subject the PRC
plan participants or us to fines and other legal or administrative sanctions.
Pursuant
to the Notices on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan
of Overseas Publicly-Listed Company, promulgated by SAFE in 2012, or SAFE Notices No. 7, PRC citizens and non-PRC citizens who reside
in China for a continuous period of no less than one year who participate in any stock incentive plan of an overseas publicly listed
company offered to the director, supervisor, senior management and other employees of, and any individual who has labor relationship
with its domestic affiliated entities are required to register with SAFE through a domestic qualified agent, which could be a PRC subsidiary
of such overseas listed company, and complete certain other procedures. In addition, an overseas entrusted institution must be retained
to handle matters in connection with the exercise or sale of stock options and the purchase or sale of shares and interests. We and our
director, our executive officers and other employees who are PRC citizens or who reside in the PRC for a continuous period of no less
than one year and who have been granted stock options are subject to these regulations. Failure to complete the SAFE registrations for
our employee incentive plans after our listing may subject them to fines and legal sanctions, and may also limit our ability to contribute
additional capital into our PRC subsidiaries and limit our PRC subsidiaries' ability to distribute dividends to us. We also face
regulatory uncertainties that could restrict our ability to adopt additional incentive plans for our director, our executive officers
and employees under PRC law.
In
addition, the State Administration of Taxation, or SAT, has issued certain circulars concerning employee stock options and restricted
shares. Under these circulars, our employees working in China who exercise stock options or are granted restricted shares will be subject
to PRC individual income tax. Our PRC subsidiaries have obligations to file documents related to employee stock options or restricted
shares with relevant tax authorities and to withhold individual income taxes of those employees who exercise their share options or are
granted with restricted shares. If our employees fail to pay or we fail to withhold their income taxes according to relevant laws and
regulations, we may face sanctions imposed by the tax authorities or other PRC governmental authorities.
25
U.S.
regulatory bodies may be limited in their ability to conduct investigations or inspections of our operations in China.
Any
disclosure of documents or information located in China by foreign agencies may be subject to jurisdiction constraints and must comply
with China's state secrecy laws, which broadly define the scope of "state secrets" to include matters involving economic
interests and technologies. There is no guarantee that requests from U.S. federal or state regulators or agencies to investigate or inspect
our operations will be honored by us, by entities who provide services to us or with whom we associate, without violating PRC legal requirements,
especially as those entities are located in China. Furthermore, under the current PRC laws, an on-site inspection of our facilities by
any of these regulators may be limited or prohibited.
If
we are classified as a PRC resident enterprise for PRC income tax purposes, such classification could result in unfavorable tax consequences
to us and our non-PRC shareholders.
Under
the PRC Enterprise Income Tax Law and its implementation rules, an enterprise established outside of the PRC with its "de facto
management body" within the PRC is considered a "resident enterprise" and will be subject to the enterprise income
tax on its global income at the rate of 25%. The implementation rules define the term "de facto management body" as the body
that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties
of an enterprise. In 2009, the State Administration of Taxation, or SAT, issued a circular, known as SAT Circular 82, which provides
certain specific criteria for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated
offshore is located in China. Although this circular applies only to offshore enterprises controlled by PRC enterprises or PRC enterprise
groups, not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT's general
position on how the "de facto management body" text should be applied in determining the tax resident status of all offshore
enterprises. According to SAT Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group
will be regarded as a PRC tax resident by virtue of having its "de facto management body" in China, and will be subject to
PRC enterprise income tax on its global income only if all of the following conditions are met: (i) the primary location of the day-to-day
operational management is in the PRC; (ii) decisions relating to the enterprise's financial and human resource matters are made
or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and
records, company seals, and board and shareholder resolutions are located or maintained in the PRC; and (iv) at least 50% of voting board
members or senior executives habitually reside in the PRC.
We
believe our company is not a PRC resident enterprise for PRC tax purposes. However, the tax resident status of an enterprise is subject
to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management
body." If the PRC tax authorities determine that our company is a PRC resident enterprise for enterprise income tax purposes, we
would be subject to PRC enterprise income on our worldwide income at the rate of 25%. Furthermore, we would be required to withhold a
10% tax from dividends we pay to our shareholders that are non-resident enterprises. In addition, non-resident enterprise shareholders
(including the common stockholders) may be subject to PRC tax on gains realized on the sale or other disposition of the common stock,
if such income is treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends paid to
our non-PRC individual shareholders (including the common stockholders) and any gain realized on the transfer of the common stock or
ordinary shares by such shareholders may be subject to PRC tax at a rate of 20% (which, in the case of dividends, may be withheld at
source by us). These rates may be reduced by an applicable tax treaty, but it is unclear whether non-PRC shareholders of our company
would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that we are treated
as a PRC resident enterprise. Any such tax may reduce the returns on your investment in our common stock.
We
face uncertainty with respect to indirect transfers of equity interests in PRC resident enterprises by their non-PRC holding companies.
On
February 3, 2015, the SAT issued the Public Notice Regarding Certain Corporate Income Tax Matters on Indirect Transfer of Properties
by Non-Tax Resident Enterprises, or SAT Bulletin 7. SAT Bulletin 7 extends its tax jurisdiction to transactions involving the transfer
of taxable assets through offshore transfer of a foreign intermediate holding company. In addition, SAT Bulletin 7 has introduced safe
harbors for internal group restructurings and the purchase and sale of equity through a public securities market. SAT Bulletin 7 also
brings challenges to both foreign transferor and transferee (or other person who is obligated to pay for the transfer) of taxable assets,
as such persons need to determine whether their transactions are subject to these rules and whether any withholding obligation applies.
26
On
October 17, 2017, the SAT issued the Announcement of the State Administration of Taxation on Issues Concerning the Withholding of Non-resident
Enterprise Income Tax at Source, or SAT Bulletin 37, which came into effect on December 1, 2017. The SAT Bulletin 37 further clarifies
the practice and procedure of the withholding of non-resident enterprise income tax.
Where
a non-resident enterprise transfers taxable assets indirectly by disposing of the equity interests of an overseas holding company, which
is an "Indirect Transfer", the non-resident enterprise as either transferor or transferee, or the PRC entity that directly
owns the taxable assets, may report such Indirect Transfer to the relevant tax authority. Using a "substance over form" principle,
the PRC tax authority may disregard the existence of the overseas holding company if it lacks a reasonable commercial purpose and was
established for the purpose of reducing, avoiding or deferring PRC tax. As a result, gains derived from such Indirect Transfer may be
subject to PRC enterprise income tax, and the transferee or other person who pays for the transfer is obligated to withhold the applicable
taxes currently at a rate of 10% for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee
may be subject to penalties under PRC tax laws if the transferee fails to withhold the taxes and the transferor fails to pay the taxes.
We
face uncertainties as to the reporting and other implications of certain past and future transactions where PRC taxable assets are involved,
such as offshore restructuring, sale of the shares in our offshore subsidiaries and investments. Our company may be subject to filing
obligations or taxed if our company is transferor in such transactions, and may be subject to withholding obligations if our company
is transferee in such transactions, under SAT Bulletin 7 and/or SAT Bulletin 37. For transfer of shares in our company by investors who
are non-PRC resident enterprises, our PRC subsidiaries may be requested to assist in the filing under SAT Bulletin 7 and/or SAT Bulletin
37. As a result, we may be required to expend valuable resources to comply with SAT Bulletin 7 and/or SAT Bulletin 37 or to request the
relevant transferors from whom we purchase taxable assets to comply with these circulars, or to establish that our company should not
be taxed under these circulars, which may have a material adverse effect on our financial condition and results of operations.
Risks
Related to the Shares
The
market price for the Shares may be volatile.
The
trading prices of the Shares are likely to be volatile and could fluctuate widely due to factors beyond our control. This may happen
because of broad market and industry factors, like the performance and fluctuation in the market prices or the underperformance or deteriorating
financial results of internet or other companies based in China that have listed their securities in the United States in recent years.
The securities of some of these companies have experienced significant volatility since their initial public offerings, including, in
some cases, substantial price declines in their trading prices. The trading performances of other Chinese companies' securities
after their offerings, including internet and e-commerce companies, may affect the attitudes of investors toward Chinese companies listed
in the United States, which consequently may impact the trading performance of the Shares, regardless of our actual operating performance.
In addition, any negative news or perceptions about inadequate corporate governance practices or fraudulent accounting, corporate structure
or other matters of other Chinese companies may also negatively affect the attitudes of investors towards Chinese companies in general,
including us, regardless of whether we have conducted any inappropriate activities. In addition, securities markets may from time to
time experience significant price and volume fluctuations that are not related to our operating performance, such as the large decline
in share prices in the United States, China and other jurisdictions in late 2008, early 2009 and the second half of 2011, which may have
a material adverse effect on the market price of the Shares.
In
addition to the above factors, the price and trading volume of the Shares may be highly volatile due to multiple factors, including the
following:
●
regulatory
                                            developments affecting us, our consumers or our industry;
●
conditions
                                            in the artworks business and the public perception of the legitimacy and ethics of certain
                                            business practices of our competitors or other market players within the industry;
27
●
announcements
                                            of studies and reports relating to the quality of our product and service offerings or those
                                            of our competitors;
●
changes
                                            in the economic performance or market valuations of other artworks businesses;
●
actual
                                            or anticipated fluctuations in our quarterly results of operations and changes or revisions
                                            of our expected results;
●
changes
                                            in financial estimates by securities research analysts;
●
announcements
                                            by us or our competitors of new product and service offerings, acquisitions, strategic relationships,
                                            joint ventures or capital commitments;
●
additions
                                            to or departures of our senior management;
●
detrimental
                                            negative publicity about us, our management or our industry;
●
fluctuations
                                            of exchange rates between the Renminbi and the U.S. dollar;
●
release
                                            or expiry of lock-up or other transfer restrictions on our outstanding Shares; and
●
sales
                                            or perceived potential sales of additional Shares.
The
trading market for the Shares will depend in part on the research and reports that securities or industry analysts publish about us or
our business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who cover
us downgrade the Shares or publish inaccurate or unfavorable research about our business, the market price for our Shares would likely
decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, we could lose visibility
in the financial markets, which, in turn, could cause the market price or trading volume for the Shares to decline.
If
securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations
regarding the Shares, the market price for the Shares and trading volume could decline.
The
trading market for our Shares will be influenced by research or reports that industry or securities analysts publish about our business.
If industry or securities analysts decide to cover us and in the future downgrade our Shares, the market price for our Shares would likely
decline. If one or more of these analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the
financial markets, which in turn could cause the market price or trading volume for our Shares to decline.
We
currently do not expect to pay dividends in the foreseeable future and you must rely on price appreciation of our ordinary shares for
return on your investment.
We
currently intend to retain most, if not all, of our available funds and any future earnings to fund our development and growth. As a
result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our
ordinary shares as a source for any future dividend income.
Our
Director Ruowen Li has complete discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands law.
In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our
director. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profit or share premium account, provided
that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts as they fall due in
the ordinary course of business. Even if director decides to declare and pay dividends, the timing, amount and form of future dividends,
if any, will depend on our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions,
if any, received by us from the operating entities, our financial condition, contractual restrictions and other factors deemed relevant
by our director. Accordingly, the return on your investment in our ordinary shares will likely depend entirely upon any future price
appreciation of our ordinary shares. There is no guarantee that our ordinary shares will appreciate in value or even maintain the price
at which you purchased the ordinary shares. You may not realize a return on your investment in our ordinary shares and you may even lose
your entire investment in our ordinary shares.
28
Substantial future sales or perceived potential
sales of Shares in the public market could cause the price of the Shares to decline.
Sales of Shares in the public market, or the perception
that these sales could occur, could cause the market price of the Shares to decline. We have 100,000,000 Shares outstanding. All of our
executive officers, our director and shareholders holding at least ten percent of our common stock have agreed not to sell our Shares
for a period of 180 days following the effective date of this Annual Report, subject to extension under specified circumstances. Shares
subject to these lock-up agreements will become eligible for sale in the public market upon expiration of these lock-up agreements, subject
to volume and other restrictions as applicable under Rules 144 and 701 under the Securities Act. To the extent shares are released before
the expiration of the lock-up period and sold into the market, the market price of the Shares could decline. Moreover, the perceived risk
of this potential dilution could cause shareholders to attempt to sell their shares and investors to short our Shares. These sales also
may make it more difficult for us to sell equity or equity-related securities in the future at a time and price that we deem reasonable
or appropriate.
We may need additional capital and may sell
additional Shares or other equity securities or incur indebtedness, which could result in additional dilution to our shareholders or increase
our debt service obligations.
We may require additional cash resources due to changed
business conditions or other future developments, including any investments or acquisitions we may decide to pursue. If our cash resources
are insufficient to satisfy our cash requirements, we may seek to sell additional equity or debt securities or obtain a credit facility.
The sale of additional equity securities or equity-linked debt securities could result in additional dilution to our shareholders. The
incurrence of indebtedness would result in debt service obligations and could result in operating and financing covenants that would restrict
our operations. We cannot assure you that financing will be available in amounts or terms acceptable to us, if at all.
Certain existing shareholders have substantial
influence over our company and their interests may not be aligned with the interests of our other shareholders.
UNIMOS Holdings Limited, which was 100% owned by Guangyi
Sui, owns approximately 52.34% of the total voting power of our outstanding Shares. As a result, they have substantial influence over
our business, including significant corporate actions such as mergers, consolidations, election of directors and other significant corporate
actions.
They may take actions that are not in the best interest
of us or our other shareholders. This concentration of ownership may discourage, delay or prevent a change in control of our company,
which could deprive our shareholders of an opportunity to receive a premium for their shares as part of a sale of our company and may
reduce the price of the Shares. These actions may be taken even if they are opposed by our other shareholders. In addition, the significant
concentration of share ownership may adversely affect the trading price of the Shares due to investors' perception that conflicts
of interest may exist or arise. For more information regarding our principal shareholders and their affiliated entities, see "Principal
Shareholders."
We are an emerging growth company within the
meaning of the Securities Act and may take advantage of certain reduced reporting requirements.
We are an "emerging growth company," as
defined in the JOBS Act, and we may take advantage of certain exemptions from various requirements applicable to other public companies
that are not emerging growth companies including, most significantly, not being required to comply with the auditor attestation requirements
of Section 404 of the Sarbanes-Oxley Act of 2002 so long as we are an emerging growth company. As a result, if we elect not to comply
with such auditor attestation requirements, our investors may not have access to certain information they may deem important.
In addition, 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 elected
to avail ourselves of an exemption that allows us to delay adopting new or revised accounting standards until such time as those standards
apply to private companies. As a result, we will not be subject to the same new or revised accounting standards as other public companies
that comply with the public company effective dates. We have also elected to take advantage of certain of the reduced disclosure obligations
in the registration statement of which this Annual Report is a part and may elect to take advantage of other reduced reporting requirements
in future filings. As a result of these elections, the information that we provide to our stockholders may be different than you might
receive from other public reporting companies.
29
We are a foreign private issuer within the meaning
of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to 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; and
●
the selective disclosure rules by issuers of material nonpublic information under Regulation FD.
We will be required to file an annual report on Form
20-F within four months of the end of each fiscal year. In addition, we intend to publish our results on a semi-annual basis as press
releases, distributed pursuant to the rules and regulations of the OTC Markets. Press releases relating to financial results and material
events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will
be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not
be afforded the same protections or information that would be made available to you were you investing in a U.S. domestic issuer.
As a company incorporated in the Cayman Islands, we
are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the OTC
Markets corporate governance requirements; these practices may afford less protection to shareholders than they would enjoy if we complied
fully with the OTC Markets corporate governance requirements. Currently, we do not have any immediate plans to rely on home country practice
with respect to our corporate governance.
We may lose our foreign private issuer status
in the future, which could result in significant additional costs and expenses.
As discussed above, we are a foreign private issuer,
and therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act.
The determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed
second fiscal quarter. We would lose our foreign private issuer status if, for example, more than 50% of our Shares are directly or indirectly
held by residents of the U.S. and we fail to meet additional requirements necessary to maintain our foreign private issuer status. In
the future, if we lose our foreign private issuer status as of the last date of our second fiscal quarter, we would be required to file
with the SEC periodic reports and registration statements on U.S. domestic issuer forms beginning on the following January 1, which are
more detailed and extensive than the forms available to a foreign private issuer. We would also have to mandatorily comply with U.S. federal
proxy requirements, and our officers, directors and principal shareholders would become subject to the short-swing profit disclosure and
recovery provisions of Section 16 of the Exchange Act. In addition, we would lose our ability to rely upon exemptions from certain corporate
governance requirements under the OTC Markets listing rules. As a U.S. listed public company that is not a foreign private issuer, we
would incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer, and accounting,
reporting and other expenses in order to maintain a listing on a U.S. securities exchange.
We incur costs as a result of being a public
company.
We are a public company and incur significant legal,
accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently
implemented by the SEC and the OTC Markets, 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 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.
30
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. 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 SEC. For example, as a result of becoming a public company, we will need to increase
the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We also expect
that operating as a public company will make it more difficult and more expensive for us to obtain director and officer liability insurance,
and 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.
If we fail to establish and maintain proper
internal financial reporting controls, our ability to produce accurate financial statements or comply with applicable regulations could
be impaired.
If we fail to establish and maintain proper internal
financial reporting controls, our ability to produce accurate financial statements or comply with applicable regulations could be impaired.
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.
ITEM 4. INFORMATION ON THE COMPANY
A.
History and Development of the Company
The Company is an exempted company incorporated under
the laws of the Cayman Islands on May 24, 2022. The Company is the 100% owner of the Company's Hong Kong operating subsidiary: Qilun
Culture (HK), a limited company that was organized under the laws of Hong Kong on November 12, 2021, and is the 100% owner of the Company's
Hong Kong holding subsidiary: Qilun Group (HK), a limited company that was organized under the laws of Hong Kong on June 14, 2022.
Our principal executive offices are located at Room
2201, Modern International Building, No. 3038, Jintian Road, Gangxia Community, Futian Street, Futian District, Shenzhen City, Guangdong
Province, People's Republic of China. Our telephone number at this address is +86-755-83985414. Our registered office in the Cayman
Islands is 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands and is currently located
at the office of 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands, which may be
changed from time to time at the discretion of our director. Our agent for service of process in the United States is The Crone Law Group
P.C., 420 Lexington Avenue, Suite 2446, New York, NY 10170.
31
Our website address is www.qilungroup.com.cn.
Our website and the information contained on, or that can be accessed through, the website is not deemed to be incorporated by reference
in, and is not considered part of, this Annual Report. The Securities and Exchange Commission, or SEC, maintains an Internet site that
contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at
http://www.sec.gov
.
Corporate Structure
Qilun Culture (Shenzhen) is the 100% owner of the
Company's PRC operating subsidiaries:
1.
Shenzhen Houhaitang, a limited company organized under the laws of the PRC on March 31, 2014, and wholly acquired by Qilun Culture (Shenzhen) on December 31, 2021; and
2.
Qilun Enterprise Management Consultant, a limited company organized under the laws of the PRC on December 7, 2021.
Qilun Culture (HK) was wholly-owned by Qilun Culture
(Shenzhen) since its incorporation; on August 24, 2022, 100% equity of Qilun Culture (HK) was transferred from Qilun Culture (Shenzhen)
to the Company.
Qilun Culture (Shenzhen) was wholly acquired by Qilun
Holding (Shenzhen) in October 2022. Qilun Culture (Shenzhen) has been in the business of the research, development, design, outsourced
production and sales of Chinese cultural and creative art collectibles and artwork home goods since inception.
Shenzhen Houhaitang has been in the business of retail
sales of books since its acquisition by Qilun Culture (Shenzhen).
The Company did not have any significant corporate
transactions since inception and capital expenditures and divestitures during the previous three years.
Qilun's subsidiaries are as follows:
●
Qilun Group Limited ("Qilun Group (HK)"), which was established on June 14, 2022 under the laws of Hong Kong. Qilun controlled 100% of the ownership of Qilun Group (HK) since establishment.
●
Qilun Holding (Shenzhen) Co., Limited ("Qilun Holding (Shenzhen)"), a privately held limited company registered in Guangdong, China on August 29, 2022. Qilun Group (HK) controlled 100% of the ownership of Qilun Holding (Shenzhen) since establishment.
●
Qilun Culture (Shenzhen) Group Co., Ltd. ("Qilun Culture (Shenzhen)"), a privately held limited company registered in Guangdong, China on February 26, 2021. On October 14, 2022, Qilun Holding (Shenzhen) acquired 100% of the ownership of Qilun Culture (Shenzhen) from the original shareholders of Qilun Culture (Shenzhen).
●
Qilun Culture (HK) Co., Ltd. ("Qilun Culture (HK)"), which was established on November 12, 2021 under the laws of Hong Kong. Qilun Culture (Shenzhen) controlled 100% of the ownership of Qilun Culture (HK) since establishment. On August 24, 2022, Qilun Culture (Shenzhen) transferred 100% of the ownership of Qilun Culture (HK) to Qilun.
●
Qilun Enterprise Management Consultant (Shenzhen) Co., Ltd. ("Qilun Enterprise Management Consultant"), a privately held limited company registered in Guangdong, China. On December 7, 2021. Qilun Culture (Shenzhen) controlled 100% of the ownership of Qilun Enterprise Management Consultant since establishment.
●
Shenzhen Houhaitang Culture Communication Co., Ltd. ("Shenzhen Houhaitang"), a privately held limited company registered in Guangdong, China on March 31, 2014. On December 31, 2021, Qilun Culture (Shenzhen) acquired 100% of the ownership of Shenzhen Houhaitang from the original shareholders of Shenzhen Houhaitang.
32
●
Oriental Dream and Strategic Research Institute Limited ("OD&SR Institute"), which was established on October 31, 2022 under the laws of Hong Kong. Qilun Culture (HK) controlled 100% of the ownership of OD&SR Institute since establishment.
The following diagram illustrates our corporate structure,
including our holding company, as of the date of this Annual Report:
* Each of Qilun Holding (Shenzhen) Co., Ltd.,
Qilun Culture (Shenzhen) Group Co., Ltd., Qilun Enterprise Management Consultant (Shenzhen) Co., Ltd. and Shenzhen Houhaitang Culture
Communication Co., Ltd. are organized under the laws of the PRC. The other listed entities are organized under the laws of the indicated
jurisdictions as indicated in the chart above.
Recent Developments
On October 14, 2022, the Company completed a corporate
reorganization to combine several controlled entities (now referred to as the "subsidiaries") into Qilun. The specific transactions
related to this reorganization are as follows:
The reorganization involved the incorporation of Qilun,
and its wholly-owned subsidiaries, Qilun Group (HK), Qilun Culture (HK) and Qilun Holding (Shenzhen); and the transfer of all equity ownership
of Qilun Culture (Shenzhen).
On May 24, 2022, Qilun Group Inc. issued 61,000,000
of its common shares, representing 61% of all outstanding common shares, to UNIMOS Holdings Limited, a wholly owned holding company of
Guangyi Sui.
On June 14, 2022 and August 29, 2022, Qilun established
its wholly-owned subsidiaries, Qilun Group (HK) and Qilun Holding (Shenzhen).
On October 14, 2022, the original shareholders of
Qilun Culture (Shenzhen) signed Equity Transfer Agreements with Qilun Holding (Shenzhen), whereby shareholders of Qilun Culture (Shenzhen)
transferred 100% of the controlling interest in Qilun Culture (Shenzhen) to Qilun Holding (Shenzhen).
33
As a result of the transaction, Guangyi Sui hold 61%
of the Company's outstanding shares through his wholly owned holding company UNIMOS Holdings Limited. Prior to the transaction,
Guangyi Sui controlled Qilun Culture (Shenzhen). Therefore, the transaction was accounted for as a business combination of entities under
common control in accordance to ASC 805-50-30-5. Accordingly, the assets and liabilities of the Company and its subsidiaries are presented
at the their carrying values at the date of the transaction; the Company's historical stockholders' equity was retroactively
restated to the first period presented, as the established and acquisition of Qilun Group (HK), Qilun Holding (Shenzhen), Qilun Culture
(Shenzhen) and its wholly-owned subsidiaries Qilun Culture HK and Qilun Enterprise Management Consultant was treated as a business combination
of entities under common control. Since the Company and its subsidiaries are effectively controlled by the same group of shareholders
before and after the reorganization, they are considered under common control. The above-mentioned transactions were accounted for as
a recapitalization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the
basis as if the transactions had become effective as of the beginning of the first period presented in the consolidated financial statements.
Before this transaction Guangyi Sui was the controlling
shareholder of Qilun Culture (Shenzhen) since its establishment, during which period Guangyi Sui had voting and managerial control over
Qilun Culture (Shenzhen).
On December 31, 2021, Qilun Culture (Shenzhen) acquired
100% of the ownership of Houhaitang from the original shareholders of Houhaitang, the total consideration for the acquisition is $15,720
(RMB 100,000), the Company recognized the gain on bargain purchase of $158,675 recognized in connection with the acquisition.
On August 23, 2022, Qilun Culture (Shenzhen), a wholly-owned
subsidiary of the company, filed lawsuits in the regional district court in Shenzhen City, Guangdong Province, against two non-affiliated
PRC companies to protect its reputation. The defendants had previously published news articles questioning the reputation of Guangyi Sui,
a majority shareholder of the Company. The defendants subsequently deleted the online articles relating to Mr. Sui. The Shenzhen City,
Guangdong Province regional court dismissed both lawsuits and both defendants ceased publishing the articles regarding Mr. Sui which the
Company perceived to be defamatory. The Company maintains that although Mr. Sui is neither an officer or director of the Company, the
Company reserves the right and option to continue to legally defend Mr. Sui's reputation as the Company determines is necessary
or advisable.
Principal Capital Expenditures and Divestitures
For the fiscal years ended December 31, 2022, 2021
and 2020, the Company did not have any significant corporate transactions since inception and capital expenditures and divestitures.
As of the date of this Annual
Report, our Cayman Islands holding company has not declared or paid dividends or made distributions to the Chinese operating
entities or to investors in the past, nor any dividends or distributions were made by a Chinese operating entity to the Cayman
Islands holding company. Our sole director Ruowen Li has complete discretion on whether to distribute dividends, subject to
applicable laws. We do not have any current plan to declare or pay any cash dividends on our ordinary shares in the foreseeable
future. See
"Risk Factors — Risks related to the
Shares — We currently do not expect to pay dividends in the foreseeable future and you must rely on price appreciation of our
ordinary shares for return on your investment"
beginning on page 28 of this Annual Report. Subject to certain contractual,
legal and regulatory restrictions, cash and capital contributions may be transferred among our Cayman Islands holding company and
the Chinese operating entities. If needed, our Cayman Islands holding company can transfer cash to the Chinese operating entities
through loans and/or capital contributions, and the Chinese operating entities can transfer cash to our Cayman Islands holding
company through loans and/or issuing dividends or other distributions. There are limitations on the ability to transfer cash between
the Cayman Islands holding company, the Chinese operating entities or investors. Cash transfers from the Cayman Islands holding
company to the Chinese operating entities are subject to the applicable PRC laws and regulations on loans and direct investment. See
"Risk
Factors — Risks Related to Doing Business in China and Hong Kong — PRC regulations of loans and direct investment by
offshore holding companies to PRC entities may delay or prevent us from using the proceeds of our offshore financing to make loans
or additional capital contributions to the operating entities, which could materially and adversely affect our liquidity and
business"
beginning on page 24 of this Annual Report. If any of the operating entities incurs debt on its own behalf in
the future, the instruments governing such debt may restrict their ability to pay dividends to us. Cash transfers from the Chinese
operating entities to the Cayman Islands holding company are subject to the current PRC regulations, which permit the Chinese
operating entities to pay dividends to their shareholders only out of their accumulated profits, if any, determined in accordance
with PRC accounting standards and regulations. See
"Risk
Factors — Risks Related to Doing Business in China and Hong Kong — We may rely on dividends and other distributions on
equity paid by the operating entities to fund any cash and financing requirements we may have, and any interventions in or the
imposition of restrictions and limitations on the ability of our company or the operating entities by the PRC government to transfer
cash or assets could have a material and adverse effect on our business"
beginning on page 20 of this Annual Report. Cash
transfers from the Cayman Islands holding company to the investors is subject to the restrictions on the remittance of Renminbi into
and out of China and governmental control of currency conversion. See
"Risk
Factors — Risks Related to Doing Business in China and Hong Kong — Restrictions on the remittance of Renminbi into and
out of China and governmental control of currency conversion may limit our ability to pay dividends and other obligations, and
affect the value of your investment"
beginning on page 21 of this Annual Report. Additionally, to the extent cash
or assets in the business is in China or a Chinese operating entity, the funds or assets may not be available to fund operations or
for other use outside of China due to interventions in or the imposition of restrictions and limitations on the ability of our
company or the operating entities by the PRC government to transfer cash or assets.
34
As of the date of this Annual Report, we have not
maintained any cash management policies that dictate the purpose, amount and procedure of fund transfers among our Cayman Islands holding
company, our subsidiaries, or investors. Rather, the funds can be transferred in accordance with the applicable laws and regulations.
Implications of Being an Emerging Growth Company
As a company with less than $1.07 billion in revenue
during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups
Act of 2012, as amended, or the JOBS Act. As long as we remain an emerging growth company, we may rely on exemptions from some of the
reporting requirements applicable to public companies that are not emerging growth companies. These exemptions include: (1) being permitted
to provide only two years of selected financial data (rather than five years) and only two years of audited financial statements (rather
than three years), in addition to any required unaudited interim financial statements, with correspondingly reduced "Management's
Discussion and Analysis of Financial Condition and Results of Operations" disclosure; (2) not being required to comply with the
auditor attestation requirements of the Sarbanes-Oxley Act of 2002 in the assessment of our internal control over financial reporting;
and (3) not being required to comply with any new or revised financial accounting standards until such date that a private company is
otherwise required to comply with such new or revised accounting standards. We have taken, and may continue to take, advantage of some
of these exemptions until we are no longer an emerging growth company. The JOBS Act also provides that an emerging growth company does
not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required
to comply with such new or revised accounting standards. However, we have elected to "opt out" of this provision and, as a
result, we will comply with new or revised accounting standards as required when they are adopted for public companies. This decision
to opt out of the extended transition period under the JOBS Act is irrevocable.
We will remain an emerging growth company until the
earliest of: (1) the last day of our fiscal year during which we have total annual gross revenues of at least $1.07 billion; (2) the last
day of our fiscal year following the fifth anniversary of the completion of our initial public offering; (3) the date on which we have,
during the previous three-year period, issued more than $1.00 billion in non-convertible debt; or (4) the date on which we become a "large
accelerated filer" under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which would occur if
we have been a public company for at least 12 months and the market value of our Shares held by non-affiliates exceeds $700 million as
of the last business day of our most recently completed second fiscal quarter. We will not be entitled to the above exemptions if we cease
to be an emerging growth company.
Implications of Our Foreign Private Issuers Status
Because we are a foreign private issuer under the
Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to
U.S. domestic issuers, including: (i) the rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current
reports on Form 8-K with the SEC; (ii) the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations
in respect of a security registered under the Exchange Act; (iii) the sections of the Exchange Act requiring insiders to file public reports
of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and
(iv) the selective disclosure rules by issuers of material nonpublic information under Regulation FD.
35
We will be required to file an annual report on Form
20-F within four months of the end of each fiscal year. In addition, if we are successful at having our shares quoted on the OTCQB, we
will publish our results on a quarterly basis through press releases, distributed pursuant to the rules and regulations of the OTCQB.
Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information
we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the
SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information, which would be made available
to you, were you investing in a U.S. domestic issuer.
B.
Business Overview
General
Qilun is in the business of the
research, development, design, outsourced production and sales of Chinese cultural and creative art collectibles, art house decorations
and artwork home goods. As a pioneer of an innovative brand of new Chinese culture, the Company partners with famous artists and brand
experts from all over the world to explore the practice and product application value of this new emerging Chinese culture.
In the process of research, development
and design, the Company integrates many Chinese cultural elements and the intellectual property of well-known artists, including original
and reproduced paintings and other visual arts, home decorations, home goods and other products. Our products are distributed and sold
in a variety of provinces and regions across China.
The Company believes its cultural
and creative products are grounded in Chinese cultural themes which derive market value through creative transformation and presentation
of such cultural themes. Our value-added products rely on the wisdom, skills and talents of our content-creating designers and artists.
We derive success through the commercial development and application of the intellectual property of our creative artists and content
designers.
Our Products and Services
Our principal product lines consist
of:
●
Original paintings and calligraphy artwork
– original paintings and calligraphy artworks made by our partner artists (each original painting or calligraphy artwork is unique);
●
High-quality reproductions
– high-quality reproductions of original painting and calligraphy artworks produced with high resolution reproduction technologies (in which the quality of the reproduction is highly comparable to the original artwork while the retail price is much lower than the price of the original artwork);
●
Art house decorations
– interior decorations reflecting the Company's innovative Chinese cultural elements, inspired by Chinese traditions, including decorative swords, scales, tea pots and tea cups;
●
Artwork home goods
– home goods including bookmarks, notebooks, mugs and other goods that are used in daily life;
●
Retail sales of books
– the Company sells books published by third-party publishers to retail customers; and
●
Services
– the Company provides ancillary research, design, planning, exhibition installation, video recording and production services.
The Company takes efforts to
develop new types of art house decorations and artwork home goods.
36
Key Growth Strategies
Key components of our growth
strategy include the following:
●
Cooperating with more artists, artwork designers and content-creators to increase our intellectual property and proprietary brands;
●
Expanding our product lines to cater to demands of different types of customers; and
●
Enhancing our brand through various online and offline promotion programs and activities.
Our Strengths
We are dedicated to the development,
design, production and sales of high quality products that reflect our innovative brand of new Chinese culture, inspired by five thousand
years of Chinese tradition. Our competitive strengths include:
●
Discovery of leading designers and artists
: We have gathered leading designers and artists of high-end luxury brands in the cultural and creative arts industry, and have developed deep cooperation with our content-creator counterparties. In cooperation with these artists, we have created a series of proprietary brands including:
○
Baihua Huagui Map,
○
Baihua National gift purple sand, and
○
Zen calligraphy and cultural creation.
We believe our proprietary brands
and products are widely loved by our customers. The Company currently has close relationships with than three artists and have collaborated
with three additional artists in China through licensing or collaborative arrangements.
●
Strong intellectual property creation and operations
: We have applied for patent rights or other intellectual property protection for every creative product created by the Company and our creative counterparties. With the support of our strong high-end intellectual property creation and operations, we continue to attract leading artists to establish long-term commercial and creative relationships with us, effectively forming a virtuous circle from intellectual property creation to intellectual property operations. As a promoter of the Chinese cultural and creative industries, we have promoted the commercialization of high-end cultural and creative products in China and formed a large and loyal fan community.
●
Mission focused management team
: Our management team is a leading factor in the development of China's high-end cultural and creative products industry. We believe the management team's insights into market trends and industry trends, as well as the creation of cultural and creative intellectual property and operations, are the main reasons why Qilun Culture has grown rapidly and occupies a leading position in the industry in the southern region of China. The management team is highly experienced in the industry, with an average of over 15 years of brand management experience.
Our Challenges
The Company notes the following
operational, marketing, and strategic challenges:
●
Our limited operating history makes it difficult to assess the business and prospects in our highly competitive, rapidly evolving and customer-oriented market.
●
Failure to attract, maintain and enhance relationships with designer, creator and artist counterparties, as well as retail- and commercial distributors and merchants, will adversely affect profitability and operations.
●
Failure to meet the needs of consumers and attract and retain consumers, or failure to adapt products or business models to the changing needs of such consumers, may have a material adverse impact on the business.
●
Our past growth rate is not necessarily an indicator of our future performance, and our success depends on our ability to execute our business strategy.
●
The business, operating results and financial condition may be adversely affected by the COVID-19 pandemic.
37
Future Business Plans
Based on market feedback and consumer
recognition, we plan to develop new products and services lines, and to partner with more well-known artists and content creators. We
expect to improve our sales network to effectively reach our target customers and provide a superb purchase experience for high-end retail
consumers.
Effects of the COVID-19 pandemic
The COVID-19 pandemic has had a significant adverse
impact and created many uncertainties related to our business, and we expect that it will continue to do so. The Company is experiencing
challenges in sales, which have increased the Company's financial uncertainty. Our future business outlook and expectations are
very uncertain due to the impact of the COVID-19 pandemic and are very difficult to quantify. It is difficult to assess or predict the
impact of this unprecedented event on our business, financial results or financial condition. Factors that will impact the extent to which
the COVID-19 pandemic affects our business, financial results and financial condition include: the duration, spread and severity of the
pandemic; the actions taken to contain the virus or treat its impact, including government actions to mitigate the economic impact of
the pandemic; and how quickly and to what extent normal economic and operating conditions can resume, including whether any future outbreaks
interrupt the economic recovery.
Recently, there has been an increasing number of COVID-19
cases, including cases involving the COVID-19 Delta and Omicron variants, in multiple cities in China. The Chinese local authorities have
reinstated certain measures to keep COVID-19 in check, including compulsory quarantine arrangements, travel restrictions and stay-at-home
orders. The reinstatement of these restrictions in 2022 have adversely affected our operations by, for example, making it more difficult
to conduct our sales and marketing and promotional efforts. The COVID-19 global pandemic has resulted in, and may intensify, global economic
distress, and the duration and extent of the impact of COVID-19 outbreak is highly uncertain at this time. We are unable to predict the
extent to which the pandemic and related impacts will continue to adversely impact our business operations, financial performance, results
of operations, financial position and the achievement of our strategic objectives.
Other than the factors listed above we do not know
of any trends, events or uncertainties that have had or are reasonably expected to have a material impact on our net sales or revenues
or income from continuing operations.
Sales and Marketing
We market and sell our products through a comprehensive
and extensive sales and distribution network to reach consumers, including: (i) self-sales and marketing by our sales and marketing personnel;
(ii) regional distribution network; (iii) our online sales and marketing program.
Self-Sales and Promotion
The Company's sales and marketing department
is comprised of eight sales employees who are responsible for development and implementation of marketing strategies, sales of products
to retail customers, and coordination with distribution channels of the Company. Our sales and marketing team organizes offline exhibitions
and promotion events from time to time in the exhibition room of our offices and event places of third-parties to promote and sell our
products to retail customers.
Regional Distribution Network
We cooperate with large and small distribution channels
in different geographic areas across China to promote and sell our products. The Company continues to search for distribution channels
to partner with in order to expand our products into broader areas in China.
38
Online Sales and Marketing Program
We also sell our products online through a WeChat
©
mini-program, named as "Qilun Shuzhai", that is managed and operated by our sales and marketing personnel. WeChat
©
mini-programs are "sub-applications" within the WeChat
©
ecosystem, and provide advanced features to
users such as e-commerce, virtual store tour, task management, coupons, and other services. Qilun Shuzhai was created with "Xiaoe-Tech"
platform which is a WeChat
©
mini-program helps users on WeChat
©
online-shop creation and decoration, content
production, user management, etc. The creation process includes uploading business license, bank account information, legal representative's
identification and other information and being verified by Xiaoe-Tech. Qilun Shuzhai delivers articles encompassing a variety of cultural
themes and advertisement of our products to its followers who may subsequently forward the articles and advertisement to other users of
WeChat
©
.
Customers
The Company markets and sells its products both to
retail customers and regional distributors across China. During the fiscal year ended December 31, 2022, sales revenue from the top three
customers was US$988,773, or approximately 14.01% of the Company's total sales for the year. During the fiscal year ended December
31, 2021, sales revenue from the top three customers was US$597,040, or approximately 39.3% of the Company's total sales for the
year.
The Company's top ten customers for the fiscal
year ended December 31, 2022, and for the fiscal year ended December 31, 2021, were:
FISCAL
    YEAR ENDED DECEMBER 31, 2022
No.
Customer
%
    of Sales
1.
Shenzhen
    Qisen Holding Group Co., LTD
5.33
%
2.
Shenzhen
    Deli Tianhe Cultural Creative Co., LTD
4.80
%
3.
Yuan
    Heng Cultural Travel (Shenzhen) Co., LTD
3.88
%
4.
Rongrong
    Chen
3.62
%
5.
Yongmei
    Tang
3.60
%
6.
Jingxia
    Yang
3.44
%
7.
Shenzhen
    Bozhong Industrial Development Co., LTD
3.24
%
8.
Jingzhong
    Diao
2.95
%
9.
Haiying
    Diao
2.87
%
10.
Shufen
    Wang
2.87
%
Total
    (top ten)
36.59
%
FISCAL YEAR ENDED DECEMBER 31, 2021
No.
Customer
% of Sales
1.
Shenzhen Yuanding Culture Investment Group Co. LTD
13.29
%
2.
Guang Fang Rong
13.08
%
3.
Jingxia Yang
12.93
%
4.
Boya Gu
6.41
%
5.
Shenzhen Qisen Culture Holdings CO
6.31
%
6.
Shenzhen Jing Lei Jing Trading Co., LTD
6.27
%
7.
Yuan Heng Cultural Travel (Shenzhen) Co., LTD
5.99
%
8.
Shenzhen Yuanheng Culture and Art Creative Co. LTD
4.82
%
9.
LongXing New Cultural Travel Development (Shenzhen) Co., LTD
4.55
%
10.
Shenzhen Xinjiahe Cultural Industry Development Co., LTD
3.67
%
Total (top ten)
77.32
%
Raw Materials
The Company does not purchase any raw materials. All
raw materials are purchased and utilized in production by third-party suppliers and counter-parties. The increase of the costs of raw
materials may lead to the increase of the charges of third-party suppliers and counter-parties against the Company. If the supplies of
raw materials are not sufficient, the production of third-party suppliers and counter-parties may be adversely affected and the Company
may encounter a shortage of final goods.
39
Manufacturing
The Company does not own or operate any manufacturing
facilities. All of our products are manufactured or produced by suppliers.
The Company's top ten vendors for the fiscal
year ended December 31, 2022, and for the fiscal year ended December 31, 2021, were:
FISCAL YEAR ENDED DECEMBER 31, 2022
No.
Vendor
% of Purchases
1.
Qilun Classical Art Creation (Shenzhen) Studio
53.69
%
2.
Guangyi Sui
12.60
%
3.
Donghua University Press Co., LTD
6.46
%
4.
Guangzhou Tangshe Mahogany Furniture Co., LTD
6.00
%
5.
Shenzhen Ouyimei Industrial Co., LTD
4.67
%
6.
Shanghai Dinghui Education Technology Co., LTD
2.51
%
7.
Qingdao Jiangsheng Network Technology Co., LTD
1.93
%
8.
Shenzhen Holographic FM Medical Instrument Co., LTD
1.57
%
9.
Artron Culture (Group) Co. LTD
1.56
%
10.
Ziding Intelligent Technology (Shenzhen) Co., LTD
1.06
%
Total (top ten)
92.05
%
FISCAL YEAR ENDED DECEMBER 31, 2021
No.
Vendor
% of Purchases
1.
Shenzhen Tangshe Original Furniture Co., LTD
18.30
%
2.
Zhaodong Li
14.53
%
3.
Shanghai Wuyuan Science and Technology Service Center
10.38
%
4.
Shenzhen Houhaitang Culture Communication Co., LTD
9.53
%
5.
Guangyi Sui
6.85
%
6.
Shenzhen Handing Cultural Development Co., LTD
4.84
%
7.
Shenzhen Weixin Printing Co. LTD
4.17
%
8.
Shenzhen Ouyimei Industrial Co., LTD
4.10
%
9.
Shenzhen Luohu District JiyaYilang Arts and Crafts Shop
2.79
%
10.
Artron Culture (Group) Co. LTD
2.64
%
Total (top ten)
78.13
%
Seasonality
The Company does not believe that its operations,
sales or financial results are significantly impacted by seasonality.
Competition
The Artworks market in China is highly competitive.
Artworks providers compete for customers based on factors including (i) attractiveness of products to customers; (ii) sales and marketing
ability; (iii) pricing and diversity of products; (iv) brand awareness and reputation; and (v) experience and expertise of the management
team.
Our main competitors include:
●
other artwork creation entities or workshops or individual artists;
●
traditional artworks retailers; and
●
e-commerce platforms for artworks, for example, Oriental Culture, a U.S. listed company which is an online provider of collectibles and artwork e-commerce services in China.
40
In addition, we also face potential
competitors, including:
●
manufacturers and sellers of art products with non-traditional Chinese cultural attributes, for example, Pop Mart, a Hong Kong listed culture and entertainment company best known for art toys and collectible toys;
●
manufacturers
and sellers of non-artwork home goods and house decorations, for example, M&G Group, a China listed company that is the largest comprehensive
stationery manufacturer and supplier in China with creativity integrated in its products; and
●
entities/institutes with a large reserve of Chinese classical cultural elements, such as regional history museums in China.
Even though we do not have direct competition with
potential competitors at present, these potential competitors may expand their businesses into our field in the future and make use of
their mature development, production and sales capabilities and reserves of artists and content-creators to have adverse impact on our
business.
Although some of our major and potential competitors
may have greater financial resources or larger customer bases than we do, we believe that our high-quality products, our sales and marketing
capability, and strong brand recognition in the industry, will enable us to compete effectively in the fast-evolving artworks industry
in China.
REGULATIONS
We operate our business in the
PRC under a legal regime consisting of the National People's Congress, which is the country's highest legislative body, the
State Council, which is the highest authority of the executive branch of the PRC central government, and several ministries and agencies
under its authority, including the State Administration of Foreign Exchange, or SAFE, the Ministry of Commerce, or MOFCOM, the National
Development and Reform Commission, or NDRC, the State Administration for Market Regulation, or SAMR, formerly known as the State Administration
for Industry and Commerce, or SAIC, and their respective authorized local counterparts.
This section sets forth a summary
of the most significant rules and regulations that affect our business activities in the PRC.
Regulation Relating to Foreign Investment
PRC Company Law and Foreign Investment Laws
The Company Law of the PRC (the
"Company Law") was promulgated on December 29, 1993 and was subsequently amended on December 25, 1999, August 28, 2004, October
27, 2005, December 28, 2013 and October 26, 2018. Limited liability companies and stock limited companies established in China shall be
subject to the Company Law. Foreign invested enterprises ("FIEs") must comply with the Company Law, unless the PRC foreign
investment laws provide otherwise.
The Foreign Investment Law of
the PRC (the "Foreign Investment Law") was adopted by the National People's Congress on March 15, 2019, which came into
force as of January 1, 2020, and replaced the Law of the PRC on Sino-Foreign Equity Joint Ventures, the Law of the PRC on Sino-Foreign
Contractual Joint Ventures and the Law of the PRC on Wholly Foreign-owned Enterprises to become the legal foundation for foreign investment
in the PRC. Under the Foreign Investment Law, the State Council of the People's Republic of China, or the State, shall implement
the management systems of pre-entry national treatment and negative list for foreign investment, according to which the treatment given
to foreign investors and their investments during the investment access stage shall be no less favorable than that given to their domestic
counterparts, and the State shall give national treatment to foreign investment beyond the negative list where special administrative
measures for the access of foreign investment in specific fields is specified. Besides, the State shall protect foreign investors'
investment, earnings and other legitimate rights and interests within the territory of the PRC in accordance with the law. The State will
take measures to prompt foreign investment such as ensuring fair competition for foreign-invested enterprises to participate in government
procurement activities, and protecting the intellectual property rights of foreign investors and foreign-invested enterprises. In respect
of administration of foreign investment, foreign investment projects shall go through relevant verification and record-filing formalities
if required by relevant PRC laws and regulations. The organization form, institutional framework and standard of conduct of a foreign-invested
enterprise shall be subject to the provisions of the Company Law or the Partnership Enterprise Law of the PRC, if applicable.
41
According to the Catalogue for
the Guidance of Foreign Investment Industries first promulgated on June 20, 1995 and amended from time to time and the Provisions for
Guiding Foreign Investment Direction issued by the State Council on February 11, 2002 and implemented on April 1, 2002, the foreign-invested
projects can be classified into the following categories by industries: encouraged, permitted, restricted and prohibited. The industries
not listed in the catalogue belong to the permitted industries for foreign investment projects. According to the Catalogue of Industries
for Encouraging Foreign Investment (2020 Version) which was promulgated on December 27, 2020 and became effective on January 27, 2021
and the Special Administrative Measures for the Admission of Foreign Investment (Negative List) (2021 Edition) which was promulgated on
December 27, 2021 and became effective on January 1, 2022, the industry in which our PRC subsidiaries are primarily engaged does not fall
into the category of restricted or prohibited industries.
Measures on Reporting of Foreign
Investment Information was promulgated by the Ministry of Commerce and State Administration for Market Regulation on December 30, 2019
and took effect on January 1, 2020, which repealed the Provisional Methods for Filing Management. According to the Measures on Reporting
of Foreign Investment Information, foreign investors or foreign-invested enterprises shall submit investment information through submission
of initial reports, change reports, deregistration reports, annual reports etc. Such investment information shall be submitted to the
commerce administrative authorities through the Enterprise Registration System and the National Enterprise Credit Information Publicity
System. The market regulatory authorities shall promptly forward the aforesaid investment information submitted by foreign investors and
foreign-invested enterprises to the commerce administrative authorities.
Regulations Relating to Intellectual Property
Copyright
China has adopted comprehensive
legislation governing intellectual property rights, including trademarks and copyrights. China is a signatory to the primary international
conventions on intellectual property rights and has been a member of the Agreement on Trade Related Aspects of Intellectual Property Rights
since its accession to the WTO in December 2001.
In September 1990, the SCNPC
promulgated the Copyright Law of the People's Republic of China, effective in June 1991 and amended in 2001 and 2010 respectively.
The amended Copyright Law extends copyright protection to internet activities, products disseminated over the internet and software products.
In addition, there is a voluntary registration system administered by the Copyright Protection Centre of China.
In order to further implement
the Computer Software Protection Regulations, promulgated by the State Council in December 2001 and amended in 2011 and 2013 respectively,
the National Copyright Administration issued Computer Software Copyright Registration Procedures in February 2002, which specify detailed
procedures and requirements with respect to the registration of software copyrights.
Trademark
According to the Trademark Law
of the People's Republic of China, promulgated by the SCNPC in August 1982, and amended in 1993, 2001, 2013 and 2019 respectively,
the Trademark Office of China National Intellectual Property Administration is responsible for the registration and administration of
trademarks and is also responsible for resolving trademark disputes in China. Registered trademarks are valid for ten years from the date
the registration is approved. A registrant may apply to renew a registration within twelve months before the expiration date of the registration.
If the registrant fails to apply in a timely manner, a grace period of six additional months may be granted. If the registrant fails to
apply before the grace period expires, the registered trademark shall be deregistered. Renewed registrations are valid for ten years.
In April 2014, the State Council issued the revised Implementation of the Trademark Law, which specified the requirements of applying
for trademark registration and review.
42
Patent
According to the Patent Law of
the People's Republic of China promulgated by the SCNPC in 1984 and amended in 1992, 2000, 2008 and 2020, respectively, a patentable
invention or a utility model must meet three criteria: novelty, inventiveness and practicability. A patent is valid for a twenty-year
term for an invention and a ten-year term for a utility model or design, starting from the application date.
Domain Names
In May 2012, the China Internet
Network Information Center issued the Implementing Rules for Domain Name Registration setting forth the detailed rules for registration
of domain names. In August 2017, the MIIT promulgated the Administrative Measures on Internet Domain Names, or the Domain Name Measures.
The Domain Name Measures regulate the registration of domain names, such as the top-level domain name ".cn". MIIT adopts the
"first to file" principle with respect to the registration of domain names. Domain name registrations are handled through
domain name service agencies established under the relevant regulations, and applicants become domain name holders upon successful registration.
Regulations Relating to Foreign Exchange
The Regulation of the PRC on
Foreign Exchange Control, promulgated by the State Council on January 29, 1996 and most recently amended on August 5, 2008, is the principal
regulation on foreign exchange in the PRC. According to such regulation, Renminbi is freely convertible for current account items after
due process, including distribution of dividends, trade-related foreign exchange transactions and service-related foreign exchange transactions,
whereas foreign exchange for capital account items, such as direct investments or loans, requires prior approval of and registration with
the State Administration of Foreign Exchange (the "SAFE").
According to the Circular of
State Administration of Foreign Exchange on the Reform of Administrative Approach for the Settlement of Foreign Exchange Capital Funds
of Foreign-funded Enterprises which was promulgated on March 30, 2015 and effective as from June 1, 2015, the voluntary settlement of
foreign exchange capital funds for foreign-funded enterprises will be implemented. The foreign exchange capital funds in a foreign-funded
enterprise's capital account which have been recognized by a foreign exchange bureau as the interests of monetary capital contributions
or registered with a bank as commercial capital contributions, can be settled in banks according to such enterprise's actual business
operation requirements. The provisional percentage for the voluntary settlement of foreign exchange capital funds for foreign-funded enterprises
is 100%.
According to the Notice of State
Administration of Foreign Exchange on Reforming and Standardizing Capital Account Foreign Exchange Settlement Administration Policies
issued by SAFE on June 9, 2016, it has been specified that, for the capital account foreign exchange income subject to voluntary foreign
exchange settlement (including the repatriation of the proceeds from overseas listing), the domestic institutions may conduct the foreign
exchange settlement at the banks according to their operation needs. The proportion of the capital account foreign exchange income subject
to voluntary foreign exchange settlement was tentatively set as 100%, provided that SAFE may adjust the aforesaid proportion according
to the international payment balance status in good time.
On January 26, 2017, SAFE promulgated
the Circular on Further Improving the Reform of Foreign Exchange Administration and Optimizing Genuineness and Compliance Verification
(the "SAFE Circular 3"), which became effective on the same date and stipulates several capital control measures with respect
to the outbound remittance of profit from domestic entities to offshore entities, including: to process outbound remittance of profits
in an amount equivalent to above USD 50,000 for domestic entities (i) banks shall, under the principle of genuine transaction, check board
resolutions regarding profit distribution, the original version of tax filing records and audited financial statements, and affix seals
on the original version of the tax filing records to indicate the amount and the date of the outbound remittance; and (ii) domestic entities
shall use profits to make up for previous years' losses before remitting the profits. Further, pursuant to the SAFE Circular 3,
domestic entities shall make detailed explanations of the sources of capital and utilization arrangements, and provide board resolutions,
contracts and other proof when completing the registration procedures in connection with an outbound investment.
43
Regulations Relating to Dividend Distributions
According to the PRC Company
Law and Foreign Investment Law, each of our PRC subsidiaries, as a foreign invested enterprise, or FIE, are required to draw 10% of its
after-tax profits each year, if any, to fund a common reserve, which may stop drawing its after-tax profits if the aggregate balance of
the common reserve has already accounted for over 50% of its registered capital. These reserves are not distributable as cash dividends.
Furthermore, under the EIT Law, which became effective in January 2008, the maximum tax rate for the withholding tax imposed on dividend
payments from PRC foreign invested companies to their overseas investors that are not regarded as "resident" for tax purposes
is 20%. The rate was reduced to 10% under the Implementing Regulations for the EIT Law issued by the State Council. However, a lower withholding
tax rate might be applied if there is a tax treaty between China and the jurisdiction of the foreign holding companies, such as tax rate
of 5% in the case of Hong Kong companies that holds at least 25% of the equity interests in the foreign-invested enterprise, and certain
requirements specified by PRC tax authorities are satisfied.
Regulations Relating to Employment and Social Welfare
Labor Laws
The Labor Law of the People's
Republic of China, or the Labor Law, which became effective in January 1995 and was amended in 2018, and the Labor Contract Law of the
People's Republic of China, or the Labor Contract Law, effective in January 2008 and amended in 2012, require employers to provide
written contracts to their employees, restrict the use of temporary workers and aim to give employees long-term job security. Employers
must pay their employees' wages equal to or above local minimum wage standards, establish labor safety and workplace sanitation
systems, comply with state labor rules and standards and provide employees with appropriate training on workplace safety. In September
2008, the State Council promulgated the Implementing Regulations for the PRC Labor Contract Law which became effective immediately and
interprets and supplements the provisions of the Labor Contract Law.
The PRC governmental authorities
have passed a variety of laws and regulations regarding social insurance and housing funds from time to time, including, among others,
the Social Insurance Law of the People's Republic of China, the Regulation of Insurance for Labor Injury, the Regulations of Insurance
for Unemployment, the Provisional Insurance Measures for Maternal Employees, the Interim Administrative Provisions on Registration of
Social Insurance and the Administrative Regulations on the Housing Provident Fund. Pursuant to these laws and regulations, enterprises
in the PRC shall provide their employees with welfare schemes covering pension insurance, unemployment insurance, maternity insurance,
occupational injury insurance and medical insurance, as well as housing fund and other welfare plans. Failure to comply with such laws
and regulations may result in various fines and legal sanctions and supplemental contributions to the local social insurance and housing
fund regulatory authorities.
Social Insurance and Housing Provident Funds
The PRC social insurance system
is mainly governed by the Social Insurance Law of the PRC (the "Social Insurance Law"). The Social Insurance Law was promulgated
by the SCNPC on 28 October 2010, became effective on July 1, 2011 and was amended on December 29, 2018. According to the Social Insurance
Law, the Decision of the State Council on the Establishment of the Medical Insurance Program for Urban Workers (effective from December
14, 1998), the Regulation of Insurance for Work-Related Injuries (effective from January 1, 2004 and amended on December 20, 2010), Trial
Measures for Maternity Insurance of the Staff and Workers in Enterprises (effective from January 1, 1995), the Regulations on Unemployment
Insurance (effective from January 22, 1999), the Interim Regulations on the Collection and Payment of Social Insurance Premiums(effective
from January 22, 1999 and most recently amended on March 24, 2019), employers in the PRC shall make social insurance registration with
the competent authorities, and pay five basic types of social insurance premiums for their employees, or rather, basic pension insurance,
basic medical insurance, work-related injury insurance, unemployment insurance and maternity insurance. According to the Social Insurance
Law, if an employing entity does not pay the full amount of social insurance premiums as scheduled or required, the social insurance premium
collection institution shall order it to make the payment or make up the difference within the stipulated period and impose a daily fine
equivalent to 0.05% of the overdue payment from the day on which the payment is overdue. If the payment is not made within the prescribed
time, the social insurance authority shall impose a fine ranging from one to three times of the overdue payment amount.
44
According to the Regulations on
Management of Housing Provident Funds which was promulgated by the State Council and came into effect on April 3, 1999 and was amended
on March 24, 2002 and March 24, 2019, all business entities (including foreign invested enterprises) are required to register with the
local housing provident funds management center and then maintain housing provident fund accounts and pay the related funds for their
employees. In addition, for both employees and employers, the payment rate for housing provident fund shall not be less than 5% of the
average monthly salary of the employees in the previous year. The payment rate may be raised if the employer desires so. Where an entity
fails to deposit the housing provident fund in full within the time limit, it shall be ordered by the housing provident fund management
center to deposit the fund within a time limit; if it still fails to deposit the fund within the time limit, the housing provident fund
management center may apply to the People's Court for enforcement.
Regulations Relating to Production Safety
In accordance with the Law on Production
Safety of the PRC (the "Production Safety Law"), which was promulgated on June 29, 2002, became effective on November 1, 2002
and was amended on August 27, 2009, August 31, 2014 and June 10, 2021 respectively, entities engaging in production are required to implement
production safety measures specified in the Production Safety Law and other relevant laws, administrative regulations, national standards
and industry standards. Any entity that does not implement such measures for safe production is prohibited from engaging in production
and business operation activities. Entities are required to provide their employees with education and training on production safety.
Entities shall also provide their employees with protective gear that meet national and industry standards as well as supervision and
proper training to ensure their correct utilization.
Regulations Relating to Customer Rights Protection
The PRC Customer Rights and Interests
Protection Law, or Customer Protection Law, as amended on October 25, 2013 and effective on March 15, 2014, sets out the obligations of
business operators and the rights and interests of the customers. Pursuant to this law, business operators must guarantee that the commodities
they sell satisfy the requirements for personal or property safety, provide customers with authentic information about the commodities,
and guarantee the quality, function, usage and term of validity of the commodities. Failure to comply with the Customer Protection Law
may subject business operators to civil liabilities such as refunding purchase prices, exchange of commodities, repairing, ceasing damages,
compensation, and restoring reputation, and even subject the business operators or the responsible individuals to criminal penalties if
business operators commit crimes by infringing the legitimate rights and interests of customers.
Regulations Relating to Tax in the PRC
Income Tax
The PRC Enterprise Income Tax
Law was promulgated in March 2007 and was most recently amended in December 2018. The PRC Enterprise Income Tax Law applies a uniform
25% enterprise income tax rate to both foreign-invested enterprises and domestic enterprises, except where tax incentives are granted
to special industries and projects. Under the PRC Enterprise Income Tax Law, an enterprise established outside China with "de facto
management bodies" within China is considered a "resident enterprise" for PRC enterprise income tax purposes and is
generally subject to a uniform 25% enterprise income tax rate on its worldwide income. Under the implementation regulations to the PRC
Enterprise Income Tax Law, a "de facto management body" is defined as the body that exercises full and substantial control
and overall management over the business, productions, personnel, accounts and properties of an enterprise.
In April 2009, the Ministry of
Finance, or MOF, and SAT jointly issued the Notice on Issues Concerning Process of Enterprise Income Tax in Enterprise Restructuring Business,
or the Circular 59. In December 2009, SAT issued the Notice on Strengthening Administration of Enterprise Income Tax for Share Transfers
by Non-PRC Resident Enterprises, or the Circular 698. Both Circular 59 and Circular 698 became effective retroactively as of January 2008.
In March 2011, SAT issued the Notice on Several Issues Regarding the Income Tax of Non-PRC Resident Enterprises, or the SAT Circular 24,
effective in April 2011. By promulgating and implementing these circulars, the PRC tax authorities have enhanced their scrutiny over the
direct or indirect transfer of equity interests in a PRC resident enterprise by a non-resident enterprise.
45
In February 2015, SAT issued
the Notice on Certain Corporate Income Tax Matters on Indirect Transfer of Properties by Non-PRC Resident Enterprises, or the SAT Circular
7, to supersede existing provisions in relation to the indirect transfer as set forth in Circular 698, while the other provisions of Circular
698 remain in force. SAT Circular 7 introduces a new tax regime that is significantly different from that under Circular 698. SAT Circular
7 extends its tax jurisdiction to capture not only indirect transfers as set forth under Circular 698 but also transactions involving
transfer of immovable property in China and assets held under the establishment, and placement in China, of a foreign company through
the offshore transfer of a foreign intermediate holding company. SAT Circular 7 also addresses transfer of the equity interest in a foreign
intermediate holding company broadly. In addition, SAT Circular 7 provides clearer criteria than Circular 698 on how to assess reasonable
commercial purposes and introduces safe harbor scenarios applicable to internal group restructurings. However, it also brings challenges
to both the foreign transferor and transferee of the indirect transfer as they have to determine whether the transaction should be subject
to PRC tax and to file or withhold the PRC tax accordingly. In October 2017, SAT issued the Announcement on Issues Relating to Withholding
at Source of Income Tax of Non-resident Enterprises, or the SAT Circular 37, amended in June 2018. The SAT Circular 37 superseded the
Non-resident Enterprises Measures and SAT Circular 698 as a whole and partially amended some provisions in SAT Circular 24 and SAT Circular
7. SAT Circular 37 purports to clarify certain issues in the implementation of the above regime, by providing, among others, the definition
of equity transfer income and tax basis, the foreign exchange rate to be used in the calculation of withholding amount, and the date of
occurrence of the withholding obligation. Specifically, SAT Circular 37 provides that where the transfer income subject to withholding
at source is derived by a non-PRC resident enterprise in installments, the installments may first be treated as recovery of costs of previous
investments. Upon recovery of all costs, the tax amount to be withheld must then be computed and withheld.
Value-Added Tax
The PRC Provisional Regulations
on Value-Added Tax were promulgated by the State Council on December 13, 1993, which became effective on January 1, 1994 and were subsequently
amended from time to time. The Detailed Rules for the Implementation of the PRC Provisional Regulations on Value-Added Tax (2011 Revision)
was promulgated by the Ministry of Finance on December 25, 1993 and subsequently amended on December 15, 2008 and October 28, 2011. On
November 19, 2017, the State Council promulgated the Decisions on Abolishing the PRC Provisional Regulations on Business Tax and Amending
the PRC Provisional Regulations on Value-Added Tax. Pursuant to these regulations, rules and decisions, all enterprises and individuals
engaged in sale of goods, provision of processing, repair, and replacement services, sales of services, intangible assets, real property,
and the importation of goods within the PRC territory are VAT taxpayers. On March 21, 2019, the Ministry of Finance, the SAT, and the
General Administration of Customs jointly issued the Announcement on Relevant Policies on Deepen the Reform of Value-Added Tax. Sales
revenue represents the invoiced value of goods, net of VAT. The VAT is based on gross sales price, starting from April 1, 2019, VAT rate
was lowered to 13%.
Regulation of Overseas Investment by PRC Residents
On July 4, 2014, the SAFE promulgated
the Circular on Relevant Issues Relating to Domestic Resident's Investment and Financing and Roundtrip Investment through Special
Purpose Vehicles, or SAFE Circular 37, which replaced the former Notice on Relevant Issues Concerning Foreign Exchange Administration
for PRC Residents to Engage in Financing and Inbound Investment via Overseas Special Purpose Vehicles (generally known as SAFE Circular
75) promulgated by SAFE on October 21, 2005. On February 13, 2015, SAFE further promulgated the Circular on Further Simplifying and Improving
the Administration of the Foreign Exchange Concerning Direct Investment, or SAFE Circular 13, which took effect on June 1, 2015. This
SAFE Circular 13 has amended SAFE Circular 37 by requiring PRC residents or entities to register with qualified banks rather than SAFE
or its local branch in connection with their direct establishment or indirect control of an offshore entity established for the purpose
of overseas investment or financing, for the purpose of overseas investment and financing, with such PRC residents' legally owned
assets or equity interests in domestic enterprises or offshore assets or interests. Qualified local banks will directly examine and accept
foreign exchange registration for overseas direct investment, including the initial foreign exchange registration and amendment registration,
under Circular 37 from June 1, 2015.
46
These circulars further require
amendment to the registration in the event of any significant changes with respect to the special purpose vehicle, such as an increase
or decrease of capital contributed by PRC residents, share transfer or exchange, merger, division or other material events. In the event
that a PRC resident holding interests in a special purpose vehicle fails to complete the required SAFE registration, the PRC subsidiary
of that special purpose vehicle may be prohibited from making profit distributions to the offshore parent and from carrying out subsequent
cross-border foreign exchange activities, and the special purpose vehicle may be restricted in its ability to contribute additional capital
into its PRC subsidiary. Failure to comply with the various SAFE registration requirements described above could result in liability under
PRC law for evasion of foreign exchange controls.
Regulations Relating to Overseas Listings
On December 28, 2021, the Cyberspace
Administration of China (the "CAC") jointly with the relevant authorities formally published Measures for Cybersecurity Review
(2021) which took effect on February 15, 2022 and replace the former Measures for Cybersecurity Review (2020). Measures for Cybersecurity
Review (2021) stipulates that operators of critical information infrastructure purchasing network products and services, and online platform
operator (together with the operators of critical information infrastructure, the "Operators") carrying out data processing
activities that affect or may affect national security, shall conduct a cybersecurity review, any online platform operator who controls
more than one million users' personal information must go through a cybersecurity review by the cybersecurity review office if it
seeks to be listed in a foreign country. Given that: (i) we do not possess personal information on more than one million users in our
business operations; and (ii) 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, our PRC legal counsel has advised we are not be required to apply for a cybersecurity review
under the Measures for Cybersecurity Review (2021).
The Regulations on Mergers and
Acquisitions of Domestic Companies by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory agencies in 2006 and amended
in 2009, requires an overseas special purpose vehicle formed for listing purposes through acquisitions of PRC domestic companies and controlled
by PRC companies or individuals to obtain the approval of the China Securities Regulatory Commission, or the CSRC, prior to the listing
and trading of such special purpose vehicle's securities on an overseas stock exchange. According to our PRC legal counsel, DeHeng
Law Offices (Shenzhen), we will not be required to submit an application to the CSRC for the approval under the M&A Rules for an offering
because (i) the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like ours are subject
to this regulation; and (ii) we did not acquire any equity interests or assets of a "PRC domestic company" as such terms are
defined under the M&A Rules. However, our PRC legal counsel has further advised us that there remains some uncertainty as to how the
M&A Rules will be interpreted or implemented in the context of an overseas offering and its opinions summarized above are subject
to any new laws, rules and regulations or detailed implementations and interpretations in any form relating to the M&A Rules.
On February 17, 2023, the CSRC
issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Enterprises and the five application
guidelines, which will become effective on March 31, 2023 (the "Overseas Listing Regulations"). The Overseas Listing Regulations
are applicable to overseas securities offerings and/or listings conducted by issuers who are (i) companies incorporated in the PRC ("PRC
domestic companies") and (ii) companies incorporated overseas with substantial operations in the PRC. The Overseas Listing Regulations
stipulate that such issuer shall fulfill the filing procedures within three working days after it makes an application for initial public
offering and listing in an overseas stock market.
Neither we nor any of our subsidiaries
has not obtained the approval or clearance from either the CSRC, the CAC or any other regulators in China. However, if the CSRC, CAC or
other regulatory agencies later promulgate new rules or explanations requiring that we obtain their approvals for any follow-on offering,
we may be unable to obtain such approvals and we may face sanctions by the CSRC, CAC or other PRC regulatory agencies for failure to seek
their approval which could significantly limit or completely hinder our ability to offer or continue to offer securities to our investors
and the securities currently being offered may substantially decline in value and be worthless.
47
C.
Organizational Structure
See "A.
History and Development of the Company—Corporate
Structure
" above for details of our current organizational structure.
D.
Property, Plants and Equipment
The Company leases two offices, both of which are
located in the city of Shenzhen, province of Guangdong, China:
Address
Areas
(square
meters)
Rent
    per Month (US$)
Lease Term
2201B, Modern International Building, No. 3038, Jintian Road, Gangxia Community, Futian Street, Futian District, Shenzhen
250
$
4,960
April 1, 2022-
March 31, 2024
2201A, Modern International Building, Futian District, Shenzhen
232.26
$
10,075
March 10, 2023-
February 29, 2024
The Company does not own any real property. The Company
believes that its existing leased facilities will be sufficient for operations for the next year.
ITEM 4A. UNRESOLVED STAFF COMMENTS
Not applicable.
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
Plan of Operations
Since 2021, our subsidiary, Qilun Culture (Shenzhen),
has been involved in developing and implementing its business plan. We plan to continue to expand our operations. We will concentrate
on the following areas to grow our operations:
●
Further expanding our product offerings
;
we intend to expand our product offerings in order to reach new markets so as to have a stable base for competition;
●
Continue to expand our nationwide network coverage; attract new customers; and
●
Further upgrade our service standards to enhance customer experience; cultivate customer loyalty.
A.
Operating Results
Our operating results are primarily affected by the
following factors:
48
Year Ended December 31, 2022 Compared to Year
Ended December 31, 2021
The following table summarizes our operating results
for the year ended December 31, 2022 as compared to the year ended December 31, 2021.
For the Year Ended
December 31,
Change
2022
2021
%
$
Total revenue
$
7,060,496
$
1,519,266
365
%
$
5,541,230
Cost of revenue
1,859,008
411,290
352
%
1,447,718
Gross Profit
5,201,488
1,107,976
369
%
4,093,512
Total operating expenses
3,830,650
775,504
394
%
3,055,146
Income from operations
1,370,838
332,472
312
%
1,038,366
Interest income
47,896
-
100
%
47,896
Other income
114,026
175,427
(35
%)
(61,401
)
Other expense
(89,069
)
-
100
%
(89,069
)
Profit before income taxes
1,443,691
507,899
184
%
935,792
Income tax
406,791
23,520
1630
%
383,271
Net Income
$
1,036,900
$
484,379
114
%
$
552,521
The Company began operations in the beginning of 2021.
During the year ended December 31, 2022, our revenue
was $7,060,496 and was attributable to the sale of cultural products and services provide, primarily derived from sales of painting, calligraphy,
magazine, and design, exhibition installation and other services. Comparing to the year ended December 31, 2021, our revenue was $1,519,266,
and was attributable to the sale of cultural products and services provide, primarily derived from sales of painting, calligraphy, magazine,
and design, exhibition installation and other services.
As of year ended December 31, 2022, we operate through
three entities: Qilun Culture (Shenzhen), Qilun Enterprise Management Consultant and Shenzhen Houhaitang, each of which are established
in Shenzhen, Guangdong Province of China.
Cost of revenue mainly consists of our products sales
and cost for service providers who perform stand construction, image and video production, design and renovation and other services for
our customers. During the year ended December 31, 2022, our cost of revenue was $1,859,008, with the result that our gross profit was
$5,201,488, a gross margin of more than 73%. Comparing the year ended December 31, 2021, our cost of revenue was $411,290, with the result
that our gross profit was $1,107,976, a gross margin of no more than 73%. Gross margin at that level was sufficient to operate profitably.
The Company continues to invest heavily in advertising and promotion expenses in the near future as it continues to establish and expand
its brand and products and services.
Operating expenses consist primarily of advertising
and promotion expenses, salaries and benefits, office expenses, and depreciation and amortization. Our operating expenses in fiscal year
2022 was $3,830,650, comparing to the fiscal year 2021 was $775,504 and primarily included:
●
$870,270 in advertising and promotion expenses;
●
$1,085,422 in salaries and benefits expenses;
●
$122,948 in research and development expenses;
●
$968,059 in professional fees; and
●
$388,189 in office expenses in the year ended December 31, 2022.
As described above, our net income for the year ended
December 31, 2022 was $1,036,900 whereas for the year ended December 31, 2021 was $484,379.
Our reporting currency is the U.S. dollar. Our mainly
local currency, the Renminbi (RMB), is our functional currency. Results of operations and cash flow are translated at average exchange
rates during the period being reported upon, and assets and liabilities are translated at the unified exchange rate as quoted by OANDA
on the balance sheet date. Translation adjustments resulting from this process are included in other comprehensive income. For the years
ended December 31, 2022, and December 31, 2021, foreign currency translation adjustments of $(103,706) and $6,884, respectively, have
been reported as other comprehensive income in the consolidated statement of operations and comprehensive income.
49
B.
Liquidity and Capital Resources
As of December 31, 2022, the Company had $11,948,756
in cash. On the same date, we had a working capital of $9,503,318, of which $11,948,756 was cash and cash equivalents, and $6,270,107
was debt to customer which is the customers' prepayment for future using on our services and products.
As of December 31, 2021, the Company had $1,767,042
in cash. On the same date, we had a working capital of $206,071, of which $1,767,042 was cash and cash equivalents, and $968,812 was debt
to customer which is the customers' prepayment for future using on our services and products.
We anticipate that our future liquidity requirements
will arise from the need to fund growth of our businesses, including developing new products and services lines, expanding our marketing
and distribution network, and partnering with more well-known artists and content creators. The primary sources of funding for such requirements
are expected to be cash generated from operations and raising additional funds. We expect Ruowen Li, our Director and Chief Executive
Officer, to continue to provide support in the future, if needed. However, we can provide no assurances that we will be able to generate
sufficient cash flows from operations and/or obtain additional financing on terms satisfactory to us, if at all, to remain a going concern.
Cash Flows
Years ended December 31, 2022, 2021 and 2020
:
Fiscal Year Ended December 31,
2022
2021
2020
Net cash provided by operating activities
$
6,119,015
$
1,391,332
$
-
Net cash used in investing activities
(1,065,026
)
(178,944
)
-
Net cash provided by financing activities
5,427,700
529,896
-
Net increase in cash and cash equivalents
10,181,714
1,767,042
-
Effects of exchange rate change in cash
(299,975
)
24,758
-
Cash and cash equivalents at beginning of the period
1,767,042
-
-
Cash and cash equivalent at end of the period
$
11,948,756
$
1,767,042
$
-
Net Cash Provided by Operating Activities
For the year ended December 31, 2022, we had cash
provided by operating activities of $6,119,015, an increase of $4,727,683 from the same period of 2021. Cash provided by operations during
fiscal 2022 was primarily generated from an increase in deposits received of $5,446,257 of the company.
For the year ended December 31, 2021, we had cash
provided by operating activities of $1,391,332, an increase of $1,391,332 from the same period of 2020, during which we had no operating
activities. Cash provided by operations during fiscal 2021 was primarily generated from an increase in customer deposits of $967,688.
Net Cash Used in Investing Activities
For the year ended December 31, 2022, we had net cash
used in investing activities of $1,065,026, an increase of $886,082 from the same period of 2021. The cash was mainly used for the payment
of amounts due from related parties of $775,492 and the purchase of $289,534 fixed assets for Qilun Culture (Shenzhen), mainly to purchase
office equipment and furniture for operations.
For the year ended December 31, 2021, we had net cash
used in investing activities of $178,944, an increase of $178,944 from the same period of 2020, during which we had no investing activities.
The cash was mainly used for the purchase of $190,503 fixed assets for Qilun Culture (Shenzhen), mainly to purchase office equipment and
furniture for operations.
50
Net Cash Provided by Financing Activities
For the year ended December 31, 2022, we had net cash
provided by financing activities of $5,427,700, an increase of $4,897,804 from the same period of 2021. For the year ended December 31,
2022, the Company received an amount of $3,310,000 for the sale of 16,550,000 shares and shareholder contribution of $1,915,793 for Qilun
Culture (Shenzhen) from its original shareholder for the year ended December 31, 2022.
For the year ended December 31, 2021, we had net cash
provided by financing activities of $529,896, an increase of $529,896 from the same period of 2020, during which we had no financing activities.
The cash was mainly provided by the amounts advanced to related parties   of $623,548.
Application of Critical Accounting Policies
In preparing our financial statements, we are required
to formulate working policies regarding valuation of our assets and liabilities and to develop estimates of those values. In the preparation
of the financial statements for the year ended December 31, 2022, there was no estimate that was (a) subject to a high degree of uncertainty
and (b) material to our results.
Trends, Events and Uncertainties – COVID-19
The COVID-19 pandemic has had a significant adverse
impact and created many uncertainties related to our business, and we expect that it will continue to do so. The Company is experiencing
challenges in sales, which have increased the Company's financial uncertainty. Our future business outlook and expectations are
very uncertain due to the impact of the COVID-19 pandemic and are very difficult to quantify. It is difficult to assess or predict the
impact of this unprecedented event on our business, financial results or financial condition. Factors that will impact the extent to which
the COVID-19 pandemic affects our business, financial results and financial condition include: the duration, spread and severity of the
pandemic; the actions taken to contain the virus or treat its impact, including government actions to mitigate the economic impact of
the pandemic; and how quickly and to what extent normal economic and operating conditions can resume, including whether any future outbreaks
interrupt the economic recovery.
Recently, there has been an increasing number of COVID-19
cases, including cases involving the COVID-19 Delta and Omicron variants, in multiple cities in China. The Chinese local authorities have
reinstated certain measures to keep COVID-19 in check, including compulsory quarantine arrangements, travel restrictions and stay-at-home
orders. The reinstatement of these restrictions in early 2022 have adversely affected our operations by, for example, making it more difficult
to conduct our sales and marketing and promotional efforts. The COVID-19 global pandemic has resulted in, and may intensify, global economic
distress, and the duration and extent of the impact of COVID-19 outbreak is highly uncertain at this time. We are unable to predict the
extent to which the pandemic and related impacts will continue to adversely impact our business operations, financial performance, results
of operations, financial position and the achievement of our strategic objectives.
Other than the factors listed above we do not know
of any trends, events or uncertainties that have had or are reasonably expected to have a material impact on our net sales or revenues
or income from continuing operations.
Off Balance Sheet Transactions
We do not currently have any off-balance sheet arrangements
that have or are reasonably likely to have a current or future effect on our financial condition or results of operations.
Loans, Other Commitments, Contingencies
We do not have any loans, other commitments, or contingencies
as of the fiscal year ended December 31, 2022.
51
C.
Research and Development, Patents and Licenses, Etc.
Intellectual Property
Patents.
As of the
date of this Annual Report, the Company owns one patent, which is held in the name of the Company's PRC operating subsidiary Qilun
Culture (Shenzhen):
No.
Patent no.
Name of the patent
Registration #
Filing Day
Grant Date
1
ZL 202230175938.2
Ornaments (Ruyi Libra)
No. 7413306
03/31/2022
06/07/2022
Trademarks.
The
following table contains a list of all trademarks obtained by the Company as of the date of this Annual Report (all trademarks are registered
in the name of the Company's PRC operating subsidiary Qilun Culture (Shenzhen):
No.
Registration #
Trademark
Termination of
exclusive rights
China Classification/ Category
1
56032921
graphics
12/13/2031
16
2
56032923
graphics
12/13/2031
35
3
56035604
graphics
2031-12-20
39
4
56027961
graphics
2031-12-20
41
5
56022598
graphics
2031-12-20
42
6
59779761
Text
—
14
7
59779761
Text
—
15
8
59779761
Text
—
16
9
59779761
Text
—
18
10
59779761
Text
—
20
11
59779761
Text
—
22
12
59779761
Text
—
26
13
59779761
Text
—
27
14
59779761
Text
—
35
15
59779761
Text
—
39
16
59779761
Text
—
41
17
59783733
Text
—
35
18
59783733
Text
—
41
19
59802726
TAO OF TITANS
—
35
20
60115167
Sui Guangyi
—
35
21
60115167
Sui Guangyi
—
36
22
59802726
TAO OF TITANS
—
41
23
60115167
Sui Guangyi
—
41
24
61449557
graphics
2032-06-06
1
25
61456056
graphics
2032-06-06
2
26
61466802
graphics
2032-06-06
3
27
61464451
graphics
2032-06-06
4
28
61449660
graphics
2032-06-06
5
29
61468812
graphics
2032-06-06
6
30
61470518
graphics
2032-06-06
7
31
61456942
graphics
2032-06-06
8
52
No.
Registration #
Trademark
Termination of
exclusive rights
China Classification/ Category
32
61456097
graphics
2032-06-06
9
33
61460836
graphics
2032-06-06
10
34
61453440
graphics
2032-06-06
11
35
61472351
graphics
2032-06-06
12
36
61453723
graphics
2032-06-06
13
37
61469764
graphics
2032-06-06
14
38
61465422
graphics
2032-06-06
15
39
61441477
graphics
2032-06-06
17
40
61449342
graphics
2032-06-06
18
41
61441988
graphics
2032-06-06
19
42
61459495
graphics
2032-06-06
20
43
61442044
graphics
2032-06-06
21
44
61442425
graphics
2032-06-06
22
45
61455903
graphics
2032-06-06
23
46
61447190
graphics
2032-06-06
24
47
61442775
graphics
2032-06-06
25
48
61462297
graphics
2032-06-06
26
49
61446001
graphics
2032-06-06
27
50
61465860
graphics
2032-06-06
28
51
61468633
graphics
2032-06-06
29
52
61448665
graphics
2032-06-06
30
53
61471395
graphics
2032-06-06
31
54
61440953
graphics
2032-06-06
32
55
61468896
graphics
2032-06-06
33
56
61471763
graphics
2032-06-06
34
57
61450771
graphics
2032-06-06
36
58
61443007
graphics
2032-06-06
37
59
61465153
graphics
2032-06-06
38
60
61447579
graphics
2032-06-06
40
61
61465178
graphics
2032-06-06
43
62
61463019
graphics
2032-06-06
44
63
61470592
graphics
2032-06-06
45
64
59809718
Yuan Feng
—
22
65
59836831
Yuan Feng
—
22
66
61909835
Qilun
2032-06-20
8
67
61908853
Qilun
2032-06-20
13
53
No.
Registration #
Trademark
Termination of
exclusive rights
China Classification/ Category
68
61913478
Qilun
2032-06-20
15
69
61906380
Qilun
2032-06-20
16
70
61912012
Qilun
2032-06-20
17
71
61916186
Qilun
2032-06-20
18
72
61906409
Qilun
2032-06-20
19
73
61917913
Qilun
2032-06-20
20
74
61917943
Qilun
2032-06-20
21
75
61914455
Qilun
2032-06-20
22
76
61903190
Qilun
2032-06-20
23
77
61900761
Qilun
2032-06-20
26
78
61905365
Qilun
2032-06-20
27
79
61908970
Qilun
2032-06-20
33
80
61903246
Qilun
2032-06-20
34
81
61901099
Qilun
2032-06-20
37
82
61920840
Qilun
2032-06-20
40
83
61901115
Qilun
2032-06-20
45
84
61910349
Qilun
2032-09-20
1
85
61917027
Qilun
2032-07-06
2
86
61915294
Qilun
2032-09-20
3
87
61901658
Qilun
2032-06-27
4
88
61922987
Qilun
2032-09-27
5
89
61908761
Qilun
2032-09-20
6
90
61905305
Qilun
2032-09-20
7
91
61916124
Qilun
2032-08-27
10
92
61908846
Qilun
2032-09-20
11
93
61900746
Qilun
2032-06-27
24
94
61922661
Qilun
2032-08-28
25
95
61920803
Qilun
2032-09-20
28
96
61917995
Qilun
2032-09-20
29
97
61903231
Qilun
2032-09-20
30
98
61915971
Qilun
2032-08-27
31
99
61903612
Qilun
2032-09-20
32
100
61905413
Qilun
2032-09-06
44
101
61923334
Qilun
2032-08-27
14
54
No.
Registration #
Trademark
Termination of
exclusive rights
China Classification/ Category
102
35872952
QI LUN
+ graphics
2030-03-27
9
103
33630857
QI LUN
+ graphics
2029-08-13
36
104
33630857
QI LUN
+ graphics
2029-08-13
41
105
33630857
QI LUN
+ graphics
2029-08-13
9
106
33630857
QI LUN
+ graphics
2029-08-13
38
107
33630857
QI LUN
+ graphics
2029-08-13
39
108
33630857
QI LUN
+ graphics
2029-08-13
42
109
33630857
QI LUN
+ graphics
2029-08-13
43
110
33630857
QI LUN
+ graphics
2029-08-13
35
111
33630857
QI LUN
+ graphics
2029-08-13
12
112
90802713
graphics
2031-02-28
16
113
90802716
graphics
2031-02-28
35
114
90802720
graphics
2031-02-28
39
115
90802731
graphics
2031-02-28
41
116
90802734
graphics
2031-02-28
42
117
018558075
graphics
2031-09-14
16
118
018558075
graphics
2031-09-14
35
119
018558075
graphics
2031-09-14
39
120
018558075
graphics
2031-09-14
41
121
018558075
graphics
2031-09-14
42
122
305686255
graphics
—
16
123
305686255
graphics
—
35
124
305686255
graphics
—
39
125
305686255
graphics
—
41
126
305686255
graphics
—
42
127
UK00003651989
graphics
2031-06-07
16
128
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graphics
2031-06-07
35
129
UK00003651989
graphics
2031-06-07
39
130
UK00003651989
graphics
2031-06-07
41
131
UK00003651989
graphics
2031-06-07
42
132
65744251
QI LUN
+graphics
2033-03-20
9
133
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QI LUN
+graphics
2032-12-20
12
134
65753922
QI LUN
+graphics
2032-12-20
35
135
65743908
QI LUN
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2032-12-20
36
136
65762999
QI LUN
+graphics
2032-12-20
38
137
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QI LUN
+graphics
2033-03-06
39
138
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QI LUN
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2032-12-20
41
139
65755003
QI LUN
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2032-12-20
42
140
65751688
QI LUN
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2033-01-13
43
55
Copyrights.
The
following table contains a list of all copyrights obtained by the Company as of the date of this Annual Report (all copyrights are registered
in the name of the Company's PRC operating subsidiary Qilun Culture (Shenzhen):
No.
Registration #
Name
Application date
Authorization Date
1
Guozuoji - 2022-F-10083147
Qilun
        culture
LOGO
    -text
2021-02-28
2022-04-24
2
Guozuoji - 2022-F-10083148
Qilun
        culture
LOGO
    -graphics
2021-02-28
2022-04-24
3
Guozuoji - 2022-F-10127078
Ruyi libra
2021-11-18
2022-06-27
4
Guo Zuoji - 2021-F-00296652
What the gas
2021-02-26
2022-01-18
5
Guo Zuoji - 2021-F-00296653
Giant rattan of Jiaoling Gupo Mountain
2021-02-26
2022-01-18
6
Guo Zuoji - 2021-F-00296654
Wu Dong Shan Qi Feng
2021-02-26
2022-01-18
7
Guo Zuoji - 2021-F-00296655
Xiang Fen Foon with domes
2021-02-26
2022-01-18
8
Guo Zuoji - 2021-F-00296656
The peak of Tumet Left Banner
2021-02-26
2022-01-18
9
Guo Zuoji - 2021-F-00296657
Jade takes advantage of the wind
2021-02-26
2022-01-18
10
Guo Zuo Deng Zi-2022-F-10209195
Bai Hua Hua Gui Tu volume 1
2022-04-27
2022-10-09
11
Guo Zuo Deng Zi-2022-F-10202431
Bai Hua Hua Gui Tu volume 2
2022-04-28
2022-09-23
12
Guo Zuo Deng Zi-2022-F-10175021
Bai Hua Hua Gui Tu volume 3
2022-06-10
2022-08-24
13
Guo Zuo Deng Zi-2022-F-10175020
Bai Hua Hua Gui Tu volume 4
2022-06-10
2022-08-24
14
Guo Zuo Deng Zi-2022-F-10175018
Bai Hua Hua Gui Tu volume 5
2022-06-10
2022-08-24
15
Guo Zuo Deng Zi-2022-F-10175019
Bai Hua Hua Gui Tu volume 6
2022-06-10
2022-08-24
16
Guo Zuo Deng Zi-2022-F-10204018
Bai Hua Hua Gui Tu volume 7
2022-06-28
2022-09-27
17
Guo Zuo Deng Zi-2022-F-10204014
Bai Hua Hua Gui Tu volume 8
2022-06-28
2022-09-27
18
Guo Zuo Deng Zi-2022-F-10204015
Bai Hua Hua Gui Tu volume 9
2022-06-28
2022-09-27
19
Guo Zuo Deng Zi-2022-F-10204012
Bai Hua Hua Gui Tu volume 10
2022-06-28
2022-09-27
20
Guo Zuo Deng Zi-2022-F-10204016
Bai Hua Hua Gui Tu volume 11
2022-07-04
2022-09-27
21
Guo Zuo Deng Zi-2022-F-10204017
Bai Hua Hua Gui Tu volume 12
2022-07-04
2022-09-27
22
Guo Zuo Deng Zi-2022-F-10204013
Bai Hua Hua Gui Tu volume 13
2022-07-04
2022-09-27
23
Guo Zuo Deng Zi-2023-F-00046042
Bai Hua Hua Gui Tu volume 14
2022-12-30
2023-03-15
24
Guo Zuo Deng Zi-2023-F-00045990
Bai Hua Hua Gui Tu volume 15
2022-12-30
2023-03-15
25
Guo Zuo Deng Zi-2023-F-00046002
Bai Hua Hua Gui Tu volume 16
2022-12-30
2023-03-15
26
Guo Zuo Deng Zi-2023-F-00046001
Bai Hua Hua Gui Tu volume 17
2022-12-30
2023-03-15
27
Guo Zuo Deng Zi-2023-F-00046011
Bai Hua Hua Gui Tu volume 18
2022-12-30
2023-03-15
28
Guo Zuo Deng Zi-2023-F-00046000
Bai Hua Hua Gui Tu volume 19
2022-12-30
2023-03-15
29
Guo Zuo Deng Zi-2023-F-00045976
Bai Hua Hua Gui Tu volume 20
2023-01-12
2023-03-15
30
Guo Zuo Deng Zi-2023-F-00045999
Bai Hua Hua Gui Tu volume 21
2023-01-14
2023-03-15
31
Guo Zuo Deng Zi-2023-F-00046014
Bai Hua Hua Gui Tu volume 22
2023-01-14
2023-03-15
32
Guo Zuo Deng Zi-2023-F-00046037
Bai Hua Hua Gui Tu volume 23
2023-01-14
2023-03-15
33
Guo Zuo Deng Zi-2023-F-00046047
Bai Hua Hua Gui Tu volume 24
2023-01-14
2023-03-15
34
Guo Zuo Deng Zi-2023-F-00046010
Bai Hua Hua Gui Tu volume 26
2023-01-13
2023-03-15
35
Guo Zuo Deng Zi-2023-F-00045989
Bai Hua Hua Gui Tu volume 27
2023-01-16
2023-03-15
36
Guo Zuo Deng Zi-2023-F-00045988
Bai Hua Hua Gui Tu volume 28
2023-01-16
2023-03-15
37
Guo Zuo Deng Zi-2023-F-00046038
Bai Hua Hua Gui Tu volume 29
2023-01-16
2023-03-15
38
Guo Zuo Deng Zi-2023-F-00046009
Bai Hua Hua Gui Tu volume 30
2023-01-16
2023-03-15
39
Guo Zuo Deng Zi-2023-F-00046991
Bai Hua Hua Gui Tu volume 31
2023-01-16
2023-03-15
56
40
Guo Zuo Deng Zi-2023-F-00046027
Bai Hua Hua Gui Tu volume 32
2023-01-16
2023-03-15
41
Guo Zuo Deng Zi-2023-F-00045992
Bai Hua Hua Gui Tu volume 33
2023-01-16
2023-03-15
42
Guo Zuo Deng Zi-2023-F-00046046
Bai Hua Hua Gui Tu volume 35
2023-01-16
2023-03-15
43
Guo Zuo Deng Zi-2023-F-00046026
Bai Hua Hua Gui Tu volume 36
2023-01-16
2023-03-15
44
Guo Zuo Deng Zi-2023-F-00046025
Bai Hua Hua Gui Tu volume 37
2023-01-16
2023-03-15
45
Guo Zuo Deng Zi-2023-F-00046024
Bai Hua Hua Gui Tu volume 38
2023-01-16
2023-03-15
46
Guo Zuo Deng Zi-2023-F-00046008
Bai Hua Hua Gui Tu volume 39
2023-01-16
2023-03-15
47
Guo Zuo Deng Zi-2023-F-00046007
Bai Hua Hua Gui Tu volume 40
2023-01-16
2023-03-15
48
Guo Zuo Deng Zi-2023-F-00046023
Bai Hua Hua Gui Tu volume 41
2023-01-16
2023-03-15
49
Guo Zuo Deng Zi-2023-F-00045987
Bai Hua Hua Gui Tu volume 42
2023-01-16
2023-03-15
50
Guo Zuo Deng Zi-2023-F-00046022
Bai Hua Hua Gui Tu volume 43
2023-01-16
2023-03-15
51
Guo Zuo Deng Zi-2023-F-00046032
Bai Hua Hua Gui Tu volume 44
2023-01-16
2023-03-15
52
Guo Zuo Deng Zi-2023-F-00046021
Bai Hua Hua Gui Tu volume 45
2023-01-16
2023-03-15
53
Guo Zuo Deng Zi-2023-F-00046020
Bai Hua Hua Gui Tu volume 46
2023-01-16
2023-03-15
54
Guo Zuo Deng Zi-2023-F-00045981
Bai Hua Hua Gui Tu volume 47
2023-01-16
2023-03-15
55
Guo Zuo Deng Zi-2023-F-00046006
Bai Hua Hua Gui Tu volume 48
2023-01-16
2023-03-15
56
Guo Zuo Deng Zi-2023-F-00046005
Bai Hua Hua Gui Tu volume 49
2023-01-16
2023-03-15
57
Guo Zuo Deng Zi-2023-F-00046004
Bai Hua Hua Gui Tu volume 50
2023-01-16
2023-03-15
58
Guo Zuo Deng Zi-2023-F-00046003
Bai Hua Hua Gui Tu volume 51
2023-01-16
2023-03-15
59
Guo Zuo Deng Zi-2023-F-00046041
Bai Hua Hua Gui Tu volume 52
2023-01-16
2023-03-15
60
Guo Zuo Deng Zi-2023-F-00045986
Bai Hua Hua Gui Tu volume 53
2023-01-16
2023-03-15
61
Guo Zuo Deng Zi-2023-F-00045985
Bai Hua Hua Gui Tu volume 54
2023-01-16
2023-03-15
62
Guo Zuo Deng Zi-2023-F-00045984
Bai Hua Hua Gui Tu volume 55
2023-01-16
2023-03-15
63
Guo Zuo Deng Zi-2023-F-00046019
Bai Hua Hua Gui Tu volume 56
2023-01-16
2023-03-15
64
Guo Zuo Deng Zi-2023-F-00045978
Bai Hua Hua Gui Tu volume 57
2023-01-16
2023-03-15
65
Guo Zuo Deng Zi-2023-F-00045983
Bai Hua Hua Gui Tu volume 59
2023-01-16
2023-03-15
66
Guo Zuo Deng Zi-2023-F-00046048
Bai Hua Hua Gui Tu volume 61
2023-01-19
2023-03-15
67
Guo Zuo Deng Zi-2023-F-00045997
Bai Hua Hua Gui Tu volume 62
2023-01-19
2023-03-15
68
Guo Zuo Deng Zi-2023-F-00045996
Bai Hua Hua Gui Tu volume 64
2023-01-19
2023-03-15
69
Guo Zuo Deng Zi-2023-F-00046017
Bai Hua Hua Gui Tu volume 65
2023-01-19
2023-03-15
70
Guo Zuo Deng Zi-2023-F-00046050
Bai Hua Hua Gui Tu volume 66
2023-01-20
2023-03-15
71
Guo Zuo Deng Zi-2023-F-00045995
Bai Hua Hua Gui Tu volume 68
2023-01-20
2023-03-15
72
Guo Zuo Deng Zi-2023-F-00045977
Bai Hua Hua Gui Tu volume 69
2023-01-20
2023-03-15
73
Guo Zuo Deng Zi-2023-F-00046031
Bai Hua Hua Gui Tu volume 70
2023-01-20
2023-03-15
74
Guo Zuo Deng Zi-2023-F-00046049
Bai Hua Hua Gui Tu volume 71
2023-01-20
2023-03-15
75
Guo Zuo Deng Zi-2023-F-00046030
Bai Hua Hua Gui Tu volume 72
2023-01-20
2023-03-15
76
Guo Zuo Deng Zi-2023-F-00046016
Bai Hua Hua Gui Tu volume 73
2023-01-20
2023-03-15
77
Guo Zuo Deng Zi-2023-F-00046029
Bai Hua Hua Gui Tu volume 74
2023-01-20
2023-03-15
78
Guo Zuo Deng Zi-2023-F-00046013
Bai Hua Hua Gui Tu volume 75
2023-01-20
2023-03-15
79
Guo Zuo Deng Zi-2023-F-00046015
Bai Hua Hua Gui Tu volume 76
2023-01-20
2023-03-15
80
Guo Zuo Deng Zi-2023-F-00046012
Bai Hua Hua Gui Tu volume 77
2023-01-20
2023-03-15
81
Guo Zuo Deng Zi-2023-F-00046028
Bai Hua Hua Gui Tu volume 78
2023-01-20
2023-03-15
82
Guo Zuo Deng Zi-2023-F-00045994
Bai Hua Hua Gui Tu volume 80
2023-01-20
2023-03-15
83
Guo Zuo Deng Zi-2023-F-00046036
Bai Hua Hua Gui Tu volume 81
2023-01-28
2023-03-15
84
Guo Zuo Deng Zi-2023-F-00046035
Bai Hua Hua Gui Tu volume 82
2023-01-28
2023-03-15
85
Guo Zuo Deng Zi-2023-F-00045993
Bai Hua Hua Gui Tu volume 84
2023-01-28
2023-03-15
86
Guo Zuo Deng Zi-2023-F-00046018
Bai Hua Hua Gui Tu volume 85
2023-01-28
2023-03-15
87
Guo Zuo Deng Zi-2023-F-00046034
Bai Hua Hua Gui Tu volume 86
2023-01-28
2023-03-15
88
Guo Zuo Deng Zi-2023-F-00046033
Bai Hua Hua Gui Tu volume 87
2023-01-28
2023-03-15
89
Guo Zuo Deng Zi-2023-F-00046045
Bai Hua Hua Gui Tu volume 90
2023-01-28
2023-03-15
90
Guo Zuo Deng Zi-2023-F-00046044
Bai Hua Hua Gui Tu volume 91
2023-01-28
2023-03-15
91
Guo Zuo Deng Zi-2023-F-00046043
Bai Hua Hua Gui Tu volume 92
2023-01-28
2023-03-15
92
Guo Zuo Deng Zi-2023-F-00045998
Bai Hua Hua Gui Tu volume 94
2023-01-28
2023-03-15
93
Guo Zuo Deng Zi-2023-F-00045982
Bai Hua Hua Gui Tu volume 95
2023-01-28
2023-03-15
94
Guo Zuo Deng Zi-2023-F-00046040
Bai Hua Hua Gui Tu volume 96
2023-01-28
2023-03-15
95
Guo Zuo Deng Zi-2023-F-00045980
Bai Hua Hua Gui Tu volume 97
2023-01-28
2023-03-15
96
Guo Zuo Deng Zi-2023-F-00046039
Bai Hua Hua Gui Tu volume 98
2023-01-28
2023-03-15
97
Guo Zuo Deng Zi-2023-F-00045979
Bai Hua Hua Gui Tu volume 99
2023-01-28
2023-03-15
57
Internet domain name.
As of the date of this Annual Report, the Company owns two internet domain names, which are both held by the Company's PRC operating
subsidiary Qilun Culture (Shenzhen):
No.
License
Domain Name
Web site name
Registration Date
Expiration Date
1
Guangdong ICP Prep 2022034555-2
qilungroup.com.cn
Qilungroup.com.cn
05/06/2022
06/05/2027
2
Guangdong ICP Prep 2022034555-1
qilunwenhua.com
Qilunwenhua.com
09/23/2021
09/23/2023
D.
Trend Information
The COVID-19 pandemic has had a significant adverse
impact and created many uncertainties related to our business, and we expect that it will continue to do so. The Company is experiencing
challenges in sales, which have increased the Company's financial uncertainty. Our future business outlook and expectations are
very uncertain due to the impact of the COVID-19 pandemic and are very difficult to quantify. It is difficult to assess or predict the
impact of this unprecedented event on our business, financial results or financial condition. Factors that will impact the extent to which
the COVID-19 pandemic affects our business, financial results and financial condition include: the duration, spread and severity of the
pandemic; the actions taken to contain the virus or treat its impact, including government actions to mitigate the economic impact of
the pandemic; and how quickly and to what extent normal economic and operating conditions can resume, including whether any future outbreaks
interrupt the economic recovery.
Recently, there has been an increasing number of COVID-19
cases, including cases involving the COVID-19 Delta and Omicron variants, in multiple cities in China. The Chinese local authorities have
reinstated certain measures to keep COVID-19 in check, including compulsory quarantine arrangements, travel restrictions and stay-at-home
orders. The reinstatement of these restrictions in early 2022 have adversely affected our operations by, for example, making it more difficult
to conduct our sales and marketing and promotional efforts. The COVID-19 global pandemic has resulted in, and may intensify, global economic
distress, and the duration and extent of the impact of COVID-19 outbreak is highly uncertain at this time. We are unable to predict the
extent to which the pandemic and related impacts will continue to adversely impact our business operations, financial performance, results
of operations, financial position and the achievement of our strategic objectives.
Other than the factors listed above we do not know
of any trends, events or uncertainties that have had or are reasonably expected to have a material impact on our net sales or revenues
or income from continuing operations.
E.
Critical Accounting Policies
Application of Critical Accounting Policies
In preparing our financial statements, we are required
to formulate working policies regarding valuation of our assets and liabilities and to develop estimates of those values. In the preparation
of the financial statements for the years ended December 31, 2022, 2021 and 2020, there was no estimate that was (a) subject to a high
degree of uncertainty and (b) material to our results.
58
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A.
Director and senior management
The following table sets forth certain information
regarding our directors and senior management, as well as employees upon whose work we are dependent, as of the date of this Annual Report.
NAME
AGE
POSITION
Ruowen Li
38
Chief Executive Officer, Director
The following is a brief biography of our Chief Executive
Officer and Director:
Ruowen Li - Chief Executive Officer, Director
Ruowen Li is the co-founder and general manager of
Yue Chen Culture Ltd., a subsidiary of China Ding Yi Feng Corp. Previously, Ruowen Li was non-executive director and advisor to Kaiyu
Group. From July 2010 through February 2013, Ruowen Li was a business director and director of the global business group of ISoftStone
Information Technology (Group) Co., Ltd. She graduated with a Bachelor of Arts in Economics from Shenzhen University, a Master of Arts
in Economics from San Francisco State University and PhD in business administration from University of Illinois, Urbana Champaign. We
believe that Ruowen Li qualifies as our sole director because she is the founder of the Company and also has extensive experience in the
industry.
Employment Agreement with our Chief Executive Officer,
Ruowen Li
We have entered into employment agreement with our
executive officer. Our executive officer has been employed for three years and is expected to continue until May 31, 2025. We and our
executive officer may renew this employment agreement upon mutual consent. We may terminate the employment of the executive officer at
any time for cause, without notice or remuneration, including but not limited to serious violation by the executive officer of labor discipline
or rules and regulations of the Company, serious dereliction of duties or engaging in malpractice for personal gains by the executive
officer, which causes material losses to the interests of the Company, or investigation of criminal liability against the executive officer
in accordance with law. An executive officer may terminate her employment at any time with one month's prior written notice.
We plan to enter into indemnification agreements with
our director and executive officer. Under this agreement, we agree to indemnify our director and executive officer against all liabilities
and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of the Company to
the fullest extent permitted by law with certain limited exceptions.
Family Relationships
None of our directors or executive officers have a
family relationship as defined in Item 401 of Regulation S-K.
B.
Compensation
For the year ended December 31, 2022, we paid cash
as compensation to our director and executive officer Ruowen Li. We did not set aside or accrue any amounts for pension, retirement or
other benefits for our directors and senior management.
59
The compensation paid, and benefits in kind granted,
to our director, principal executive officer and principal financial and accounting officer as of the end of the fiscal years ended December
31, 2022, 2021 and 2022 as follows:
Name and principal position
Year
Salary
($)
Bonus
($)
All other
compensation
($)
Total
($)
Ruowen Li (Chief Executive Officer and Director)
2022
86,440
179,560
—
266,000
2021
—
—
—
—
2020
—
—
—
—
Insurance
The Company currently pays for medical insurance,
maternity insurance, workplace injury insurance, unemployment insurance, pension benefits or other insurance for all of its employees,
in each case pursuant to applicable PRC or Hong Kong law.
Committees of the Board
The Company does not currently have, and does not
currently intend to establish, any committees of the Board of Directors.
Share Incentive Plan
The Company does not currently have a share incentive
plan.
C.
Board Practices
Board of Directors
Our board has one director.
Duties of Director
Under Cayman Islands law, our director owes fiduciary
duties to the Company, including a duty of loyalty, a duty to act honestly and a duty to act in what they consider in good faith to be
in our best interests. Our director must also exercise its powers only for a proper purpose. Our director also has a duty to exercise
the skill they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable circumstances.
In fulfilling its duty of care to us, our director must ensure compliance with our memorandum and articles of association, as amended
from time to time. Our company has a right to seek damages against any director who breaches a duty owed to us.
D.
Employees
As of December 31, 2022, the Company employed a total
of 33 full-time employees, consisting of:
●
1 executive;
●
13 technical and research and development employees;
●
11 administrative employees; and
●
8 sales employees.
None of our employees are subject to collective bargaining
agreements. All employment arrangements are in compliance with the laws of the PRC. We believe our relationships with Company employees
are satisfactory.
We believe that we have maintained a satisfactory
working relationship with our employees, and we have not experienced any significant labor disputes or any difficulty in recruiting staff
for company's operations. None of the company's employees is represented by a labor union.
60
Our employees in China participate in a state pension
plan organized by Chinese municipal and provincial governments. In addition, the company is required by Chinese law to cover employees
in China with various types of social insurance. See "Item 3. Key Information—D. Risk Factors—Risks Related to Doing
Business in China— Our failure to fully comply with PRC laws relating to social insurance and housing accumulation fund may expose
it to potential administrative penalties."
E.
Share Ownership
All of our shareholders, including the shareholders
listed below, have the same voting rights attached to their Shares. See "Description of Share Capital and Articles of Association".
None of our principal shareholders or our director and executive officers have different or special voting rights with respect to their
Shares. Unless otherwise noted below, each shareholder's address is, c/o Room 2201, Modern International Building, No. 3038, Jintian
Road, Gangxia Community, Futian Street, Futian District, Shenzhen City, Guangdong Province, PRC.
Except as otherwise indicated, all shares are owned
directly and the percentage shown is based on 116,550,000 Shares issued and outstanding, and 116,550,000 Shares outstanding.
Title of Class
(Ordinary Shares)
Name of Beneficial Owner
Ordinary Shares Beneficially Owned
Percent of Class
Current Executive
Officers And Director
Sancai Holdings Limited
(1)
11,000,000
9.44
%
Total of All Current
Officers and Director
(1 person):
Sancai Holdings Limited
(1)
11,000,000
9.44
%
Other ≥ 5% Beneficial Owners
UNIMOS Holdings Limited
(2)
61,000,000
52.34
%
Wuxing Holdings Limited
(3)
8,000,000
6.86
%
Total Other ≥ 5% Beneficial Owners
69,000,000
59.2
%
(1)
Sancai Holdings Limited, a holding company organized under the laws of the British Virgin Islands, is 100% owned and controlled by Ruowen Li. The business address of Sancai Holdings Limited is OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.
(2)
UNIMOS Holdings Limited, a holding company organized under the laws of the British Virgin Islands, is 100% owned and controlled by Mr. Guangyi Sui. The business address of UNIMOS Holdings Limited is OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.
(3)
Wuxing Holdings Limited, a holding company organized under the laws of the British Virgin Islands, is 100% owned and controlled by Mr. Wenzhi Liang. The business address of Wuxing Holdings Limited is OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.
As of the date of Annual Report, none of our outstanding
Shares are held by record holders in the United States. We are not aware of any arrangement that may result in a change of control of
the Company at a subsequent date.
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
Please refer to Item 6 "Directors, Senior Management
and Employees—E. Share Ownership."
61
B.
Related Party Transactions
Please refer to Note 6 "Related Party Transactions"
of Item 18 "Financial Statements."
C.
Interests of Experts and Counsel
Not applicable.
ITEM 8. FINANCIAL INFORMATION
A.
Consolidated Statements and Other Financial Information
Financial Statements
We have appended consolidated financial statements
filed as part of this report. See Item 18 "Financial Statements."
Legal Proceedings
We may be subject to legal proceedings, investigations
and claims incidental to the conduct of our business from time to time. We are currently not party to any legal or arbitration proceedings    ,
including those relating to bankruptcy, receivership or similar proceedings and those involving any third party, which may have, or have
had in the recent past, significant effects on our financial position or profitability.
Dividend Policy
We have never declared or paid any dividends on our
Shares. We do not anticipate paying any dividends in the foreseeable future. We currently intend to retain future earnings, if any, to
finance operations and expand our business. Our director has sole discretion whether to pay dividends. If our director decides to pay
dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general
financial condition, contractual restrictions and other factors that our director may deem relevant.
The Companies Law imposes restrictions on our ability
to declare and pay dividends. See "Description of Share Capital and Articles of Association — Ordinary Shares, and —
Distribution" for additional information. Payment of dividends may be subject to China withholding taxes. See "Risk Factors—Risks
Related to Doing Business in China" and "Regulations" for additional information.
B.
Significant Changes
No significant change has occurred since the date
of our consolidated financial statements filed as part of this Annual Report.
ITEM 9. THE OFFER AND LISTING
A.
Offer and Listing Details
As of this Annual Report, we intend to seek quotation
of our ordinary shares on the OTC Markets Group, Inc. (the "OTC Markets"), OTCQX or the OTCQB Venture. Our
shares are not currently quoted on any principal host market. We do not have a market maker willing to file the necessary application
for quoting our shares on the OTC Markets as of the date of this Annual Report. There is a risk that no public market will develop for
our Shares.
B.
Plan of Distribution
Not applicable.
C.
Markets
See "A. Offer and Listing Details" above.
62
D.
Selling
                                            Shareholders
Not
applicable.
E.
Dilution
Not
applicable.
F.
Expenses
    of the Issue
Not
applicable.
ITEM
10. ADDITIONAL INFORMATION
A.
Share
    Capital
Not
required
B.
Memorandum
    and Articles of Association
We
incorporate by reference into this Annual Report the description of our articles of association contained in our Form F-1 registration
statement (File No. 333-268512), as amended, initially filed with the Securities and Exchange Commission on November 22, 2022.
C.
Material
    Contracts
We
have not entered into any material contracts other than in the ordinary course of business and other than those described in Item 4 "Information
on the Company," Item 5 "Operating and Financial Review and Prospects—F. Tabular Disclosure of Contractual Obligations,"
Item 7 "Major Shareholders and Related Party Transactions," or filed (or incorporated by reference) as exhibits to this Annual
Report or otherwise described or referenced in this Annual Report.
D.
Exchange
    Controls
Hong
Kong and Cayman Islands Exchange Controls
There
are no exchange control restrictions on payments of dividends on our ordinary shares or on the conduct of our operations either in Hong
Kong or the Cayman Islands, where we are incorporated. Other jurisdictions in which we may conduct operations in the future may have
various exchange controls. There are no material Cayman Islands laws that impose foreign exchange controls on us or that affect the payment
of dividends, interest or other payments to holders of our securities who are not residents of the Cayman Islands. Cayman Islands law
and our Memorandum and Articles of Association impose no limitations on the right of nonresident or foreign owners to hold or vote our
securities.
PRC
Exchange Controls
Regulations
on Foreign Currency Exchange
Under
the PRC Foreign Currency Administration Rules promulgated on January 29, 1996 and last amended on August 5, 2008 and various regulations
issued by SAFE and other relevant PRC government authorities, payment of current account items in foreign currencies, such as trade and
service payments, payment of interest and dividends can be made without prior approval from SAFE by following the appropriate procedural
requirements. By contrast, the conversion of RMB into foreign currencies and remittance of the converted foreign currency outside the
PRC for the purpose of capital account items, such as direct equity investments, loans and repatriation of investment, requires prior
approval from SAFE or its local office.
63
On
February 13, 2015, SAFE promulgated the Circular on Simplifying and Improving the Foreign Currency Management Policy on Direct Investment,
effective from June 1, 2015, which cancels the requirement for obtaining approvals of foreign exchange registration of foreign direct
investment and overseas direct investment from SAFE. The application for the registration of foreign exchange for the purpose of foreign
direct investment and overseas direct investment may be filed with qualified banks, which, under the supervision of SAFE, may review
the application and process the registration.
The
Circular of the SAFE on Reforming the Management Approach regarding the Settlement of Foreign Capital of Foreign-invested Enterprise,
or SAFE Circular 19, was promulgated on March 30, 2015 and became effective on June 1, 2015. According to SAFE Circular 19, a foreign-invested
enterprise may, according to its actual business needs, settle with a bank the portion of the foreign exchange capital in its capital
account for which the relevant foreign exchange bureau has confirmed monetary contribution rights and interests (or for which the bank
has registered the account-crediting of monetary contribution). For the time being, foreign-invested enterprises are allowed to settle
100% of their foreign exchange capitals on a discretionary basis; a foreign-invested enterprise shall truthfully use its capital for
its own operational purposes within the scope of business; where an ordinary foreign-invested enterprise makes domestic equity investment
with the amount of foreign exchanges settled, the invested enterprise shall first go through domestic re-investment registration and
open a corresponding Account for Foreign Exchange Settlement Pending Payment with the foreign exchange bureau (bank) at the place of
registration. The Circular of the SAFE on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital
Accounts, or SAFE Circular 16, was promulgated and became effective on June 9, 2016. According to SAFE Circular 16, enterprises registered
in PRC may also convert their foreign debts from foreign currency into Renminbi on self-discretionary basis. SAFE Circular 16 provides
an integrated standard for conversion of foreign exchange under capital account items (including but not limited to foreign currency
capital and foreign debts) on self—discretionary basis, which applies to all enterprises registered in the PRC. SAFE Circular 16
reiterates the principle that Renminbi converted from foreign currency-denominated capital of a company may not be directly or indirectly
used for purposes beyond its business scope and may not be used for investments in securities or other investment with the exception
of bank financial products that can guarantee the principal within the PRC unless otherwise specifically provided. Besides, the converted
Renminbi shall not be used to make loans for related enterprises unless it is within the business scope or to build or to purchase any
real estate that is not for the enterprise own use with the exception for the real estate enterprise.
On
January 26, 2017, SAFE promulgated the Circular on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness
and Compliance Verification, or SAFE Circular 3, which stipulates several capital control measures with respect to the outbound remittance
of profits from domestic entities to offshore entities, including (i) banks must check whether the transaction is genuine by reviewing
board resolutions regarding profit distribution, original copies of tax filing records and audited financial statements, and (ii) domestic
entities must retain income to account for previous years' losses before remitting any profits. Moreover, pursuant to SAFE Circular
3, domestic entities must explain in detail the sources of capital and how the capital will be used, and provide board resolutions, contracts
and other proof as a part of the registration procedure for outbound investment.
Regulations
on Foreign Exchange Registration of Overseas Investment by PRC Residents
SAFE
issued the Circular on Relevant Issues Relating to Domestic Resident's Investment and Financing and Roundtrip Investment through
Special Purpose Vehicles, or SAFE Circular 37, which became effective in July 2014, to replace the Circular of the State Administration
of Foreign Exchange on Issues Concerning the Regulation of Foreign Exchange in Equity Finance and Roundtrip Investments by Domestic Residents
through Offshore Special Purpose Vehicles, to regulate foreign exchange matters in relation to the use of special purpose vehicles, or
SPVs, by PRC residents or entities to seek offshore investment and financing or conduct round trip investment in China. SAFE Circular
37 defines a SPV as an offshore entity established or controlled, directly or indirectly, by PRC residents or entities for the purpose
of seeking offshore financing or making offshore investment, using legitimate onshore or offshore assets or interests, while "round
trip investment" is defined as direct investment in China by PRC residents or entities through SPVs, namely, establishing foreign-invested
enterprises to obtain the ownership, control rights and management rights. SAFE Circular 37 stipulates that, prior to making contributions
into an SPV, PRC residents or entities be required to complete foreign exchange registration with SAFE or its local branch. In addition,
SAFE promulgated the Notice on Further Simplifying and Improving the Administration of the Foreign Exchange Concerning Direct Investment
in February 2015, which amended SAFE Circular 37 and became effective on June 1, 2015, requiring PRC residents or entities to register
with qualified banks rather than SAFE in connection with their establishment or control of an offshore entity established for the purpose
of overseas investment or financing.
64
PRC
residents or entities who had contributed legitimate onshore or offshore interests or assets to SPVs but had not obtained registration
as required before the implementation of the SAFE Circular 37 must register their ownership interests or control in the SPVs with qualified
banks. An amendment to the registration is required if there is a material change with respect to the SPV registered, such as any change
of basic information (including change of the PRC residents, name and operation term), increases or decreases in investment amount, transfers
or exchanges of shares, and mergers or divisions. Failure to comply with the registration procedures set forth in SAFE Circular 37 and
the subsequent notice, or making misrepresentation on or failure to disclose controllers of the foreign-invested enterprise that is established
through round-trip investment, may result in restrictions being imposed on the foreign exchange activities of the relevant foreign-invested
enterprise, including payment of dividends and other distributions, such as proceeds from any reduction in capital, share transfer or
liquidation, to its offshore parent or affiliate, and the capital inflow from the offshore parent, and may also subject relevant PRC
residents or entities to penalties under PRC foreign exchange administration regulations. See "Risk Factors—Risks Related
to Doing Business in China—PRC regulations relating to investments in offshore companies by PRC residents may subject our PRC-resident
beneficial owners or our PRC subsidiary to liability or penalties, limit our ability to inject capital into our PRC subsidiary or limit
our PRC subsidiary's ability to increase their registered capital or distribute profits."
Regulations
on Stock Incentive Plans
SAFE
promulgated the Notice on Issues Concerning the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive
Plan of Overseas Publicly Listed Company, or the Stock Incentive Plan Notice, in February 2012, replacing the previous rules issued by
SAFE in March 2007. Pursuant to the Stock Incentive Plan Notice and other relevant rules and regulations, PRC residents participating
in stock incentive plan in an overseas publicly-listed company are required to register with SAFE or its local branches and follow certain
other procedures. Participants of a stock incentive plan who are PRC residents must conduct the SAFE registration and other procedures
with respect to the stock incentive plan through a qualified PRC agent, which could be a PRC subsidiary of the overseas publicly listed
company or another qualified institution appointed by the PRC subsidiary. In addition, the PRC agent is required to update the relevant
SAFE registration should there be any material change to the stock incentive plan, the PRC agent or other material changes. The PRC agent
must, on behalf of the PRC residents who have the right to exercise the employee stock options, apply to SAFE or its local branches for
an annual quota for the payment of foreign currencies in connection with the PRC residents' exercise of the employee stock options.
The foreign exchange proceeds received by the PRC residents from the sale of shares under the stock incentive plans granted and dividends
distributed by the overseas listed companies must be remitted into the bank accounts in the PRC opened by the PRC agents prior to distribution
to such PRC residents.
Regulations
on Dividend Distribution
Distribution
of dividends of foreign investment enterprises are mainly governed by the Foreign Investment Enterprise Law, issued in 1986 and amended
in 2000 and 2016 respectively, and the Implementation Rules under the Foreign Investment Enterprise Law, issued in 1990 and amended in
2001 and 2014 respectively. Under these regulations, foreign investment enterprises in the PRC may distribute dividends only out of their
accumulative profits, if any, determined in accordance with PRC accounting standards and regulations. In addition, no less than 10% of
the accumulated profits of the foreign investment enterprises in the PRC are required to be allocated to fund certain reserve funds each
year unless these reserves have reached 50% of the registered capital of the enterprises. A PRC company is not permitted to distribute
any profits until any losses from previous fiscal years have been offset. Profits retained from prior fiscal years may be distributed
together with distributable profits from the current fiscal year. See "Risk Factors—Risks Related to Doing Business in China—Restrictions
under PRC law on our PRC subsidiaries' ability to make dividends and other distributions could materially and adversely affect
our ability to grow, make investments or acquisitions that could benefit our business, pay dividends to you, and otherwise fund and conduct
our business."
65
E.
Taxation
The
following is a general summary of the material Cayman Islands, Hong Kong, PRC and U.S. federal income tax consequences relevant to an
investment in our shares of common stock, sometimes referred to collectively in this summary as our "securities". The discussion
is not intended to be, nor should it be construed as, legal or tax advice to any particular prospective purchaser. The discussion is
based on laws and relevant interpretations thereof in effect as of the date of this Annual Report, all of which are subject to change
or different interpretations, possibly with retroactive effect. The discussion does not address United States state or local tax laws,
or tax laws of jurisdictions other than the Marshall Islands, Hong Kong, the BVI, the PRC and the United States. We recommend that you
consult your own tax advisors with respect to the consequences of acquisition, ownership and disposition of our securities.
Cayman
Islands Taxation
The
Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is
no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government
of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or brought within, the jurisdiction
of the Cayman Islands. The Cayman Islands is not party to any double tax treaties. There are no exchange control regulations or currency
restrictions in the Cayman Islands.
Hong
Kong Taxation
Our
Hong Kong subsidiaries, under the current laws of Hong Kong, are subject to profits tax of 16.5%. No provision for Hong Kong profits
tax has been made as our Hong Kong subsidiaries have no taxable income.
PRC
Taxation
We
are a holding company incorporated in the Marshall Islands, which indirectly holds our equity interests in our PRC operating subsidiaries.
The EIT Law and its implementation rules, both of which became effective as of January 1, 2008, provide that a PRC enterprise is subject
to a standard income tax rate of 25% and China-sourced income of foreign enterprises, such as dividends paid by a PRC subsidiary to its
overseas parent, will normally be subject to PRC withholding tax at a rate of 10%, unless there are applicable treaties between the overseas
parent's jurisdiction of incorporation and China to reduce such rate.
Under
the Arrangement between the Mainland and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention
of Fiscal Evasion with respect to Taxes on Income, or the Double Taxation Arrangement, effective as of January 1, 2007, such dividend
withholding tax rate is reduced to 5% if a Hong Kong resident enterprise owns over 25% of the PRC company distributing the dividends.
Under the aforesaid arrangement, any dividends that our PRC operating subsidiaries pay to their Hong Kong holding companies may be subject
to a withholding tax at the rate of 5% if they are not considered to be a PRC "resident enterprise" as described below. However,
if the Hong Kong holdings companies are not considered to be the "beneficial owner" of such dividends under the Notice Regarding
Interpretation and Recognition of Beneficial Owners under Tax Treaties promulgated by the State Administration of Taxation on October
27, 2009 (and not a PRC "resident enterprise"), such dividends would be subject to the withholding tax rate of 10%. The withholding
tax rate of 5% or 10% applicable will have a significant impact on the amount of dividends to be received by us and ultimately by shareholders.
According
to the Notice Regarding Interpretation and Recognition of Beneficial Owners under Tax Treaties, the term "beneficial owner"
refers to a person who has the right to own and dispose of the income and the rights or properties generated from the said income. The
"beneficial owner" may be an individual, a company or any other organization which is usually engaged in substantial business
operations. A conduit company is not a "beneficial owner." The term "conduit company" refers to a company which
is usually established for purposes of dodging or reducing taxes, and transferring or accumulating profits. Such a company is only registered
in the country of domicile to satisfy the organizational form as required by law, but it does not engage in such substantial business
operations as manufacturing, distribution and management. As our Hong Kong holding companies are controlling companies and are not engaged
in substantial business operations, they could be considered as conduit companies by tax authorities and we do not expect them to be
a beneficial owner.
66
In
addition to the changes to the current tax structure, under the EIT Law, an enterprise established outside of China with "de facto
management bodies" within China is considered a resident enterprise and will normally be subject to an EIT of 25% on its global
income. The implementing rules define the term "de facto management bodies" as "an establishment that exercises, in
substance, overall management and control over the production, business, personnel, accounting, etc., of a Chinese enterprise."
It
remains unclear whether the PRC tax authorities would require or permit our overseas registered entities to be treated as PRC resident
enterprises. We do not currently consider our company to be a PRC resident enterprise. However, if the PRC tax authorities determine
that we are a "resident enterprise" for PRC enterprise income tax purposes, a number of unfavorable PRC tax consequences
could follow. First, we may be subject to the enterprise income tax at a rate of 25% on our worldwide taxable income as well as PRC enterprise
income tax reporting obligations. In our case, this would mean that income such as interest on offering proceeds and non-China source
income would be subject to PRC enterprise income tax at a rate of 25%. Second, although under the EIT Law and its implementing rules
dividends paid to us from our PRC subsidiaries would qualify as "tax-exempt income," we cannot guarantee that such dividends
will not be subject to a 10% withholding tax, as the PRC foreign exchange control authorities, which enforce the withholding tax, have
not yet issued guidance with respect to the processing of outbound remittances to entities that are treated as resident enterprises for
PRC enterprise income tax purposes. Finally, it is possible that future guidance issued with respect to the new "resident enterprise"
classification could result in a situation in which a 10% withholding tax is imposed on dividends we pay to our non-PRC shareholders
and with respect to gains derived by our non-PRC shareholders from transferring our shares.
U.S.
Federal Income Taxation
The
following is a discussion of certain material U.S. federal income tax consequences of the acquisition, ownership and disposition of our
securities. It does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a particular
person's situation. The discussion applies only to holders that hold their securities as capital assets (generally property held
for investment) within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended, or the Code. This discussion is
based on the Code, income tax regulations promulgated thereunder, judicial positions, published positions of the Internal Revenue Service,
or the IRS, and other applicable authorities, all as in effect as of the date hereof and all of which are subject to change, possibly
with retroactive effect. This discussion is general in nature and is not exhaustive of all possible tax considerations, nor does the
discussion address any state, local or foreign tax considerations or any U.S. tax considerations (e.g., estate or gift tax) other than
U.S. federal income tax considerations, that may be applicable to particular holders.
This
discussion does not address all aspects of U.S. federal income taxation that may be relevant in light of particular circumstances, nor
does it address the U.S. federal income tax consequences to persons who are subject to special rules under U.S. federal income tax law,
including:
●
banks,
    insurance companies or other financial institutions;
●
persons
    subject to the alternative minimum tax;
●
tax-exempt
    organizations;
●
controlled
    foreign corporations, passive foreign investment companies and corporations that accumulate earnings to avoid United States federal
    income tax;
●
certain
    former citizens or long-term residents of the United States;
●
dealers
    in securities or currencies;
●
traders
    in securities that elect to use a mark-to-market method of accounting for their securities holdings;
●
persons
    that own, or are deemed to own, more than five percent of our capital stock;
●
holders
    who acquired our stock as compensation or pursuant to the exercise of a stock option; or
●
persons
    who hold our shares as a position in a hedging transaction, "straddle," or other risk reduction transaction.
67
For
purposes of this discussion, a U.S. holder is (i) an individual who is a citizen or resident of the United States for U.S. federal income
tax purposes; (ii) a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized
in or under the laws of the United States (or treated as such under applicable U.S. tax laws), any state thereof, or the District of
Columbia; (iii) an estate the income of which is subject to U.S. federal income tax regardless of its source; or (iv) a trust if (a)
a U.S. court is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority
to control all substantial decisions of the trust, or (b) it has a valid election in effect under applicable law and regulations to be
treated as a U.S. person for U.S. federal income tax purposes. A non-U.S. holder is a holder that is neither a U.S. holder nor a partnership
or other entity classified as a partnership for U.S. federal income tax purposes.
In
the case of a partnership or entity classified as a partnership for U.S. federal income tax purposes, the U.S. federal income tax treatment
of a partner generally will depend on the status of the partner and the activities of the partnership. Partners of partnerships should
consult their tax advisors regarding the U.S. federal income tax consequences to them of the merger or of the ownership and disposition
of our shares.
As
a result of consummation of the Share Exchange, (i) we acquired substantially all the properties of KBS International, a U.S. corporation,
and (ii) the former shareholders of KBS International held at least 80 percent of our Common Stock by reason of having held stock of
KBS International. Accordingly, under Section 7874 of the Code, we are treated for U.S. federal tax purposes as a U.S. corporation and,
among other consequences, are subject to U.S. federal income tax on our worldwide income. This discussion assumes that Section 7874 of
the Code continues to apply to treat us as a U.S. corporation for all purposes under the Code. If, for some reason (e.g., future repeal
of Section 7874 of the Code), we were no longer treated as a U.S. corporation under the Code, the U.S. federal income tax consequences
described herein could be materially and adversely affected.
U.S.
Federal Income Tax Consequences for U.S. Holders
Distributions
In
the event that distributions are paid on our common stock, the gross amount of such distributions will be included in the gross income
of the U.S. holder as dividend income on the date of receipt to the extent that the distribution is paid out of current or accumulated
earnings and profits, as determined under U.S. federal income tax principles. Such dividends will be eligible for the dividends-received
deduction allowed to corporations in respect of dividends received from other U.S. corporations. Dividends received by non-corporate
U.S. holders, including individuals, may be subject to reduced rates of taxation under current law. A U.S. holder may be eligible to
claim a foreign tax credit with respect to any PRC withholding tax imposed on dividends paid by us. However, the foreign tax credit rules
are complex, and their application in connection with Section 7874 of the Code and the Agreement Between the Government of the United
States of America and the Government of the People's Republic of China for the Avoidance of Double Taxation and the Prevention
of Tax Evasion with Respect to Taxes on Income, or the U.S.-PRC Tax Treaty, is not entirely clear at this time. U.S. holders should consult
their own tax advisors with respect to any benefits they may be entitled to under the foreign tax credit rules and the U.S.-PRC Tax Treaty.
To
the extent that dividends paid on our Common Stock exceed current and accumulated earnings and profits, the distributions will be treated
first as a tax-free return of tax basis on our Common Stock, and to the extent that the amount of the distribution exceeds tax basis,
the excess will be treated as gain from the disposition of those common stock. Because Section 7874 of the Code has applied to treat
us as a U.S. corporation only since the consummation of the Share Exchange in 2014, we may not be able to demonstrate to the IRS the
extent to which a distribution on our common stock exceeds our current and accumulated earnings and profits (as determined under U.S.
federal income tax principles), in which case all of such distribution will be treated as a dividend for U.S. federal income tax purposes.
68
Sale
or Other Disposition
U.S.
holders of our Common Stock will recognize taxable gain or loss on any sale, exchange, or other taxable disposition of common stock equal
to the difference between the amount realized for the common stock and the U.S. holder's tax basis in the common stock. This gain
or loss generally will be capital gain or loss. Under current law, non-corporate U.S. holders, including individuals, are eligible for
reduced tax rates if the common stock has been held for more than one year. The deductibility of capital losses is subject to limitations.
A U.S. holder may be eligible to claim a foreign tax credit with respect to any PRC withholding tax imposed on gain from the sale or
other disposition of common stock. However, the foreign tax credit rules are complex, and their application in connection with Section
7874 of the Code and the U.S.-PRC Tax Treaty is not entirely clear at this time. U.S. holders should consult their own tax advisors with
respect to any benefits they may be entitled to under the foreign tax credit rules and the U.S.-PRC Tax Treaty.
Unearned
Income Medicare Contribution
Certain
U.S. holders who are individuals, trusts or estates are required to pay an additional 3.8% Medicare tax on, among other things, dividends
on and capital gains from the sale or other disposition of shares of stock. U.S. holders should consult their own advisors regarding
the effect, if any, of this rule on their ownership and disposition of our Common Stock.
U.S.
Federal Income Tax Consequences for Non-U.S. Holders
Distributions
The
rules applicable to non-U.S. holders for determining the extent to which distributions on our Common Stock, if any, constitute dividends
for U.S. federal income tax purposes are the same as for U.S. holders.
See "–U.S. Federal Income Tax Consequences for
U.S. Holders– Distributions."
Any
dividends paid to a non-U.S. holder by us are treated as income derived from sources within the United States and generally will be subject
to U.S. federal income tax withholding at a rate of 30% of the gross amount of the dividends, or at a lower rate provided by an applicable
income tax treaty if non-U.S. holders provide proper certification of eligibility for the lower rate (usually on IRS Form W-8BEN or W-8BEN-E).
Dividends received by a non-U.S. holder that are effectively connected with such holder's conduct of a U.S. trade or business (and,
if an income tax treaty applies, are attributable to a permanent establishment maintained by the non-U.S. holder in the U.S.) are exempt
from such withholding tax, provided that applicable certification requirements are satisfied. In such case, however, non-U.S. holders
will be subject to U.S. federal income tax on such dividends, net of certain deductions, at the rates applicable to U.S. persons. In
addition, corporate non-U.S. holders may be subject to an additional branch profits tax equal to 30% or such lower rate as may be specified
by an applicable tax treaty on dividends received that are effectively connected with the conduct of a trade or business in the United
States.
If
non-U.S. holders are eligible for a reduced rate of U.S. withholding tax pursuant to an applicable income tax treaty, such non-U.S. holders
may obtain a refund of any excess amounts withheld by filing an appropriate claim for refund with the IRS.
Sale
or Other Disposition
Except
as described below for a reduced rate of U.S. withholding tax pursuant to an applicable income tax treaty, any gain realized by a non-U.S.
holder upon the sale or other disposition of our Common Stock generally will not be subject to U.S. federal income tax unless:
●
the
    gain is effectively connected with the conduct of a trade or business in the United States by such non- U.S. holder, and, if an income
    tax treaty applies, is attributable to a permanent establishment maintained by such non-U.S. holder in the U.S.;
●
the
    non-U.S. holder is an individual who is present in the United States for 183 days or more in the taxable year of the disposition,
    and certain other conditions are met; or
69
●
We
    are or have been a "U.S. real property holding corporation," or USRPHC, for U.S. federal income tax purposes at any time
    during the shorter of the five-year period ending on the date of disposition or the period during which the holder has held our Common
    Stock.
Non-U.S.
holders whose gain is described in the first bullet point above will be subject to U.S. federal income tax on the gain derived from the
sale, net of certain deductions, at the rates applicable to U.S. persons. Corporate non-U.S. holders whose gain is described in the first
bullet point above may also be subject to the branch profits tax described above at a 30% rate or lower rate provided by an applicable
income tax treaty. Individual non-U.S. holders described in the second bullet point above will be subject to a flat 30% U.S. federal
income tax rate on the gain derived from the sale, which may be offset by U.S.-source capital losses, even though such non-U.S. holders
are not considered to be residents of the United States.
A
corporation will be a USRPHC if the fair market value of its U.S. real property interests equals or exceeds 50 percent of the aggregate
of its real property interests (U.S. and non-U.S.) and its assets used or held for use in a trade or business. Because we do not currently
own significant U.S. real property, we believe that we are not currently and will not become a USRPHC. However, because the determination
of whether we are a USRPHC depends on the fair market value of our U.S. real property relative to the fair market value of our other
business assets, there can be no assurance that we will not become a USRPHC in the future. Even if we become a USRPHC, however, as long
as our common stock are regularly traded on an established securities market, such common stock will be treated as U.S. real property
interests only if a non-U.S. holder actually or constructively holds more than 5% of such regularly traded common stock at any time during
the applicable period that is specified in the Code.
Foreign
Account Tax Compliance
The
Foreign Account Tax Compliance provisions of the Hiring Incentives to Restore Employment Act (generally referred to as "FATCA"),
when applicable, will impose a U.S. federal withholding tax of 30% on payments of dividends on, and (for dispositions after December
31, 2018) gross proceeds from dispositions of, our common stock that are held through "foreign financial institutions" (which
is broadly defined for this purpose and in general includes investment vehicles) and certain other non-U.S. entities unless various U.S.
information reporting and due diligence requirements (generally relating to ownership by U.S. persons of certain interests in or accounts
with those entities) have been satisfied or an exemption applies. An intergovernmental agreement between the United States and an applicable
foreign country may modify these requirements. U.S. Holders should consult their tax advisers regarding the effect, if any, of the FATCA
provisions on their particular circumstances.
Information
Reporting and Backup Withholding
Payments
of dividends or of proceeds on the disposition of stock made to a holder of our Common Stock may be subject to information reporting
and backup withholding at a current rate of 24% unless such holder provides a correct taxpayer identification number on IRS Form W-9
(or other appropriate withholding form) or establishes an exemption from backup withholding, for example by properly certifying the holder's
non-U.S. status on a Form W-8BEN, Form W-8BEN-E or another appropriate version of IRS Form W-8. Payments of dividends to holders must
generally be reported annually to the IRS, along with the name and address of the holder and the amount of tax withheld, if any. A similar
report is sent to the holder. Pursuant to applicable income tax treaties or other agreements, the IRS may make these reports available
to tax authorities in the holder's country of residence.
Backup
withholding is not an additional tax; rather, the U.S. income tax liability of persons subject to backup withholding will be reduced
by the amount of tax withheld. If withholding results in an overpayment of taxes, a refund or credit may generally be obtained from the
IRS, provided that the required information is furnished to the IRS in a timely manner.
F.
Dividends
    and Paying Agents
Not
required.
G.
Statement
    by Experts
Not
required.
70
H.
Documents
    on Display
We
have filed this Annual Report on Form 20-F with the SEC under the Exchange Act. Statements made in this report as to the contents of
any document referred to are not necessarily complete. With respect to each such document filed as an exhibit to this report, reference
is made to the exhibit for a more complete description of the matter involved, and each such statement shall be deemed qualified in its
entirety by such reference.
We
are subject to the informational requirements of the Exchange Act as a foreign private issuer and file reports and other information
with the SEC. Reports and other information filed by us with the SEC including this report, may be inspected and copied at the public
reference room of the SEC at 100 F Street, N.E., Washington D.C. 20549. You can also obtain copies of this report by mail from the Public
Reference Section of the SEC, 100 F. Street, N.E., Washington D.C. 20549, at prescribed rates. Additionally, copies of this material
may be obtained from the SEC's Internet site at http://www.sec.gov. The SEC's telephone number is 1-800-SEC-0330.
As
a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly reports
and proxy statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery
provisions contained in Section 16 of the Exchange Act.
I.
Subsidiary
    Information
Not
applicable.
J.
Annual Report to Security
  Holders.
Not
applicable.
ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Interest
Rate Risk
We
deposit surplus funds with Chinese banks earning daily interest. We do not invest in any instruments for trading purposes. Most of our
outstanding debt instruments carry fixed rates of interest. Our operations generally are not directly sensitive to fluctuations in interest
rates and we currently do not have any long-term debt outstanding. Management monitors the banks' prime rates in conjunction with
our cash requirements to determine the appropriate level of debt balances relative to other sources of funds. We have not entered into
any hedging transactions in an effort to reduce our exposure to interest rate risk.
Foreign
Exchange Risk
While
our reporting currency is the U.S. dollar, substantially all of our consolidated revenues and consolidated costs and expenses are denominated
in RMB. Substantially all of our assets are denominated in RMB. As a result, we are exposed to foreign exchange risk as our revenues
and results of operations may be affected by fluctuations in the exchange rate between the U.S. dollar and the RMB. If the RMB depreciates
against the U.S. dollar, the value of our RMB revenues, earnings and assets as expressed in our U.S. dollar financial statements will
decline. Assets and liabilities are translated at exchange rates at the balance sheet dates and revenue and expenses are translated at
the average exchange rates and equity is translated at historical exchange rates. Any resulting translation adjustments are not included
in determining net income but are included in determining other comprehensive income, a component of equity. As of December 31, 2022,
our accumulated other comprehensive loss was $(96,822). We have not entered into any hedging transactions in an effort to reduce our
exposure to foreign exchange risk.
The
value of RMB against the U.S. dollar and other currencies is affected by, among other things, changes in China's political and
economic conditions. Since July 2005, RMB has not been pegged to the U.S. dollar. Although the People's Bank of China regularly
intervenes in the foreign exchange market to prevent significant short-term fluctuations in the exchange rate, RMB may appreciate or
depreciate significantly in value against the U.S. dollar in the medium to long term. Moreover, it is possible that in the future, PRC
authorities may lift restrictions on fluctuations in RMB exchange rate and lessen intervention in the foreign exchange market.
71
Inflation
Inflationary
factors such as increases in the cost of our product and overhead costs may adversely affect our operating results. Although we do not
believe that inflation has had a material impact on our financial position or results of operations to date, a high rate of inflation
in the future may have an adverse effect on our ability to maintain current levels of gross margin and selling, general and administrative
expenses as a percentage of net revenues if the selling prices of our products do not increase with these increased costs.
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
None.
ITEM
15. CONTROLS AND PROCEDURES
A.
Disclosure
    Controls and Procedures
We
maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in reports
filed under the Exchange Act is recorded, processed, summarized and reported within the specified time periods and accumulated and communicated
to our management, including our principal executive officer and principal accounting officer, as appropriate, to allow timely decisions
regarding required disclosure.
Under
the supervision and with the participation of our Chief Executive Officer Ruowen Li, we conducted an evaluation of our disclosure controls
and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Exchange Act, as of December 31,
2022. Based on that evaluation, our principal executive officer and principal accounting officer have concluded that our disclosure controls
and procedures are effective in ensuring that material information required to be disclosed in this annual report is recorded, processed,
summarized and reported to them for assessment, and required disclosure is made within the time period specified in the rules and forms
of the Commission.
72
B.
Management's
    Annual Report on Internal Control Over Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f)
and 15d-15(f) under the Exchange Act. As required by Rule 13a-15(c) of the Exchange Act, our management conducted an evaluation of our
company's internal control over financial reporting as of December 31, 2022 based on the framework in Internal Control —
Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation,
our management concluded that our internal control over financial reporting was effective as of December 31, 2022.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness of our internal control over financial reporting to future periods are subject to the risks that controls
may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
C.
Attestation
    Report of the Registered Public Accounting Firm
Because
the Company is a non-accelerated filter, this Annual Report does not include an attestation report of our registered public accounting
firm regarding internal control over financial reporting.
D.
Changes
    in Internal Controls over Financial Reporting
Other
than discussed above, there has been no change to our internal control over financial reporting that occurred during the period covered
by this Annual Report on Form 20-F that has materially affected, or is reasonably likely to materially affect, our internal control over
financial reporting.
ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT
The
Company does not have an audit committee and the sole director does not qualify as a financial expert at this time.
ITEM
16B. CODE OF ETHICS
The
Company has not at this time adopted a Code of Ethics pursuant to rules described in Regulation S-K. The Company has only three shareholders,
one of whom controls 94.1% of the Company's voting securities. The Company has no operations or business. The adoption of a Code
of Ethics at this time would not serve the primary purpose of such a code to provide a manner of conduct as the development, execution
and enforcement of such a code would be by the same persons and only persons to whom such code applied. Furthermore, because the Company
does not have any activities, there are no activities or transactions which would be subject to this code. At the time the Company enters
a business combination or other corporate transaction, the Company may consider adopting a Code of Ethics. The Company does not maintain
an Internet website on which to post a code of ethics.
ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Assentsure
PAC is the Company's independent registered public accounting firm. Fees billed to the Company are set forth below:
Fiscal
                                            Year Ended
December
                                            31,
Fiscal
                                            Year Ended
December
                                            31,
2022
2021
Audit Fees
$
95,000
$
60,000
Audit Related Fees
$
15,000
$
10,000
Tax Fees
-
-
All other Fees
3,000
2,000
Total
$
113,000
$
72,000
"Audit
Fees" consisted of fees billed for services rendered for the audit of the Company's annual consolidated financial statements
included in the Company's annual reports on Form 20-F, and "audit related fees" are for reviews of the consolidated
financial statements included in the Company's quarterly reports on Form 6-K.
ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
The
Company's shares are not listed on an exchange.
73
ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
There
were no purchases of equity securities made by or on behalf of us or any "affiliated purchaser" as defined in Rule 10b-18
of the Exchange Act during the period covered by this Annual Report.
ITEM
16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
There
have not and have not been any disagreements between the Company and its accountants on any matter of accounting principles, practices,
or financial statement disclosure.
ITEM
16G. CORPORATE GOVERNANCE
There
have not and have not been any disagreements between the Company and its accountants on any matter of accounting principles, practices,
or financial statement disclosure.
ITEM
16H. MINE SAFETY DISCLOSURE
Not
applicable.
ITEM
16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not
applicable.
PART
III
ITEM
17. FINANCIAL STATEMENTS
The
Registrant has elected to provide the financial statements and related information specified in Item 18.
ITEM
18. FINANCIAL STATEMENTS
The
consolidated financial statements of the Registrants are included at the end of this annual report.
ITEM
19. EXHIBITS
(a)
Exhibits
Exhibit
Number
Description
3.1
Articles of Association of Qilun Group Inc.**
10.1
Employment Agreement with our Chief Executive Officer, Ruowen Li**
10.2
Transfer Agreement dated October 14, 2022, among Qilun Holding (Shenzhen) and the selling shareholders thereto.*
10.3
Cooperation Agreement on Sales Commission**
14.1
Code of Business Conduct and Ethics of the Registrant**
21.1
Subsidiaries of the Registrant**
23.1
Consent of Assentsure PAC, an independent registered public accounting firm
23.2
Consent of DeHeng Law Offices (Shenzhen)**
101.INS
Inline
    XBRL Instance Document
101.SCH
Inline
    XBRL Taxonomy Extension Schema Document
101.CAL
Inline
    XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
Inline
    XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
Inline
    XBRL Taxonomy Extension Label Linkbase Document
101.PRE
Inline
    XBRL Taxonomy Extension Presentation Linkbase Document
*
Incorporated by reference to our Registration Statement on Form F-1 filed with the Commission on March 30, 2023.
**
Incorporated by reference to our Registration Statement on Form F-1 filed with the Commission on March 27, 2023.
74
SIGNATURE
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this report on its behalf.
Date:
    June 6, 2023
Qilun
    Group Inc.
/s/
    Ruowen Li
Ruowen
                                            Li
Chief
    Executive Officer and Director
(Principal
    Executive Officer)
75
QILUN
GROUP INC. AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
As of December 31,
2022
2021
Assets
Current Assets:
Cash
$
11,948,756
$
1,767,042
Prepayments
296,753
169,318
Inventories
583,358
185,012
Account receivables, net - third parties
1,170,020
-
Account receivables, net - related parties
-
2,604
Amount due from related parties – non-trade
763,700
7,200
Other receivables and deposit
178,704
46,018
Total current assets
14,941,291
2,177,194
Plant and equipment, net
321,639
176,147
Right-of-use assets
80,449
139,441
Total assets
$
15,343,379
$
2,492,782
Liabilities and shareholders' equity
Current Liabilities:
Accounts payable– third parties
$
285,106
$
71,470
Accounts payable– related parties
278,225
-
Deposits received – third parties
2,286,017
968,812
Deposits received – related parties
438,302
12,450
Amount due to related parties
1,153,624
572,373
Tax payable
411,418
72,392
Payroll payable
77,397
154,581
Other payable
435,445
-
Operating lease liabilities, current
72,439
119,045
Total current liabilities
5,437,973
1,971,123
Operating lease liabilities, less current portion
13,809
20,396
Deposits received – third parties, non current
3,545,788
-
Total liabilities
8,997,570
1,991,519
Shareholders' equity
Common stock; $
0.0001
par value,
500,000,000
shares authorized;
116,550,000
and
100,000,000
shares issued and outstanding at December 31, 2022 and 2021, respectively
11,655
10,000
Additional paid-in capital
5,177,220
-
Statutory reserve
155,296
33,259
Retained earnings
1,098,460
451,120
Other comprehensive (loss)/income
(
96,822
)
6,884
Total Shareholders' equity
6,345,809
501,263
Total liabilities and Shareholders' equity
$
15,343,379
$
2,492,782
The
accompanying notes are an integral part of these consolidated financial statements.
76
QILUN
GROUP INC. AND ITS SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
For the Years Ended
December 31,
2022
2021
2020
Revenue – third parties
$
6,708,321
$
1,249,542
$
-
Revenue – related parties
352,175
269,724
Cost of revenue - third parties
493,777
251,644
-
Cost of revenue – related parties
1,365,231
159,646
Gross profit
5,201,488
1,107,976
-
Salaries and benefits
1,085,422
329,989
-
Research and development expenses
122,948
-
-
Office supplies
388,189
164,346
-
Utilities expenses
23,936
12,661
-
Rentals and leases
235,859
103,542
Advertising and promotion expenses
870,270
144,384
-
Depreciation
135,967
20,582
-
Professional fees
968,059
-
-
Total operating expenses
3,830,650
775,504
-
Earnings from operations before other income and income taxes
1,370,838
332,472
-
Interest income
47,896
-
-
Other income
114,026
175,427
-
Other expense
(
89,069
)
-
-
Earnings from operations before income taxes
1,443,691
507,899
-
Provision for income taxes
406,791
23,520
-
Net income
$
1,036,900
$
484,379
$
-
Comprehensive income:
Net income
$
1,036,900
$
484,379
$
-
Foreign currency translation adjustment
(
103,706
)
6,884
-
Comprehensive income
$
933,194
$
491,263
$
-
Basic and diluted earnings per share
$
0.009
$
0.005
$
-
Weighted average number of shares outstanding
116,550,000
100,000,000
100,000,000
The
accompanying notes are an integral part of these consolidated financial statements.
77
QILUN
GROUP INC. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Common stock
Additional
Accumulated
Other
Total
Number of
paid-in
Statutory
Retained
Comprehensive
Stockholder'
Shares
Amount
capital
reserve
Earnings
Income
Equity
Balance at January 1, 2022
100,000,000
$
10,000
-
$
33,259
$
451,120
$
6,884
$
501,263
Net income
-
-
-
122,037
914,863
-
1,036,900
Issuance of common stocks
16,550,000
1,655
3,308,345
-
-
-
3,310,000
Shareholder contribution
1,868,875
1,868,875
Dividends
-
-
-
-
(
267,523
)
-
(
267,523
)
Foreign currency translation adjustment
-
-
-
-
-
(
103,706
)
(
103,706
)
Balance at December 31, 2022
116,550,000
11,655
5,177,220
155,296
1,098,460
(
96,822
)
6,345,809
Common stock
Accumulated
Other
Total
Number of
Statutory
Retained
Comprehensive
Stockholder'
Shares
Amount
reserve
Earnings
Income
Equity
Balance at January 1, 2020
100,000,000
$
10,000
$
-
$
-
$
-
$
10,000
Net income
-
-
-
-
-
-
Balance at December 31, 2020
100,000,000
10,000
-
-
-
10,000
Net income
-
-
33,259
451,120
-
484,379
Foreign currency translation adjustment
-
-
-
-
6,884
6,884
Balance at December 31, 2021
100,000,000
$
10,000
$
33,259
$
451,120
$
6,884
$
501,263
The
accompanying notes are an integral part of these consolidated financial statements
78
QILUN
GROUP INC. AND ITS SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended
December 31,
2022
2021
2020
Cash Flows from Operating Activities
Net income
$
1,036,900
$
484,379
$
-
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation
135,967
20,582
-
Amortization on ROU asset
155,164
93,652
-
Gain on bargain purchase
-
(
156,452
)
-
Changes in operating assets and liabilities:
Account receivables - third parties
(
1,199,394
)
-
-
Account receivables - related parties
2,604
(
2,604
)
-
Prepayments
(
134,885
)
(
159,506
)
-
Inventories
(
412,991
)
(
102,593
)
-
Other receivables and deposit
(
137,102
)
(
32,165
)
-
Accounts payable – third parties
220,794
70,469
-
Accounts payable – related parties
285,210
-
-
Deposits received – third parties
5,009,401
955,238
-
Deposits received – related parties
436,856
12,450
-
Payroll payable
(
75,241
)
152,004
-
Other payables
446,377
(
15,500
)
-
Tax payable
349,355
71,378
-
Net cash provided by operating activities
6,119,015
1,391,332
-
Cash Flows from Investing Activities
Acquisition of subsidiary net of cash acquired
-
11,559
-
Purchase of plant and equipment
(
289,534
)
(
190,503
)
-
Payment of amounts due from related parties
(
775,492
)
-
-
Net cash used in investing activities
(
1,065,026
)
(
178,944
)
-
Cash Flows from financing activities
Payments for operating lease
(
149,219
)
(
93,652
)
-
Amounts advanced to related parties
618,649
623,548
-
Payments for dividends
(
267,523
)
-
-
Issuance of common stocks
3,310,000
-
-
Shareholders contribution
1,915,793
-
-
Net cash provided by financing activities
5,427,700
529,896
-
Effect of exchange rate fluctuation on cash and cash equivalents
(
299,975
)
24,758
-
Net increase in cash and cash equivalents
10,181,714
1,767,042
-
Cash and cash equivalents, beginning of year
1,767,042
-
-
Cash and cash equivalents, end of year
$
11,948,756
$
1,767,042
$
-
Supplemental disclosure of cash flow information
Cash paid for income taxes
$
(
406,791
)
$
(
23,520
)
$
-
The
accompanying notes are an integral part of these consolidated financial statements.
79
QILUN
GROUP INC. AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1.
NATURE OF OPERATIONS
Qilun
Group Inc. ("Qilun", together as a group with Qilun's subsidiaries was referred to the "Company" or "we")
was incorporated in Cayman Islands on May 24, 2022. The Company provides cultural products, including calligraphy, painting, book, magazine,
cultural and creative products, and related services provide, such as design, planning, exhibition installation, video recording and
production when sells products.
Qilun's
subsidiaries include:
●
Qilun
    Group Limited ("Qilun Group (HK)"), which was established on June 14, 2022 under the laws of Hong Kong. Qilun controlled
100
% of the ownership of Qilun Group (HK) since establishment.
●
Qilun
    Holding (Shenzhen) Company Limited ("Qilun Holding (Shenzhen)"), a privately held Limited Company registered in Guangdong,
    China on August 29, 2022. Qilun Group (HK) controlled
100
% of the ownership of Qilun Holding (Shenzhen) since establishment.
●
Qilun
    Culture (Shenzhen) Group Co., Ltd. ("Qilun Culture (Shenzhen)"), a privately held Limited Company registered in Guangdong,
    China on February 26, 2021. On October 14, 2022, Qilun Holding (Shenzhen) acquired
100
% of the ownership of Qilun Culture (Shenzhen)
    from the original shareholders of Qilun Culture (Shenzhen).
●
Qilun
    Culture (HK) Co., Ltd. ("Qilun Culture (HK)"), which was established on November 12, 2021 under the laws of Hong Kong.
    Qilun Culture (Shenzhen) controlled
100
% of the ownership of Qilun Culture (HK) since establishment. On August 24, 2022, Qilun Culture
    (Shenzhen) transferred
100
% of the ownership of Qilun Culture (HK) to Qilun.
●
Oriental
    Dream and Strategic Research Institute Limited ("OD&SR Institute"), which was established on October 31, 2022 under
    the laws of Hong Kong. Qilun Culture (HK) controlled
100
% of the ownership of OD&SR Institute since establishment.
●
Qilun
    Enterprise Management Consultant (Shenzhen) Co., Ltd. ("Qilun Enterprise Management Consultant"), a privately held Limited
    Company registered in Guangdong, China. On December 7, 2021. Qilun Culture (Shenzhen) controlled
100
% of the ownership of Qilun Enterprise
    Management Consultant since establishment.
●
Shenzhen
    Houhaitang Culture Communication Co., Ltd. ("Shenzhen Houhaitang"), a privately held Limited Company registered in Guangdong,
    China on March 31, 2014. On December 31, 2021, Qilun Culture (Shenzhen) acquired
100
% of the ownership of Shenzhen Houhaitang from
    the original shareholders of Shenzhen Houhaitang.
Reorganization
On
October 14, 2022, the Company completed a corporate reorganization to combine several controlled entities (now referred to as the "subsidiaries")
into Qilun. The specific transactions related to this reorganization are as follows:
The
reorganization involved the incorporation of Qilun, and its wholly-owned subsidiaries, Qilun Group (HK), Qilun Culture (HK) and Qilun
Holding (Shenzhen); and the transfer of all equity ownership of Qilun Culture (Shenzhen).
On
May 24, 2022, Qilun Group Inc. issued
61,000,000
(
61
%) ordinary shares to UNIMOS Holdings Limited, a wholly owned holding company of
Guangyi Sui.
On
June 14, 2022 and August 29, 2022, Qilun established its wholly-owned subsidiaries, Qilun Group (HK) and Qilun Holding (Shenzhen).
80
On
October 14, 2022, the original shareholders of Qilun Culture (Shenzhen) signed Equity Transfer Agreements with Qilun Holding (Shenzhen),
whereby shareholders of Qilun Culture (Shenzhen) transferred
100
% of the controlling interest in Qilun Culture (Shenzhen) to Qilun Holding
(Shenzhen).
As
a result of the transaction, Guangyi Sui hold
61
% of the Company's outstanding shares through his wholly owned holding company
UNIMOS Holdings Limited. Prior to the transaction, Guangyi Sui controlled Qilun Culture (Shenzhen). Therefore, the transaction was accounted
for as a business combination of entities under common control in accordance to ASC 805-50-30-5. Accordingly, the assets and liabilities
of the Company and its subsidiaries are presented at the their carrying values at the date of the transaction; the Company's historical
stockholders' equity was retroactively restated to the first period presented, as the established and acquisition of Qilun Group
(HK), Qilun Holding (Shenzhen), Qilun Culture (Shenzhen) and its wholly-owned subsidiaries Qilun Culture HK and Qilun Enterprise Management
Consultant was treated as a business combination of entities under common control. Since the Company and its subsidiaries are effectively
controlled by the same group of the shareholders before and after the reorganization, they are considered under common control. The above-mentioned
transactions were accounted for as a recapitalization. The consolidation of the Company and its subsidiaries has been accounted for at
historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first
period presented in the consolidated financial statements.
On
December 31, 2021, Qilun Culture (Shenzhen) acquired
100
% of the ownership of Shenzhen Houhaitang from the original shareholders of Shenzhen
Houhaitang, the total consideration for the acquisition is $
15,720
(RMB
100,000
), the Company recognized the gain on bargain purchase
based on its analysis described below.
In
accordance with Accounting Standards Codification 805, and particularly sections 805-30-25 and 805-30-30, before recognizing a gain on
bargain purchase, the Company reassessed and concluded that it had identified all of the assets acquired and all of the liabilities assumed.
In addition, the Company reviewed the procedures used to measure the amounts to be recognized with respect to identifiable assets acquired
and liabilities assumed, as well as the aggregate consideration transferred. The objective of the review was to ensure that the measurements
appropriately reflected all available information as of the acquisition date. Based on this review, the Company concluded that the fair
value of the consideration transferred in the acquisition of Houhaitang was less than the fair value of the net identifiable assets acquired,
resulting in the $
158,675
gain recognized in connection with the acquisition.
Amount
Cash and cash equivalents
$
11,724
Prepayments
7,545
Inventory
80,960
Other Receivables and deposits
10,595
Amount due from related parties
205,750
Plant and equipment, net
3,811
Amount due to related parties
(
145,573
)
Payroll payable
(
417
)
Total identifiable net assets
174,395
Less: Purchase consideration
15,720
Gain on bargain purchase
$
158,675
NOTE 2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A.
Basis of presentation
The
accompanying consolidated financial statements are expressed in U.S. Dollars and have been prepared on the accrual basis of accounting
in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").
81
B.
Principles of consolidation
The
consolidated financial statements include the accounts of Qilun and its subsidiaries. All significant inter-company accounts and transactions
have been eliminated. The consolidated financial statements include 100% of assets, liabilities, and net income or loss of these subsidiaries.
Qilun's
subsidiaries as of the date filing this report are listed as follows:
Name
Place
                                            of
Incorporation
Attributable
                                            equity
interest
                                            %
Authorized
    capital
Qilun Group
    Limited
Hong Kong
100
HK$
1,000,000
Qilun Culture (HK) Co.,
    Ltd.
Hong Kong
100
HK$
5,000,000
Oriental Dream and Strategic
    Research Institute Limited (Hong Kong)
Hong Kong
100
HK$
999,000
Qilun Holding (Shenzhen)
    Company Limited
China
100
US$
5,000,000
Qilun Culture (Shenzhen)
    Group Co., Ltd.
China
100
-
Qilun Enterprise Management
    Consultant (Shenzhen) Co., Ltd.
China
100
-
Shenzhen Houhaitang Culture
    Communication Co., Ltd.; Co., Ltd.
China
100
-
C.
Use of estimates
The
preparation of consolidated financial statements in conformity with 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 financial statements,
and the reported amounts of revenue and expenses during the reporting periods. Management makes these estimates using the best information
available at the time the estimates are made. Actual results could differ from these estimates.
D.
Functional currency and foreign currency translation
An
entity's functional currency is the currency of the primary economic environment in which it operates, normally that is the currency
of the environment in which the entity primarily generates and expends cash. Management's judgment is essential to determine the
functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company
transactions and arrangements. The functional currency of the Company is the Chinese Renminbi ("RMB'), except the functional
currency of Qilun is the United States dollar ("US Dollars" or "$"). The reporting currency of these consolidated
financial statements is in US Dollars.
Qilun's
subsidiaries that are prepared using the RMB, are translated into the Company's reporting currency, the US Dollar. Assets and liabilities
are translated using the exchange rate at each reporting period end date. Revenue and expenses are translated using weighted average
rates prevailing during each reporting period, and stockholders' equity (deficit) is translated at historical exchange rates. Adjustments
resulting from the translation are recorded as a separate component of accumulated other comprehensive income or expense.
Transactions
denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing
at the dates of the transactions. Foreign currency exchange gains and losses resulting from these transactions are included in operations.
The
exchange rates used for foreign currency translation are as follows:
For the Year Ended December 31,
2022
2021
(USD to RMB)
(USD to RMB)
Assets and liabilities
period end exchange rate
6.8973
6.3614
Revenue and expenses
period average
6.7284
6.4518
82
E.
Concentration of credit risk
The
Company maintains cash in state-owned banks in China. In China, the insurance coverage of each bank is RMB
500,000
(approximately USD$
72,492
).
As of December 31, 2022, the Company had $
11,615,311
cash in excess of the insured amount.
During
the year ended December 31, 2022, the Company had nil major customers generated more than 10% of revenue.
During
the year ended December 31, 2021, the Company had 3 customers generated more than 10% of revenue.
For the Year Ended December 31, 2021
Revenue
Percentage of revenue
A
$
201,955
13.3
B
198,655
13.1
C
196,430
12.9
During
the year ended December 31, 2020, the Company had nil major customers generated more than 10% of revenue.
F.
Cash
Cash
consists of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. All highly liquid investments with original
stated maturity of three months or less are classified as cash and cash equivalents. Cash equivalents approximate or equal fair value
due to their short-term nature. The Company's cash consist of cash on hand and cash in bank as of December 31, 2022 and 2021.
G.
Inventories
The
Company's inventories primarily consist of goods for sales such as book, magazine, cultural and creative products and materials
and expenses in processing, are stated at the lower of cost or net realizable value. Cost is determined using moving weighted average
and specific identification method. The Company reviews its inventories regularly for possible obsolete goods and establishes reserves
when determined necessary.
No
reserve for inventory was established as of December 31, 2022 and 2021.
H.
Plant and equipment, net
Plant
and equipment are stated at cost net of accumulated depreciation. Expenditures for maintenance and repairs are charged to operations
when incurred, while additions and betterments are capitalized. Depreciation is recorded on a straight-line basis over the useful lives
of the assets. When assets are retired or disposed, the asset's original cost and related accumulated depreciation are eliminated
from those accounts and any gain or loss is reflected in income.
The
estimated useful lives for plant and equipment categories are as follows:
Office
    equipment
3
-
5
years
Furniture
5
years
Leasehold
    improvements
shorter of remaining lease period and estimated useful life
I.
Fair value measurements
The
Company applies the provisions of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC")
Section 820,
Fair Value Measurements
("ASC 820"), for fair value measurements of financial assets and financial liabilities
and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements. ASC
820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements.
83
Fair
value is defined as the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. In determining the fair value for the assets and liabilities required or permitted
to be recorded, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions
that market participants would use when pricing the asset or liability.
ASC
820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. ASC 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives
the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value
hierarchy are as follows:
Level
1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level
2: Quoted prices, other than those in Level 1, in markets that are not active, or inputs that are observable, either directly or indirectly,
for substantially the full term of the asset or liability,
Level
3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported
by little or no market activity).
There
were no transfers between level 1, level 2 or level 3 measurements for the years ended December 31, 2022 and 2021.
Financial
assets and liabilities of the Company primarily comprise of cash, prepayments, other receivables, inventories, due from related parties,
accounts payable, deposits received, payroll payable, tax payable, amount due to related parties. As of December 31, 2022 and 2021, the
carrying values of these financial instruments approximated their fair values due to the short-term maturity of these instruments.
J.
Segment information and geographic data
The
Company is operating in
one
segment in accordance with the accounting guidance in FASB ASC Topic 280,
Segment Reporting
. The Company's
revenues are from customers in People's Republic of China ("PRC"). All assets of the Company are located in the PRC.
K.
Revenue recognition
The
Company adopted FASB ASC Section 606 — Revenue from Contracts with Customers. Under ASC 606, the Company recognizes revenue from
the sales of products and services by applying the following steps: (1) identify the contract with a customer; (2) identify the performance
obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in
the contract; and (5) recognize revenue when each performance obligation is satisfied.
The
Company recognizes revenue when the amount of revenue can be reliably measured, it is probable that economic benefits will flow to the
entity, and specific criteria have been met for each of the Company's activities as described below.
Product
and Service Revenue
The
Company mainly sells cultural products, including calligraphy, painting, book, magazine, cultural and creative products, the Company
often provide services such as design, planning, exhibition installation, video recording and production when sells products.
The
Company sells products and provide service to a customer. The delivery of products to a customer represents a separate performance obligation.
The Company's policy is to recognize the service revenue when service is provided, and recognize the sales revenue when the product
is signed for receipt, at that time the sold products and service, ownership and risk of loss have been transferred to the customer.
Accordingly, revenue is recognized at the point in time when the products and service is provided. Sales and service revenue is recognized
when the products and service has been delivered to the customer as no remaining performance obligation after the delivery of products
and service.
84
Management
regularly reviews the sales return and allowance based on historical experience. Any subsequent sales return and cancellations are recognized
upon notification from the customers. The amount of sales return allowance for the sale of products and service amounted to $nil as of
December 31, 2022 and 2021.
The
Company typically collects fees before delivery of products and service. Amounts received from a customer before the delivery of products
and service are recorded as deposits received on the Consolidated Balance Sheets.
Cost
of Revenues
Cost
of revenue consists primarily of the cost of products and service purchased from third party providers to fulfill a contract with a customer,
and no asset was recognized from the costs incurred to obtain or fulfill a contract with a customer.
Cost
of products consists primarily of the cost of products purchased from suppliers. Cost of products is recognized when the product has
been delivered to the customer.
L	.
Income taxes
The
Company follows FASB ASC Section 740,
Income Taxes
, which requires the recognition of deferred tax assets and liabilities for
the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method,
deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities
and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods
in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred
tax assets to the amount expected to be realized.
ASC
740-10-30 requires income tax positions to meet a more-likely-than-not recognition threshold to be recognized in the financial statements.
Under ASC 740-10-30, tax positions that previously failed to meet the more-likely-than-not threshold should be recognized in the first
subsequent financial reporting period in which that threshold is met.
The
application of tax laws and regulations is subject to legal and factual interpretation, judgment and uncertainty. Tax laws and regulations
themselves are subject to change as a result of changes in fiscal policy, changes in legislation, the evolution of regulations and court
rulings. Therefore, the actual liability may be materially different from our estimates, which could result in the need to record additional
tax liabilities or potentially reverse previously recorded tax liabilities or the deferred tax asset valuation allowance.
As
a result of the implementation of ASC 740-10, the Company made a comprehensive review of its portfolio of tax positions in accordance
with recognition standards established by ASC 740-10. The Company recognized no material adjustments to liabilities or shareholder's
equity as a result of the implementation.
M.
Earnings per share
The
Company computes earnings per share ("EPS") in accordance with ASC 260,
Earnings Per Share
. ASC 260 requires companies
with complex capital structures to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average
common shares outstanding during the period.
Diluted
EPS is similar to basic EPS but presents the dilutive effect on a per share basis of contracts to issue ordinary common shares (e.g.,
convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date,
if later. The computation of diluted EPS includes the estimated impact of the exercise of contracts to purchase common stock using the
treasury stock method and the potential shares of converted common stock associated with the convertible debt using the if-converted
method. Potential common shares that have an anti-dilutive effect (i.e., those that increase earnings per share or decrease loss per
share) are excluded from the calculation of diluted EPS. There is
no
anti-dilutive effect for the years ended December 31, 2022, 2021
and 2020.
85
N.
Leases
In
February 2016, the FASB issued ASU 2016-02 Leases (Topic 842), which increases transparency and comparability among organizations by
recognizing right-of-use ("ROU") lease assets and lease liabilities on the balance sheet and disclosing key information about
leasing arrangements. The ASU maintains a distinction between finance leases and operating leases, which is substantially similar to
the classification criteria for distinguishing between capital leases and operating leases in the previous lease guidance. Retaining
this distinction allows the recognition, measurement and presentation of expenses and cash flows arising from a lease to remain similar
to the previous accounting treatment. A lessee is permitted to make an accounting policy election by class of underlying asset to exclude
from balance sheet recognition any lease assets and lease liabilities with a term of 12 months or less, and instead to recognize lease
expense on a straight-line basis over the lease term. For both financing and operating leases, the ROU asset and lease liability is initially
measured at the present value of the lease payments in the consolidated balance sheet. In July 2018, the FASB issued ASU 2018-11 which
provides entities with the option to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment
to the opening balance of retained earnings in the period of adoption, if necessary. As discussed in Note 10, we adopted ASU 2016-02–Leases
(Topic 842) effective January 1, 2020 utilizing the transition option provided by ASU 2018-11.
O.
Impairment of long-lived assets
Long-lived
assets, including property and equipment are reviewed for impairment whenever events or changes in circumstances (such as a significant
adverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not
be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected
to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset
plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is
identified, the Company will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach
or, when available and appropriate, to comparable market values. For the years ended December 31, 2022 and 2021
no
impairment of long-lived
assets was recognized.
P.
Related parties
Parties,
which can be a corporation or individuals, are considered to be related if the Company has the ability, directly or indirectly, to control
the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also
considered to be related if they are subject to common control or common significant influence.
Q.
Recently accounting pronouncements
In
August 2020, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2020-06, Debt - Debt with
Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40)
("ASU 2020-06") to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that
require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope
exception guidance pertaining to equity classification of contracts in an entity's own equity. The new standard also introduces
additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity's own equity.
ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible
instruments. ASU 2020-06 is effective on August 1, 2024 and should be applied on a full or modified retrospective basis, with early adoption
permitted beginning on August 1, 2021. We have determined not to early adopt.
Management
does not believe that this and any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would
have an effect on our financial statements.
86
NOTE
3.
PREPAYMENTS
Prepayments
primarily include prepaid service and products in advance to suppliers. As of December 31, 2022 and 2021, prepayments were $
296,753
and
$
169,318
, respectively.
NOTE
4.
INVENTORIES
At
December 31, 2022 and 2021, inventories consist of the following:
December 31
2022
2021
Finished Goods
$
583,358
$
185,012
$
583,358
$
185,012
NOTE
5.
PLANT AND EQUIPMENT, NET
At
December 31, 2022 and 2021, plant and equipment, at cost less accumulated depreciation, consisted of:
December 31
2022
2021
Office equipment
$
147,353
$
132,154
Furniture
231,992
66,273
Leasehold improvements
95,964
-
Total
475,309
198,427
Less: Accumulated depreciation
(
153,670
)
(
22,280
)
Total plant and equipment, net
$
321,639
$
176,147
The
Company recorded depreciation expenses of $
135,967
, $
20,582
and
nil
for the years ended December 31, 2022, 2021 and 2020, respectively.
No
impairment for plant and equipment was recorded for the years ended December 31, 2022, 2021 and 2020.
NOTE
6.
RELATED PARTY TRANSACTIONS
Due
from related parties
Due
from related parties consists of the following:
December 31,
Name of related parties
2022
2021
Qilun Classical Art Creation (Shenzhen) Studio
756,500
-
UNIMOS Holdings Limited
6,100
6,100
Sancai Holdings Limited
1,100
1,100
$
763,700
$
7,200
Amount
due from UNIMOS Holdings Limited and Sancai Holdings Limited were mainly for the paid-in capital to be paid. UNIMOS Holdings Limited
and Sancai Holdings Limited are shareholders of the Company.
Amount
due from Qilun Classical Art Creation (Shenzhen) Studio mainly represented amounts borrowed from the Company. The annual interest rate
is
10
% and the maturity date is
July 26, 2023
. The balance includes $
31,579
interest receivable. The founder of Qilun Classical Art Creation
(Shenzhen) Studio was Ruowen Li's father.
87
Amount
due to related parties
Amount
due to related parties consisted of the following as of the periods indicated:
December 31,
Name of related parties
2022
2021
Guangyi Sui
$
931,028
$
-
Ruowen Li
207,333
191,953
Jingxia Yang
15,263
380,420
$
1,153,624
$
572,373
On
October 14, 2022, the original shareholders of Qilun Culture (Shenzhen) signed Equity Transfer Agreements with Qilun Holding (Shenzhen),
whereby shareholders of Qilun Culture (Shenzhen) transferred
100
% of the controlling interest in Qilun Culture (Shenzhen) to Qilun Holding
(Shenzhen). Amounts due to related parties represented the equity transfer payment to Guangyi Sui, Ruowen Li and Jingxia Yang. The amounts
due to Ruowen Li also include amounts paid by Ruowen Li for the daily operation of the Company. Guangyi Sui owns
100
% of UNIMOS Holdings
Limited and owns approximately
52.34
% of the total voting power of our outstanding Shares.UNIMOS Holdings Limited is a shareholder of
the Company.
Ruowen
Li is the CEO, director and shareholder of Qilun, and Jingxia Yang is her parent. These debts due to related parties were unsecured,
repayable on demand, and interest free.
Account
receivables from related parties
December 31,
Name of related parties
2022
2021
Yuanheng Culture Art Creative Co., Ltd.
$
-
$
2,604
$
-
$
2,604
Account
receivables from Yuanheng Culture Art Creative Co., Ltd. mainly represented the balance of product sales to Yuanheng at the end of year
2021. Yuanheng Culture Art Creative Co., Ltd. was
50
% owned by Ruowen Li and
50
% by Ruowen Li's mother. Ruowen Li is the CEO, director
and shareholder of Qilun.
Accounts
payable to related parties
December 31,
Name of related parties
2022
2021
Guangyi Sui
$
89,745
$
-
Qilun Classical Art Creation (Shenzhen) Studio
188,480
-
Total
$
278,225
$
-
Related
parties' transactions
Purchase
from related parties consisted of the following for the periods indicated:
For the Year ended December 31,
Name of related parties
2022
2021
Qilun Classical Art Creation (Shenzhen) Studio
$
1,237,952
$
-
Guangyi Sui
290,560
51,149
Zhaodong Li
-
108,497
Total
$
1,528,512
$
159,646
Sales
to related parties consisted of the following for the periods indicated:
For the Year ended December 31,
Name of related parties
2022
2021
Yuanheng Culture Art Creative Co., Ltd.
$
109,040
$
73,294
Jingxia Yang
243,135
196,430
Total
$
352,175
$
269,724
88
Interest
income from related parties consisted of the following for the periods indicated:
For the Year ended December 31,
Name of related parties
2022
2021
Qilun Classical Art Creation (Shenzhen) Studio
$
32,372
$
-
Total
$
32,372
$
-
NOTE
7.
DEPOSITS RECEIVED
At
December 31, 2022 and 2021, deposits received consist of the following:
December 31
2022
2021
Received from customer in advance for goods sales – third parties
$
5,831,805
$
968,812
Received from customer in advance for goods sales – related parties
438,302
12,450
$
6,270,107
$
981,262
NOTE
8.
REVENUE
The
Company's revenue consists of products sales and service revenue.
For the Year Ended December 31,
2022
2021
2020
Category of Revenue:
Products sales – third parties
$
6,532,609
$
1,007,868
$
-
Products sales – related parties
352,175
269,724
Services revenue
175,712
241,674
-
Total revenue
$
7,060,496
$
1,519,266
$
-
Timing of Revenue Recognition:
Services transferred overtime
$
-
$
61,385
$
-
Services transferred at a point in time
175,712
180,289
-
Goods transferred at a point in time
6,884,784
1,277,592
-
$
7,060,496
$
1,519,266
$
-
NOTE
9.
INCOME TAXES
Cayman
Islands
Under
the current laws of the Cayman Islands, Qilun and its subsidiaries incorporated in the Cayman Islands are not subject to tax on income
or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.
Hong
Kong
Qilun
Group (HK) and Qilun Culture (HK) were incorporated in Hong Kong and is subject to Hong Kong profits tax. Qilun Group (HK) and Qilun
Culture (HK) are subject to Hong Kong taxation on its activities conducted in Hong Kong and income arising in or derived from Hong Kong.
The applicable statutory tax rate is
16.5
%. The Company did not have any income (loss) subject to the Hong Kong profits tax.
89
China
Qilun
Holding (Shenzhen) and its subsidiaries are subject to a
25
% standard enterprise income tax in the PRC.
The
following table summarizes income before income taxes incurred in the PRC and outside of the PRC:
Year Ended December 31
2022
2021
2020
Income before income taxes:
PRC
$
1,443,691
$
507,899
$
-
Outside of PRC
-
-
-
Total
$
1,443,432
$
507,899
$
-
Expenses
for income taxes are comprised of:
Year Ended December 31
2022
2021
2020
Current Tax:
PRC
$
406,791
$
23,520
$
-
Outside of PRC
-
-
-
Income tax expense
$
406,791
$
23,520
$
-
The
reconciliations of the statutory income tax rate and the Company's effective income tax rate as follows：
For the years Ended December 31,
2022
2021
2020
Net income before provision for income taxes
$
1,443,691
$
507,899
$
-
PRC statutory tax rate
25
%
25
%
Income at statutory tax rate
360,923
126,975
-
Effect of non-taxable income—gain on bargain purchase
-
(
39,113
)
-
Effect of preferential tax rates granted to the PRC entities
(a)
(
37,233
)
(
64,342
)
-
Changes in valuation allowance
83,101
-
-
Income tax expense
$
406,791
$
23,520
$
-
Effective income tax rate
28
%
4.63
%
-
(a)
For
                                            the year ended December 31, 2022, the Company's subsidiaries Shenzhen Houhaitang, Qilun
                                            Enterprise Management Consultant and Qilun Holding (Shenzhen) enjoy a preferential income
                                            tax rate of
2.5
% for net income before provision no more than RMB
1
million, and a preferential
                                            income tax rate of
5
% for net income before provision more than RMB
1
million less than RMB
3
million.
For
    the year ended December 31, 2021, the Company's subsidiary Qilun Culture (Shenzhen) enjoys a preferential income tax rate of
2.5
% for net income before provision no more than RMB
1
million, and a preferential income tax rate of
10
% for net income before provision
    more than RMB
1
million less than RMB
3
million.
For
    the years ended December 31, 2022, 2021 and 2020, the tax saving as the result of the favorable tax rate amounted to $
37,233
, $
64,342
and $
nil
, respectively.
NOTE
10.
LEASE
Operating
Lease Agreements – On March 4, 2021, the Company leased office space (approximately
232.26
square meters) under non-cancellable
operating lease agreement with a third-party lessor, in Shenzhen. Under terms of the lease agreement, from March 2021, Qilun Culture
(Shenzhen) is committed to lease payments of approximately $
115,927
per year for
2
years. This office is used for the operations of Qilun
Culture (Shenzhen).
In
March 2022, Qilun Culture (Shenzhen) leased office space (approximately
250
square meters) under non-cancellable operating lease agreement
with a third-party lessor, in Shenzhen. The lease term of this agreement is
2
years from April 2022. The monthly lease payments is $
4,756
and Qilun Culture (Shenzhen) enjoys 2-month grace period. This office is used for the operations of Qilun Culture (Shenzhen).
90
Leases
with an initial term of 12 months or less are not recorded on the balance sheet. Operating lease cost is recognized as a single lease
cost on a straight-line basis over the lease term and is recorded in Rentals and leases. For lease agreements entered into or reassessed
after the adoption of Topic 842, the Company did not combine lease and non-lease components.
The
exercise of lease renewal options has to be agreed by the lessors. The depreciable life of assets and leasehold improvements are limited
by the term of leases, unless there is a transfer of title or purchase option reasonably certain of exercise. Lease expense is recognized
on a straight-line basis over the term of the lease. Lease expense related to these non-cancelable operating leases was $
235,859
,$
103,542
and
nil
for the year ended December 31, 2022, 2021 and 2020, respectively.
Balance
sheet information related to the Company's leases is presented below:
December 31, 2022
December 31, 2021
Assets
Operating lease right of use assets
$
80,449
$
139,441
Liabilities
Operating lease liabilities – current
$
72,439
$
119,045
Operating lease liabilities – non-current
13,809
20,396
Total Operating lease liabilities
$
86,248
$
139,441
The
following provides details of the Company's lease expenses:
For the year Ended
December 31, 2022
December 31, 2021
Operating lease expenses
$
235,859
$
103,542
Other
information related to leases is presented below:
For the year Ended
December 31, 2022
December 31, 2021
Cash Paid for Amounts Included in Measurement of Liabilities:
Financing cash flows from operating leases
$
149,219
$
93,652
Weighted Average Remaining Lease Term:
Operating leases
0.72
years
1.17
years
Weighted Average Discount Rate
Operating leases
4.75
%
4.75
%
As
most of the Company's leases do not provide an implicit rate, the Company uses
1
-
5
years borrowing rate from bank of
4.75
% based
on the information available at commencement date in determining the present value of lease payments.
Maturities
of lease liabilities were as follows:
For the year
    ending December 31:
2022
$
-
2023
74,522
2024
13,918
Total lease payments
88,440
Less:
    imputed interest
2,192
Total
    lease liabilities
$
86,248
91
NOTE
11.
CONTINGENCIES
Contingencies
Certain
conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company, but
which will only be resolved when one or more future events occur or fail to occur. The Company's management and legal counsel assess
such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related
to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company's
legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount
of relief sought or expected to be sought.
If
the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability
can be estimated, then the estimated liability would be accrued in the Company's financial statements. If the assessment indicates
that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the
nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed.
Loss
contingencies considered to be remote by management are generally not disclosed unless they involve guarantees, in which case the guarantee
would be disclosed.
The
Company was not subject to any material loss contingency as of December 31, 2022 and 2021.
NOTE
12.
BASIC AND DILUTED EARNINGS PER SHARE
Basic
net income per share is computed using the weighted average number of common shares outstanding during the period. Diluted net income
per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during
the period. Potential common shares comprise shares issuable upon the exercise of share-based awards, using the treasury stock method.
The reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for income from continuing
operations is shown as follows:
For the year Ended December 31,
2022
2021
2020
Numerator:
Net profit attributable to common stockholders
$
1,036,900
$
484,379
$
-
Denominator:
Basic and diluted weighted-average number of shares outstanding
116,550,000
100,000,000
100,000,000
Net income per share:
Basic and diluted
$
0.009
$
0.005
$
0.00
NOTE
13.
SUBSEQUENT EVENTS
Management
has evaluated subsequent events through the date which the consolidated financial statements were available to be issued. All subsequent
events requiring recognition as of December 31, 2022 have been incorporated into these consolidated financial statements and there are
no subsequent events that require disclosure in accordance with FASB ASC Topic 855, "Subsequent Events."
92
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Shareholders and the Board of Directors of
Qilun
Group Inc.
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of Qilun Group Inc. and its subsidiaries (collectively, the "Company")
as of December 31, 2022 and 2021, and the related consolidated statements of operations and comprehensive income, shareholders'
equity, and cash flows for the year ended December 31, 2022, 2021 and 2020, and the related notes (collectively referred to as the consolidated
financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the balance sheet
of the Company as of December 31, 2022 and 2021 and the results of its operations and its cash flows for the year ended December 31,
2022, 2021 and 2020, in conformity with accounting principles generally accepted in the United States of America.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's consolidated financial statements based on our audit. 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 audit 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 consolidated 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 audit 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
audit 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 consolidated financial statements. Our audit also included evaluating the accounting principles used
and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audit provide a reasonable basis for our opinion.
Emphasis
of Matter
The
Company has significant transactions with related parties, which are described in Note 6 to the financial statements. Transactions involving
related parties cannot be presumed to be carried out on an arm's length basis, as the requisite conditions of competitive, free
market dealings may not exist.
/s/
Assentsure PAC
.
We
    have served as the Company's auditor since 2022
Singapore
,
    Singapore
June
5, 2023
PCAOB
    ID:
6783
93